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Bank Leumi Has Excellent First Quarter

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Bank Leumi reported it had earned NIS 1.1 billion during the first quarter of 2019. This represents an increase of 49.6% from 2018. This sum of profit translates into a return on equity of 12.7%, up from 9% a year earlier. Part of the rise is a result of Leumi’s sale of its credit card company, Leumi Credit. Without the sale, Leumi’s return on equity would have been 10.1%, as compared to 8.6% the year before. 

Leumi’s income from interest came to NIS 2.12 billion, which represents an increase of 5.7% from the year before. The bank’s loan portfolio came to NIS 277.05 billion at the end of March 2019, representing a 2.2% boost from the beginning of the year. Almost all of the increase is attributed the bank’s additional business lending. Bank Leumi’s equity-to-loans stands at 11.65%, one percent above what the Bank of Israel requires. Leumi announced it would distribute a dividend of NIS 437 million; 40% of its quarterly profits.

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