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Press Releases

Leumi Reports Results: Leumi reports a net profit of NIS 730 million ($208 million) for Q1 2018a 17.4% increase from the corresponding period last year

Leumi will distribute NIS 292 million ($83 million) in dividends, comprising 40% of the quarterly net profit; In addition, the Bank is expected to commence the share buyback plan.

24.05.2018

 

  • Return on equity in the first quarter of 2018 (on an annual basis) reached 9.0%, compared with 8.1% in the corresponding period last year.
    .
  • Net Credit to the public increased by 2.5% compared with the corresponding period last year and by 1.3% compared with December 31, 2017 (an increase of approximately 5% in annual terms). The increase in credit is mainly from the Middle-Market and Real Estate segments.
     
  • Net interest income increased by 7.1% compared with the corresponding period last year.
     
  • Total expenses decreased by NIS 52 million ($15 million) (a decrease of 2.5%), driven by lower salary expenses.
     
  • The efficiency ratio reached 64.0%, compared with 64.9% in the corresponding period last year.
     
  • Credit loss expenses amounted to 0.19%, compared with 0.15% in the corresponding period last year.
     
  • Core Capital Tier1 ratio reached 11.11%, compared with 11.02% in the corresponding period last year.
     
  • Due to the first quarter earnings, the Bank will distribute a dividend of NIS 292 million ($83 million), comprising 40% of the quarterly net income.
     

Additional Events Expected During 2018:

 

  • The establishment of an Operations Division – the Bank is continuing to promote the establishment of a new Operations Division, which will begin operating in 2019. The new division will combine all operational activities under one roof, while improving effectiveness, simplifying processes, reducing risks and enhancing efficiency.
     
  • Share buyback plan – the Bank has completed its preparations for a buyback of Leumi shares of up to NIS 700 million ($199 million), according to the 'Safe Harbor' principle
     
  • Realization of Avgol shares – a pre-tax profit of NIS 118 million ($34 million) is expected later this year. The sale transaction is subject to the fulfillment of several suspending conditions.


Balance Sheet Parameters:

 

  • Shareholders' equity as of March 31, 2018 amounted to NIS 33.6 billion ($9.6 billion), compared with NIS 33.2 billion ($9.4 billion) as of December 31, 2017.
     
  • The leverage ratio as of March 31, 2018 reached 6.89%, compared with the Bank of Israel's minimal threshold of 6%.
     
  • The liquidity coverage ratio as of March 31, 2018 reached 122%, compared with the Bank of Israel's minimal threshold of100%.
     
  • Net credit to the public as of March 31, 2018 amounted to NIS 271.5 billion ($77.3 billion), compared with NIS 268.0 billion ($76.3 billion) as of December 31, 2017.
     
  • Deposits of the public as of March 31, 2018 amounted to NIS 362.0 billion ($103.0 billion), compared with NIS 362.5 billion ($103.2 billion) as of December 31, 2017.
     

For the full report >>