Leumi reports NIS 1b profit despite one-time deduction

Published date23 May 2023
Publication titleGlobes (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...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT