The prestigious magazine's selection of Mizrahi-Tefahot as "Bank of the Year in Israel" is the second consecutive complimentary title awarded to the Bank. Two months previously, it was the newspaper, "Global Finance", which crowned Mizrahi Tefahot the "Best Bank in Israel".
Eli Yones, President and CEO of Mizrahi Tefahot said: This is testimony to the Bank's successful combination of focused and unique business strategy with professional and devoted management and employees.
The achievements of Mizrahi Tefahot continue to gain international recognition. The international banking magazine "The Banker", which annually selects the list of the excelling banks in dozens of countries worldwide, has designated Mizrahi Tefahot as the "Bank of the Year in Israel for 2009". The magazine's announcement is the second consecutive awarding of the complimentary title to the Bank, after the newspaper "Global Finance" crowned Mizrahi Tefahot as the "Best Bank in Israel".
Certificates of excellence were given to Mizrahi Tefahot and the other award-winning banks in December 2009, at a ceremony held in London.
The reasons leading to the selection of Mizrahi Tefahot cited by the editors of the prestigious magazine published in London include: "2008 was a difficult year for banks in Israel. Nonetheless, Mizrahi Tefahot succeeded in posting annual profits of NIS 602m ($160.5m) - higher than the combined profits of its four competitors. This profit reflected return on equity of 10.4% - also much higher than its peers".
The magazine's editors continue: "Although profits were lower than in 2007, Mizrahi Tefahot succeeded in posting significant growth of 19.4% in its total assets as well as an impressive increase of 14.1% in its Tier 1 capital".
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