Business in Brief

Mizrahi Tefahot profit up 34% in 3Q; Sheshinski to examine Tamar finance; Tshuva seeks partner for TA project.

November 22, 2010 23:38
2 minute read.
Business in Brief

swiss bank account 88. (photo credit: )

Mizrahi Tefahot profit up 34% in 3Q

Mizrahi Tefahot Bank on Monday opened the reporting season by the big banks with a bang. It continued to present excellent results, reporting a net profit of NIS 209 million for the third quarter of 2010, 34 percent more than the NIS 156m. for the corresponding quarter of 2009. The net profit reflects a return on equity of 12.7%. Mizrahi Tefahot Bank’s net profit rose 39.9% to NIS 582m. in January-September, from NIS 416m. in the corresponding period last year. The return on equity was 11.6%.

Bank of Israel figures show that Mizrahi Tefahot Bank had a 33.5% share of the mortgage market in the third quarter. Mizrahi Tefahot Bank’s source of strength was and remains its mortgage business, which contributed 37% to its profit. Mortgage profit rose 13% to NIS 218m. for the third quarter. The return on equity from the mortgage business rose to 13.9% for the third quarter, from 10.6% for the corresponding quarter last year.

Sheshinski to examine Tamar finance

The Sheshinski Committee has appointed a subcommittee to review the issue of financing that allegedly derives from its main interim recommendations. The appointment is in response to claims made by Tamar license partner Delek Group Ltd., which is controlled by Yitzhak Tshuva.

The appointment of the subcommittee is in recognition of the importance of natural-gas deliveries to the Israeli economy by 2013 and the need to avoid delays in developing the Tamar field. Delek will be asked to provide the subcommittee with the relevant figures that demonstrate the immediate financing problem of Tamar, especially as they relate to the interim recommendations of the Sheshinski Committee.

Tshuva seeks partner for TA project

Sources inform “Globes’’ that Gindi Investments 1 Ltd. has held preliminary talks with Elad Israel Residences Ltd. (formerly Dankner Investments), controlled by Yitzhak Tshuva through Delek Real Estate Ltd., to buy the Bezalel Market site in central Tel Aviv for NIS 107 million, people familiar with the matter told Globes. Elad Israel wants to sell 50 percent of the property, but Gindi Investments wants to buy all of it, they said. Elad Israel is also in talks with other parties for the sale of half of the property, someone familiar with the matter told Globes.

In 2005, Dankner Investments won the tender for the Bezalel Market lot with a bid of $6 million. The lot’s value has almost quadrupled within five years.

One of the problems delaying the Bezalel Market project is objections by neighbors.

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