Bank Leumi Q2: profit of of NIS 2 billion - more than any other bank in Israel

wwwww

by Ifi Reporter Category:Financial Aug 16, 2022

Leumi bank published the financial statements for the second quarter of 2022, which reflect excellent profits for the bank. Leumi earned (net profit) an amount of NIS 2 billion in the second quarter of the year, which is added to a net profit of NIS 1.6 billion from the first quarter, so that in total the bank's profits from the beginning of 2022 amount to approximately NIS 3.6 billion, more than any other bank in Israel.
In the context of national reports, it should be noted the completion of the LEUMI USA merger with VALLEY NATIONAL BANK on April 1, 2022. As a result of the merger, a net tax profit of approximately NIS 645 million was recorded (approximately NIS 194 million was recorded in the first quarter of 2022, and the balance was recorded in the second quarter).
The bank also notes the growth in the credit portfolio - the bank continued to focus its growth in the credit portfolio in the business, commercial and mortgage sectors. During the first half of the year the credit portfolio grew by 12.3%.
The expenses (income) for credit losses in the first half of 2022, excluding the results of LEUMI USA, reflect an expense at the rate of 0.04% of the average balance of credit to the public, compared to income at the rate of 0.26% in the corresponding period last year. The expenditure in the first half of the year originates from an increase in the group provision, offsetting collections.
Net interest income in the first half of 2022, excluding the results of LEUMI USA, amounted to approximately NIS 5.8 billion, compared to approximately NIS 4.7 billion in the corresponding period last year, an increase of approximately 23%. The increase in interest income is the result of the increase in the credit portfolio and of index and interest rate differences between the periods.
Non-interest financing income in the first half of 2022, excluding LEUMI USA, amounted to about NIS 0.7 billion, compared to about NIS 1 billion in the corresponding period last year. The revenues in the reported period were mainly affected by the profit from the merger of LEUMI USA with VALLEY NATIONAL BANK and the declines in the markets.
Operating and other expenses in the first half of 2022, excluding the results of LEUMI USA, decreased by 116 million NIS compared to the corresponding period last year, a decrease of 3.4%.
Equity ratios - Tier 1 equity ratio as of June 30, 2022 was 11.25%, and the total equity ratio was 14%.
Sale of Beit Mani - As part of the preparation for the completion of the move of the bank's headquarters to Lod in 2023, the bank entered into an agreement during the month of April 2022 to sell one of its headquarters buildings in Tel Aviv. This sale is expected to yield the bank a capital gain before tax of approximately NIS 524 million, which will be recorded in 2023.

344 Views

Comments

No comments have been left here yet. Be the first who will do it.
Safety

captchaPlease input letters you see on the image.
Click on image to redraw.

ABOUT IFI TODAY

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum

Testimonials

No testimonials. Click here to add your testimonials.