Leumi doubles Q3 revenue, declares NIS 1.4b dividend

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This morning, with the discharge of its third quarter financials, Financial institution Leumi, headed by Hanan Friedman, introduced one of many strongest quarters in its historical past. The financial institution posted a internet revenue for the quarter of NIS 1.55 billion, double the revenue of NIS 750 million for the third quarter of 2020. For the primary 9 months of 2021, Financial institution Leumi’s revenue totaled NIS 4.55 billion, which compares with NIS 1.21 billion for the corresponding interval final 12 months.

The financial institution’s board of administrators has declared a dividend of NIS 1.367 billion, representing 30% of the web revenue for the primary 9 months of 2021. That is addition to a NIS 630 million dividend distributed in September.

Return on fairness up considerably

Financial institution Leumi’s annualized return on fairness within the third quarter of 2021 was 16%, which compares with 8.4% within the third quarter of 2020. For the primary 9 months of 2021, the financial institution’s annualized return on fairness was 15.7%. Financial institution Leumi defined that the substantial development in return on fairness stemmed from sharp development in earnings together with average development in bills, and from a big discount in provisions for credit score losses, which had been raised within the corresponding interval final 12 months due to fears of the impact of the coronavirus pandemic on the credit score portfolio.

Within the first 9 months of 2021, Financial institution Leumi recorded earnings on the credit score losses merchandise of NIS 792 million, which compares with a NIS 2.3 billion expense within the corresponding interval of 2020. The earnings within the first 9 months of 2021 arose primarily from collections of loans that had been written off, and a discount within the normal loss provision, towards the background of an enhancing macro-economic scenario and a decline in morbidity from Covid-19.

The financial institution additionally benefitted from the growth within the mortgage market. Within the first 9 months of 2021, its mortgage portfolio grew by 13%, whereas its general credit score portfolio grew by 13.7%. On the finish of the third quarter of this 12 months, internet credit score to the general public totaled NIS 325.5 billion, which compares with NIS 286.4 billion on the finish of September 2020.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on November 16, 2021.

© Copyright of Globes Writer Itonut (1983) Ltd., 2021.

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