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The Achievements of Mizrahi-Tefahot continue to receive international recognition: Euromoney Magazine has chosen Mizrahi Tefahot as Best Bank in Israel for 2011.

In explaining its choice, Euromoney stated that Mizrahi Tefahot stands out compared to its competitors, both due to its business results for 2010 and in the exemplary way it came through the global financial crisis. "Whilst other Israeli banks have seen dramatic drops in profit and even losses, Mizrahi Tefahot posted only a slight decline in profits, even at the height of the crisis" In 2010 net profit increased by 51.7%, and Q1 2011 showed an increase of 40%.

According to Euromoney, mortgage activity is a substantial growth opportunity for Israeli banks. Mizrahi Tefahot, (Israel's fourth largest bank by total assets) has the largest market share, having succeeded in increasing its share from around 27% in 2005 to 34% today. The Bank's market share in overall credit has also risen, from around 8% in the early 2000s to around 15% today.

"It is partly thanks to the prudent policies of Mizrahi Tefahot (and Bank of Israel) that Israeli mortgages have remained a relatively low-risk area, even during the local property boom. The sector's average loan-to-value ratio on new mortgages was 60% at the end of last year, while the sector's non-performing loan ratio was only 1%." said Euromoney.

It should be noted that that this is the fifth award that Mizrahi-Tefahot has received from international bodies, having been selected as one of the Worlds Best Banks in Developed Markets by Global Finance magazine for three consecutive years in 2009, 2010 and 2011. In 2009 "The Banker" magazine selected Mizrahi Tefahot as the "Bank of the Year" and now Euromoney has selected it as "Best Bank" in Israel.

 

 

 

 

 

 

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