JERUSALEM, Nov 23 (Reuters) - Israel's third-largest bank, Mizrahi Tefahot, reported a smaller-than-expected 8% fall in third-quarter profit after it more than quadrupled provisions for credit losses due to the coronavirus pandemic.

Mizrahi said on Monday it earned 387 million shekels ($116 million) in the July-September period, down from 422 million a year earlier and compared with profit of 347 million shekels in a Reuters poll of analysts.

Financing income rose 11.5% to 1.5 billion shekels, while credit loss provisions jumped to 317 million shekels from 70 million a year earlier.

CEO Moshe Lari said the acquisition of smaller rival Union Bank helped Mizrahi, Israel's largest mortgage lender, boost its market share to 22% of loans to the public and deposits from the public to nearly 19%, while its share of business loans rose by 12%.

He added that despite a highly challenging economy that includes disinflation and low interest rates, as well as the higher credit loss provisions, Mizrahi was still able to post return on equity of 9.0% in the first nine months of this year and lower its cost-income ratio due to cost cutting measures.

Lari added he planned to soon bring a new strategic plan for 2021-2025 to the board for approval.

Mizrahi's Tier 1 ratio of capital to risk components, a key measure of financial strength, slipped to 9.98% in the quarter from 10.13% a year earlier.

It is not paying any dividends during the pandemic to free up funds to provide more credit to households and businesses. ($1 = 3.3373 shekels) (Reporting by Steven Scheer; Editing by Kirsten Donovan)