Record profit for Leumi in the first half of 2006: NIS 1.49 billion ($336 million)
- Net profit of the Leumi Group increased in the first half of 2006 by 34.7% and amounted to NIS 1.49 billion ($336 million), compared with NIS 1.106 billion ($249 million) in the first half of 2005.
- Net return on equity in the first half of 2006 was 19.5% (on an annual basis), compared with 15.3% in the same period last year. Eliminating special salary expenses, net return on equity was 24.7% (on an annual basis).
- The present financial statements include special salary expenses that are related to the privatization of the Bank and to severance and pension obligations. The special salary expenses amounted in the first half of 2006 to some NIS 524 million ($118 million).
- The provision for doubtful debts sharply decreased 58.9% – from NIS 939 million ($211 million) in the first half of 2005 to NIS 386 million ($87 million) in the first half of 2006.
- Net interest income and operating income increased 7.6% and 9.0% respectively, compared with the corresponding period last year, reflecting continuing growth.
