The net profit of Leumi Mortgage in the first half of 2012 was NIS 155 million – an increase of 37.2% compared to last year
The net profit of the Bank in the second quarter amounted to NIS 85 million – an increase of 57.4% over the corresponding quarter last year.
The Board of Directors of Leumi Mortgage Bank has approved the financial statements for the first half of 2012. During this period the net profit of the Bank amounted to NIS 155 million – an increase of 37.2% compared with the corresponding period last year. Net return on equity in the first half of 2012 was 11.3%, on an annual basis. In the second quarter of the year the Bank’s profits amounted to NIS 85 million – an increase of 57.4% compared with the corresponding quarter last year.
Gross credit to the public on June 30, 2012 amounted to NIS 59.6 billion. Credit to the public after deducting allowance for credit losses, which represents the main activity of the Bank, was NIS 59.1 billion compared with NIS 56.3 billion at the end of 2011.
About the Bank:
Leumi Mortgage Bank was incorporated in 1921 and is Israel’s most veteran mortgage bank. A wholly owned subsidiary of Bank Leumi, Leumi Mortgage Bank specializes in providing loans to finance the purchase, construction and renovation of residential property. In addition the Bank provides loans to persons eligible for benefits from the Ministry of Construction and Housing. Leumi Mortgage Bank operates 106 representative offices throughout the country, most of them within Leumi branches, and 12 independent branches.