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ANNUAL REPORT 2018 Worldreginfo - E512c868-3508-4294-986E-06E190290127 2018-12 Eng Final.Docx • 3 ANNUAL REPORT 2018 WorldReginfo - e512c868-3508-4294-986e-06e190290127 2018-12_eng_final.docx • 3 CONTENTS Statement by the Chairperson of the Board of Directors 5 Report of the Board of Directors and Management for the year 2018 General Overview, Objectives and Strategy 7 Explanation and Analysis of Results and Business Position 17 Review of Risks 44 Critical Accounting Policies and Estimates, Controls and Procedures 88 Certification of the Chief Executive Officer 95 Certification of the Chief Accountant 96 Report of the Board of Directors and Management on the Internal Control of Financial Reporting 97 Audited Annual Financial Statements 98 Corporate Governance, Additional Information and Appendices to the Annual Report Corporate Governance 276 Additional Information 304 Appendices 333 3 WorldReginfo - e512c868-3508-4294-986e-06e190290127 2018-12_eng_final.docx • 4 LIST OF TABLES - REPORT OF THE BOARD OF DIRECTORS AND MANAGEMENT 1 Condensed principal financial information and principal execution indices 12 2 Condensed statement of income 20 3 Profitability after elimination of certain components 20 4 The composition of net financing earnings 21 5 Analysis of net financing earnings 22 6 Principal data regarding interest rate income and expenses 23 7 Details of Expenses from credit losses 23 8 Details of fees income 23 9 Details of operating and other expenses 24 10 Details of expenses and investments in information systems carried out 25 11 Development in the principal balance sheet items 26 12 Developments in the principal off-balance sheet financial instruments 26 13 Information on credit to the public by linkage segments 27 14 Gross credit to the public by segments of activity 27 15 Distribution of total credit risk to the public by sectors of the economy 28 16 Sector-specific distribution of the six largest borrowers at the group 28 17 Balances of the total credit risk of the borrowers included in the upper brackets in note 29.c 29 18 Composition of the securities portfolio 29 19 Distribution of the securities portfolio by linkage segments 30 20 Sources for the price quotations which the bank used for determining the fair value of securities 30 21 Details of bonds denominated in and linked to foreign currency by country/continent 30 22 Details on local currency corporate bonds by sector 31 23 Sensitivity analysis of the effect of changes in the interest rate on the MBS portfolio 31 24 Distribution of deposits from the public by linkage segments 32 25 Deposits from the public by segments of activity 32 26 Capital and capital adequacy 33 27 Comprehensive capital ratios and the Tier 1 equity capital ratios of the significant subsidiaries 35 28 Details regarding dividends distributed by the Bank, as from the year 2016 36 29 Total income by segment of activity 37 30 Net profit attributed to shareholders of the bank by segment of activity 37 31 Average balance sheet balances by segment of activity 38 32 Business Segments - small and minute, medium and large business - activity in Israel 39 33 Private individuals Segments - household and private banking - activity in Israel 40 34 Credit quality and problematic credit risk 41 35 Total credit risk according to economic sectors 51 36 Present credit exposures to counter-parties that are foreign financial institution 53 37 Exposure to foreign countries 55 38 Data on the development of the housing loan portfolio at the bank alone by linkage segments 57 39 Distribution of Private individuals credit risk in Israel 59 40 Data of credit to the public risk in the construction and real estate field 62 41 Description of the sensitivity of the group's capital to parallel changes in the interest rate curve 64 42 Details of the effect of changes in the interest rate on the fair value of the asset surplus in the segment, on net interest earnings 65 and non-interest financing income 43 Description of the actual exposure of active capital, at the group level 66 44 Sensitivity of the bank's capital to theoretical changes in the exchange rates of the principal currencies 67 45 Sensitivity of the Bank’s capital to theoretical changes in the CPI 67 46 Volume of activity in derivative financial instruments 69 47 Liquidity coverage ratio consolidated and the Bank 71 48 Balance of deposits from the public of the three largest depositors in the group 72 49 Discussion of risk factors 84 50 Sensitivity analysis of the effect of a change in the principal parameters on the calculation of the actuarial provisions 91 4 WorldReginfo - e512c868-3508-4294-986e-06e190290127 2018-12_eng_final.docx • 5 STATEMENT BY THE CHAIRPERSON OF THE BOARD Dear stakeholders, The year 2018 has been marked by the continuation of the consistent growth outline presented by the First International Bank Group in recent years, and by the improved profitability and efficiency, simultaneously with the continuing maintenance of financial stability and appropriate risk appetite. One of the significant moves was the merger at the beginning of 2019 of Otsar Hahayal Bank, while maintaining its old established and unique brand