Financial Statements Q3 2007
November 28th, 2007
Leumi Presents the highest profit in the Israeli Banking System:
Net operating profit for the third quarter of 2007 was NIS 901 million ($224.5 million) – an increase of 204.4% compared with the corresponding quarter last year.
Net profit for the third quarter of 2007 was NIS 1.01 billion ($251.7 million) – an increase of 4.1% compared with the corresponding quarter last year.
- Net operating profit for the first nine months of 2007 was NIS 2.47 billion ($616.0 million) - an increase of 132.5% compared with the corresponding period last year.
- Net profit for the first nine months of 2007 was NIS 2.84 billion ($707.7 million) - an increase of 15.4%.
- The return on net profit in the third quarter of 2007 was 21.9%(on an annual basis), and 20.6% (on an annual basis) for the first nine months of 2007.
- Leumi's capital adequacy ratio continues to be the highest in the Israeli banking system at 12.1%.
The impact of the U.S. Mortgage Market Crisis on Leumi was minimal:
- The Bank did not record any loss in its profit and loss statement.
- The scope of the Group’s investments in asset-backed securities amounted to USD 1.81 billion (of which USD 1.1 billion is in mortgage-backed securities).
- A decrease in the value in respect of the Group’s investments in asset-backed securities (as at September 30, 2007) amounts to some USD 34 million (some 1.9% of the portfolio).