The Leumi Group's Q3/11 Financial Statements
Net profit of NIS 1,273 million ($343 million) for Leumi in the first nine months of 2011
Reflects a decrease of 30.7% compared with a profit of NIS 1,838 million ($495 million) recorded in the same period last year
Net profit in the third quarter of 2011 amounted to NIS 155 million ($42 million) compared with NIS 606 million ($163 million) in the third quarter last year, a decrease of 74.4%
The main factors contributing to the decrease in net profit for the third quarter: impairment of the investment in the shares of Partner, losses to the severance and provident funds serving as the reserve against employee pension obligations, and an increase in expenses for credit losses
- Net operating profit in the first nine months of 2011 amounted to NIS 1,271 million ($342 million), compared with NIS 1,652 million ($445 million) in the corresponding period last year - a decrease of 23.1%
- Return on net profit in the first nine months of 2011 was 7.5% (on an annual basis), compared with 11.1% (on an annual basis) in the corresponding period last year
- The capital adequacy ratio reached 13.75%, of which the core capital ratio was 7.89%.
- Continued growth in the balance sheet items: total assets, credit to the public, and deposits from the public.
- Increase of 5.5% in net interest income (before expenses for credit losses) in the first nine months of 2011.