Net Profit of NIS 570 million ($156 million) for Leumi in the first quarter of 2013
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Net return on equity was 9.4% (on an annual basis).
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Expenses in respect of credit losses amounted to NIS 73 million ($20 million) – 0.12% of total net credit to the public - a decrease of NIS 152 million ($42 million) compared with the corresponding period last year. These expenses include NIS 50 million ($14 million) for the implementation of the Supervisor of Bank's instructions regarding real estate and housing, which the Bank decided to precede and implement in this quarter.
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Net interest income decreased in the first quarter of 2013 by 3.6%, compared with the corresponding period last year, amounting to NIS 1,762 million ($483 million). This is mainly due to the decrease in the interest rate set by the Bank of Israel, compared with the corresponding period last year.
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Non-interest income increased in the first quarter of 2013 by 24.8%, compared with the corresponding period last year, amounting to NIS 1,469 million ($403 million). Non-interest income includes a one-time profit of NIS 180 million ($49 million) from the sale of Migdal shares (before the effect of tax).
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Total financial assets under management of the Group in the first quarter of 2013 amounted to NIS 1,009 billion ($277 billion) – over a trillion Shekels - an increase of 13.2% compared with NIS 891 billion ($244 billion) on March 31, 2012.
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The capital adequacy ratio was 14.84%, of which the core capital ratio was 8.84%.
