Israel's First International Bank Q1 profit rises

First International Bank of Israel, the country's fifth-largest bank by assets, reported on Tuesday a rise in quarterly profit and said it would pay a dividend of 85 million shekels ($24 million).

JERUSALEM, May 28 (Reuters) - First International Bank of Israel FIBI.TA, the country's fifth-largest bank by assets, reported on Tuesday a rise in quarterly profit and said it would pay a dividend of 85 million shekels ($24 million).

FIBI posted first-quarter net profit of 183 million shekels, up from 137 million a year earlier. The bank has a policy of distributing a dividend of up to 50% of annual profit.

Net interest income grew to 635 million shekels from 584 million, while credit loss expenses rose to 36 million shekels from 27 million.

Its Tier 1 capital ratio rose to 10.53% in the quarter from 10.51% at the end of 2018.

($1 = 3.6093 shekels)

(Reporting by Ari Rabinovitch Editing by Steven Scheer)

((ari.rabinovitch@thomsonreuters.com; +972-2-632-2202; Reuters Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))

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