name, this with the aim of achieving growth, efficiency an improvement in the value offers to customers. The First International Bank has a consistent dividend distribution policy over the years, within the framework of which a dividend of NIS 355 million was distributed in 2018. The dividend yield being 4.5% is the highest in the banking sector in Israel. The rating horizon of the First International Bank was raised from "stable" to "positive" by both the international rating agency Moody's and by the local rating agency "Ma'alot". This reflects an expression of confidence in the solidity of the Bank and in the strategic moves led by the Bank in recent years and which brought about a continuous and consistent improvement in its results. The year 2018 marks a decade since the outbreak of the global financial crisis of 2008. Since then, the banking system in the world and in Israel has undergone a process of strengthening the capital and liquidity ratios and improving profitability, while focusing on efficiency, simultaneously with facing the challenge of the accelerated technological innovation and the entry of new players into the banking arena. The technological revolution puts new challenges in front of banks and requires them to prepare for different scenarios of banking models, though at the same time, creates opportunities for cooperation with the fintech industry and use of modern technologies. Regulation in Israel, aims, inter alia, at increasing competition over households and small businesses, by promoting the use of advanced digital payment means, the separation of credit card companies from the large banks, the establishment of a credit data pool, open banking and the transfer of a bank account by a click on the keyboard. All these require extensive investments, but at the same time create opportunities for a bank of the size of the First International Bank. In the course of 2018, the Bank continued to implement the strategic plan, while focusing on private banking and maintaining the leadership in the capital market. At the same time, growth continued in the small and middle market business lines. Efficiency measures were accomplished in accordance with the strategic outline, which includes the reduction in floor area and a gradual reduction in the workforce, following the improved efficiency of work procedures, when at the end of 2018, the voluntary retirement of tens of managers of the First International Bank was successfully accomplished. As part of a comprehensive strategic viewpoint, Otsar Hahayal Bank was merged with and into the First International Bank at the January 1, 2019, while maintaining the old established and unique brand name of Otsar Hahayal Bank, which focuses on the security forces personnel. In the same way, two additional banks in the Group, PAGI and U-Bank, were merged three years ago with the Bank. The experience gained by their successful integration in the Group, helps the Bank in continuing the implementation of the merger process of Otsar Hahayal Bank, while maintaining the service channels and the unique products for its customers, who may enjoy now the additional services provided by the First International Bank Group. At the beginning of 2018, the closing down of FIBI Switzerland was completed, thus bringing to an end the operations of the Group in the international market, as part of the comprehensive viewpoint of focusing the operations of the First International Bank on the domestic banking market. 5 WorldReginfo - e512c868-3508-4294-986e-06e190290127 2018-12_eng_final.docx • 6 The First International Bank introduced in 2018, its digital strategy, in the center of which stands the creation of response adapted to the needs of the customer, by means of the different digital channels, while focusing on the technical and digital leadership in the capital market. In the last few days, the strategy for designing the computing architecture was approved, which would enable the Bank to dynamically and creatively face the challenges of the future. Concurrently with the implementation of technological innovation and promotion of digital banking, the Bank strictly maintains a high professional service level for its customers, which is personally adapted to their needs, both by means of service at the branches and by telephone as well as by means of the different online digital channels. Satisfaction surveys regarding bank customers reflect a high level of satisfaction expressed by customers of the First International Bank and of its subsidiary Massad Bank. We shall continue to invest resources in raising the level of service to our customers in the different segments of operation, and in creating value for them, while strictly maintaining fairness and transparency. The leadership of the First International Bank in the capital market is reflected in its high share of the trading turnover on the Stock Exchange, resulting in a rate of ownership of the Stock Exchange which was the highest among that of banks and institutional bodies owning shares in the Stock Exchange immediately prior to the change in ownership of the Stock Exchange and the sale thereof to foreign investors.
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