Underwriter in the capital market & investment bank.
IBI Underwriting finished 2025 with a sharp rebound in fee income, but earnings quality is less clean than it looks because roughly ILS 34.4 million came from securities gains tied to deals, while a large part of cash was distributed or used for the minority buyout.
IBI Underwriting ended 2025 with strong profit but a smaller cash cushion. Operating cash flow of ILS 33.3 million did not by itself cover ILS 39.0 million of dividends, ILS 25.0 million of capital reduction, and other cash uses, so the central issue is the pace at which capital…
IBI Underwriting's 2025 securities book was far larger and materially important to earnings, but it looked less like a pure level 3 black box and more like a large underwriting inventory book that depends on an open market, level 2 measurement, and fast distribution.
