Leumi reports NIS 1b profit despite one-time deduction

• Published date: 23 May 2023
• Publication title: Globes (Rishon LeZion, Israel)

Return on equity in the first quarter of 2023 was 7.8% and 17% without the one-off deduction in the value of Valley National shares, compared with 15.6% in the corresponding quarter of 2022

Following the first quarter results, Bank Leumi will distribute a dividend of NIS 294 million, which represents 30% of the net profit in the first quarter of 2023. At the same time the board of directors authorized the buy-back of shares worth NIS 800 million.

Most of the bank's profit was due to a rise in interest income, which took place alongside growth in Leumi's business, commercial and mortgage credit portfolio. In the first quarter of 2023, the credit...