Bank Leumi Reports NIS 2.2 Billion Profit for Q2 2024 Despite Setbacks from National Valley Investment

Bank Leumi’s attributed equity increased by 12.9%, reaching NIS 58.4 billion at the end of Q2 2024, compared to NIS 51.8 billion in the same period last year. The bank's net credit to the public grew by 5.9%, totaling NIS 433.8 billion as of June 30, 2024, up from NIS 409.6 billion a year earlier.

Housing credit (mortgages) saw a significant rise, amounting to NIS 138.3 billion, a 10.1% increase from NIS 125.6 billion in the previous year. However, credit to private customers decreased by 5.1%, dropping to NIS 29.6 billion from NIS 31.2 billion in the same period last year.

Small Business Lending

Credit for small businesses increased by 3.5%, reaching NIS 26.7 billion, up from NIS 25.8 billion a year ago. Meanwhile, credit to the commercial sector slightly decreased by 0.5%, totaling NIS 63.8 billion, down from NIS 64.1 billion in Q2 2023.

Credit to the business sector grew by 6.8%, reaching NIS 133.8 billion, compared to NIS 125.3 billion last year. Public deposits also saw an 8.8% increase, totaling NIS 581.2 billion at the end of June 2024, up from NIS 534 billion in the previous year.

Customer Deposits

Deposits from private customers rose by 4.7%, reaching NIS 224.2 billion, compared to NIS 214.1 billion in June 2023. Small business deposits increased by 6.8%, amounting to NIS 56.9 billion, up from NIS 53.3 billion at the end of Q2 2023.

Despite the financial impact of its investment in National Valley, Bank Leumi continues to show resilience with steady growth in key areas such as housing credit and business lending, while maintaining strong public deposits.