Business & Economics

Leumi Q2 profit climbs despite Leumi Card exit

Bank Leumi (TASE: LUMI) reported higher profit for the second quarter of 2019, despite losing the revenue stream from Leumi Card after it was sold. Net profit in the second quarter of 2019 totaled NIS 923 million ($259 million), compared with NIS 903 million ($253 million) in the same period last year, and compared with NIS 843 million ($236 million) in the same period last year when excluding the effect of Leumi Card. Net revenue was NIS 2.41 billion in the second quarter of 2019 compared with NIS 2.46 billion in the corresponding quarter of 2018.

Return on equity in the second quarter of 2019 was 10.6%, compared with 10.4% in the same period last year, excluding the effect of Leumi Card. Common Equity Tier 1 capital ratio in the first half of 2019 was 11.65%, and the total capital ratio reached 15.08%.

The Bank will distribute a dividend of 40% of its net profit in the second quarter of 2019, totaling NIS 369 million ($103 million). The accumulated dividend for the first half of 2019 totaled NIS 806 million ($226 million).

In June, Leumi CEO Rakefet Russak-Aminoach announced that she is stepping down later this year.

Published by Globes , Israel business news – en.globes.co.il – on August 14, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Article source: https://www.globes.co.il/en/article-1001297197

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