The Bank of Israel published its 2024 financial statements, reporting an annual profit of NIS 8.2 billion under International Financial Reporting Standards (IFRS). Results were driven by investment income on foreign exchange reserves, partly offset by domestic interest expenses and losses from exchange rate differentials. Revenues derived mainly from profits of NIS 49.8 billion on the investment of foreign exchange reserves, largely mark to market gains from equity holdings and interest income on bond holdings, reflecting rising global equity indices and a high worldwide interest rate environment. Expenses from activity in Israel totaled about NIS 26.4 billion, most of which were interest expenses on monetary absorption instruments, including Makam and time deposits, while exchange rate differential expenses on foreign currency balances were NIS 13.7 billion, reflecting shekel strengthening late in the year. The balance sheet at end-2024 was approximately NIS 881.9 billion, up around NIS 26.5 billion, with assets abroad higher by NIS 39 billion and assets in Israel down about NIS 12.5 billion, mainly due to repayment of COVID-19 related monetary loans to banking corporations, while liabilities rose to about NIS 863 billion, up around NIS 18.1 billion, mainly due to higher customer balances. Under Section 76(a) of the Bank of Israel Law, 5770-2010, unrealized profits are excluded from distributable profits. After attributing unrealized gains of NIS 12.4 billion to revaluation reserves, the adjusted net loss under the Law was NIS 4.2 billion, increasing the accumulated deficit to about NIS -118.1 billion, to be offset against future profits to transfer; total equity and revaluation reserves remained positive at NIS 18.9 billion, comprising an accumulated deficit equity balance of NIS -114.1 billion and revaluation reserves of about NIS 133 billion.
Bank of Israel 2025-03-31
Bank of Israel publishes 2024 financial statements showing NIS 8.2 billion IFRS profit and NIS 4.2 billion adjusted net loss under the Bank of Israel Law
The Bank of Israel reported a 2024 profit of NIS 8.2 billion under International Financial Reporting Standards, driven by NIS 49.8 billion in investment income from foreign exchange reserves, offset by NIS 26.4 billion in domestic interest expenses and NIS 13.7 billion in exchange rate differential losses. Despite unrealized gains of NIS 12.4 billion, the adjusted net loss under the Bank of Israel Law was NIS 4.2 billion, raising the accumulated deficit to NIS -118.1 billion.