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Financial Statements

Financial Statements Q2/2014

Net profit of NIS 290 million ($84 million) for Leumi in the second quarter of 2014, after a provision of NIS 460 million ($134 million) made in connection with the settlement with US authorities

 

After neutralizing the above mentioned provision, the net profit in the second quarter of 2014 would be NIS 765 million ($223 million), representing a net return on equity of 11.7% on an annual basis

 

 

  • Net profit in the second quarter of 2014 represents a net return on equity of 4.3% (on an annual basis).

 

  • Net profit in the first half of 2014 was NIS 915 million ($266 million), representing a net return on equity of 6.9% (on an annual basis).

 

  • After neutralizing the provision made in connection with the settlement with US authorities, the net return on equity in the first half of 2014 would have reached 10.8%.

 

  • The efficiency program - after neutralizing the expenses made in connection with the settlement with US authorities, operating expenses during the first half of 2014 decreased by 1.5%, from NIS 4,198 million ($1,221 million) to NIS 4,137 million ($1,203 million), while maintaining the moderation of salary expenses.

 

  • The efficiency ratio in the first half of 2014, after neutralizing the expenses made in connection with the settlement with US authorities, was 65.8%.

 

  • In increase of 1.5% in the Group's credit portfolio compared with December 31, 2013, in accordance with the Bank's strategy:
    • An increase of 3.4% in credit to small businesses in Israel.
    • An increase of 5.9% in credit to middle market companies in Israel.

 

  • Income in respect of credit losses in the first half of 2014 amounted to NIS 67 million ($19 million), compared with expenses in respect of credit losses of NIS 157 million ($46 million) in the corresponding period last year, a decrease of NIS 224 million ($65 million).

 

  • The capital adequacy ratio in the first half of 2014 reached 14.25%, of which the core capital ratio was 9.34%.

 

  • The Group's equity as of June 30, 2014 amounted to NIS 27.3 billion ($7.9 billion), compared with NIS 25.6 billion ($7.4 billion) as of June 30, 2013 (an increase of 6.7%), and NIS 26.4 billion ($7.7 billion) as of December 31, 2013 (an increase of 3.3%).

 

  • Deposits of the public as of June 30, 2014 amounted to NIS 279.9 billion ($81.4 billion), compared with NIS 275.4 billion ($80.1 billion) as of June 30, 2013 (an increase of 1.6%), and NIS 286.0 billion ($83.2 billion) as of December 31, 2013 (a decrease of 2.1%).

 

  • Net Credit to the public as of June 30, 2014 was NIS 244.4 billion ($71.1 billion), compared with NIS 238.5 billion ($69.4 billion) as of June 30, 2013 (an increase of 2.5%), and NIS 240.9 billion ($70.1 billion) as of December 31, 2013 (an increase of 1.5%).