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Financial Statements 31 December 2008
Financial Statements
31 March 2011
2
Disclaimer
This document has been prepared by Mizrahi-Tefahot Bank Ltd (UMTB) solely for use at the company’s presentation.The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, or any of their employees or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. The distribution of this document may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. By accepting this report you agree to be bound by the foregoing instructions. Forward looking statements for the company’s business, financial condition and results of operations, are subject to risks and uncertainties, that could cause actual results to differ materially from those contemplated. Such forward looking statements, include but are not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development and the effect of the company’s accounting policies, as well as certain other risk factors which are detailed from time to time in the company’s filings with the securities authorities.This document does not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation of any kind regarding any security or any interest in security.
3
Trends in privately owned homes
8087
100
7880
8182838888
939899100
107
151
128
113
106107107108114
109113
118113
109 108
164
70
80
90
100
110
120
130
140
150
160
170
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3/11
שינוי ריאלי real termsשינוי נומינלי nominal terms
Changes in house prices index
SOURCE: Bank of Israel, UMTB
4
Prime rate and average interest rates for CPI linked mortgages (maturity 17-20 years)(%,based on Bank of Israel data)
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%01
/01/20
00
27/06/20
00
22/12/20
00
18/06/20
01
13/12/20
01
09/06/20
02
04/12/20
02
31/05/20
03
25/11/20
03
21/05/20
04
15/11/20
04
12/05/20
05
06/11/20
05
03/05/20
06
28/10/20
06
24/04/20
07
19/10/20
07
14/04/20
08
09/10/20
08
05/04/20
09
30/09/20
09
27/03/20
10
21/09/20
10
18/03/20
11
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
ריבית פריים ריבית ממוצעת למשכנתא צמודת מדד
SOURCE: Bank of Israel
Prime rate Average int. rates for CPI linked mortgages
5
Supply side analysis
6,000.0
8,000.0
10,000.0
12,000.0
14,000.0
16,000.0
18,000.0
20,000.0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Q1
ותיר דפר
מס
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
יםשודח
מלאי דירות חדשות למכירה מבניה פרטית New dwellings (private construction)מספר חודשי היצע months of supply
New
dw
ellin
gs
Mon
ths
SOURCE: Central Bureau of Statistic
6
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
1990
19
91
1992
19
93
1994
19
95
1996
19
97
1998
19
99
2000
20
01
2002
20
03
2004
20
05
2006
20
07
2008
20
09
2010
20
11 Q
1
שנים
ותיר דפרמס
65
75
85
95
105
115
125
135
145
שכורות ממוצעותמספר מ
התחלת בנייה גמר בנייה חודשי עבודה לרכישת דירה
SOURCE: Central Bureau of Statistic, UMTB
Building starts Building completions House prices in months of salary
Num
ber o
f dw
ellin
gs
Num
ber o
f ave
rage
sal
arie
s
Supply side analysis
7SOURCE: Bank of Israel
Mortgages as % of GDP
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
- Q1
8
Mortgages as % of GDP – global comparison
25%
24%
23%
22%
21%
20%
19%
18%
15%100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
אנגליה
שוודיה
ב "ארה
פורטוגל
ספרד
ממוצע באירופה
גרמניה
בלגיה
צרפת
אוסטריה
ישראל
איטליה
SOURCE: Bank of Israel, European Mortgage Federation
UK
Sweden
USA
Portugal
Spain
Europe average
Germany
Belgium
France
Austria
Israel
Italy
9
ב"ארה
שוודיה
אנגליה
ספרד
גרמניה
בלגיה
הממוצע באירופה
צרפת
פורטוגל
אוסטריה
ישראל
איטליה
30 25 20 15 10 5 0
באלפי יורו
Mortgage loans per capita
SOURCE: Bank of Israel, European Mortgage Federation
USA
Sweden
UK
Spain
Germany
Belgium
Europe average
France
Portugal
Austria
Israel
Italy
Euro ‘000
10
LTV ratio
Up to 60% 60% - 75% Above 75%
Average LTV ratio
Housing loans portfolio – LTV ratio
60.10%60.20%
59.90%
31.12.09 31.12.10 31.1.11
32.0%
46.7%
21.3%
11
21.3%
13.6%
16.1%
10.7%
35.9%37.5%
46.9%
33.7%
Prime linked loansas % of total housing loans
Up to 3 months3 m-1 y1- 2 y Average (entire mortgage portfolio)
Up to 3 months3 m-1 y1- 2 y Average (entire mortgage portfolio)
Loans with LTV above 75% as % of total housing loans
Housing loans portfolio
12
Net profit (NIS mil)
241222
201172
209
Q1 Q2 Q3 Q4 Q1
0 1 0 2 1 1 0 2
13
Net profit - Return on Equity
(1)14.5%
13.2%12.3%
10.8%
12.7%
Q1 Q2 Q3 Q4 Q1
0 1 0 2 1 1 0 2
14
Profit from financing operations (NIS mil)
Percentage changeQ1/2010 to Q1/2011Q1/ 2011 Q1/ 2010
714
)17(
752752
1
26
589
)69(
630630
5
28
21.2
-
19.419.4
-
-
11 8 -
-
Current operations
שווי הוגן ואחרות
TotalTotal
Gain from realized debentures available for sale and debentures held for trade, net
Revenues from interest on problem loans
Effect of accounting treatment of derivatives at fair value and others
15
Operating and other income (NIS mil)
5.8 %
Operating commissions Other income Net loss from investment insecurities
Q1/2010 01/2011
-1 01012
348329
16
Operating and other expenses (NIS mil)
Salaries Building & Equipmentmaintenance & depreciation
Others
Q1/2010 Q1/2011
104103148143
417380
17
Loans to the public (NIS mil)
109.4107.0
95.2
74.380.0
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.3.2011
18
Deposits from the public (NIS mil)
91.8
73.3
95.0
106.0 109.0
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.3.2011
19
Provisions / loans to the public
0.48%
0.24%
0.39%
0.72%
0.20%
Q1 Q2 Q3 Q4 Q120102010 20112011
20
Capital adequacy – Basel II
Tier I(1)
7.70%8.01%
13.61%14.12%
31.12.2010 31.3.2011
21
Equity (NIS bil)
5.56
5.95
6.53
7.206.96
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.3.2011