Moshe Larry, CEO of Mizrahi Tefahot Bank (Yitzhak-Avshalom Shashoni Photo, Ace System)
Mizrahi Bank maintains dominance in the mortgage field and when the real estate market is boiling and the public is storming the mortgages, Mizrahi Tefahot Bank will be the biggest beneficiary of this process. Hapoalim provided mortgages in the period amounting to about NIS 10 billion.
In recent months there have been reports that Bank Leumi has become very aggressive in the mortgage field and is trying to bite into Hapoalim and Mizrahi deals and sometimes it also succeeds but since Bank Leumi has not yet reported its financial results for the third quarter of the year it is difficult to know Share in the system.
In total, Mizrahi Tefahot’s mortgage portfolio stands at almost NIS 167 billion as of the end of the third quarter of the year, compared with NIS 155.4 billion at the end of 2020.
The revenues generated by Mizrahi Tefahot’s mortgage portfolio in the third quarter of the year for the bank amounted to NIS 580 million, compared with NIS 482 million in the third quarter of 2020. Since the beginning of the year, the bank’s mortgage portfolio generated revenues of almost NIS 1.7 billion.
An interesting fact to note is that if Mizrahi Tefahot’s mortgage portfolio, which is probably the largest in the banking system, amounts to NIS 167 billion and its quarterly revenues (at least in the third quarter of the year) were NIS 580 million, then we are talking about a portfolio that yields a quarterly income of 0.3% which is why the banking system is very aggressive when it comes to increasing the mortgage portfolio.
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