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Financial Statements

Financial Statements Q3/2014

Net profit of NIS 677 million ($183 million) for Leumi in the third quarter of 2014

The profit is after an increase of the provision made in connection with the settlement under negotiation with US authorities, which was partially offset by capital gains of the Israel Corporation

In the first nine months of 2014: an increase of 5.7% in credit to small businesses and middle-market companies in Israel, a decrease of 5.3% in operating expenses (excluding the above-mentioned provision)

 

  • Net return on equity for the third quarter of 2014 reached 10.2%, compared with a net return of 8.9% in the corresponding period last year.

 

  • Net profit in the first nine months of 2014 was NIS 1.6 billion ($433 million), similar to the corresponding period last year. The profit represents a net return on equity of 7.9% (on an annual basis).

 

  • Excluding the effect of the provision made in connection with the settlement under negotiation with US authorities, and excluding capital gains of the Israel Corporation, the net return on equity in the first nine months of 2014 reached 11.3% (on an annual basis).

 

  • a decrease of 5.3% in operating expenses:
    • A decrease of NIS 96 million ($26 million) in salary expenses, representing 2.5%.
    • A decrease of NIS 246 million ($67 million) in other operating expenses (excluding expenses related to the provision made in connection with the settlement under negotiation with US authorities), representing 9.4%.

 

  • The Group's credit portfolio compared with December 31, 2013, in accordance with the Bank's strategy:
    • An increase of 5.1% in credit to small businesses in Israel.
    • An increase of 6.2% in credit to middle-market companies in Israel.

 

  • Israel Corporation – the Bank included a profit of NIS 331 ($90 million) in its financial results for the third quarter of 2014 due to capital gains of Israel Corp. (reported second quarter results with the addition of profits resulting from the Zim settlement and the sale of Edegel). The total effect of Israel Corp. on the Bank's results for the first nine months of 2014 is NIS 261 million ($71 million).

 

  • Income in respect of credit losses in the first nine months of 2014 amounted to NIS 11 million ($3 million), compared with expenses in respect of credit losses of NIS 113 million ($31 million) in the corresponding period last year, a decrease of NIS 124 million ($34 million).

 

  • The capital adequacy ratio in the first nine months of 2014 reached 14.24%, of which the core capital ratio was 9.44%.

 

  • The Group's equity as of September 30, 2014 amounted to NIS 28.3 billion ($7.7 billion), compared with NIS 26.1 billion ($7.1 billion) as of September 30, 2013 (an increase of 8.7%), and NIS 26.4 billion ($7.1 billion) as of December 31, 2013 (an increase of 7.3%).

 

  • Deposits of the public as of September 30, 2014 amounted to NIS 286.6 billion ($77.6 billion), compared with NIS 279.8 billion ($75.7 billion) as of September 30, 2013 (an increase of 2.4%), and NIS 286.0 billion ($77.4 billion) as of December 31, 2013 (an increase of 0.2%).

 

  • Net Credit to the public as of September 30, 2014 amounted to NIS 249.5 billion ($67.5 billion), compared with NIS 240.9 billion ($65.2 billion) as of September 30, 2013 and as of December 31, 2013 (an increase of 3.6%).