- Net income – NIS 1 billion ($277 million). Net of the one-off deduction with respect to the bank’s shares in Valley, net income reached NIS 2.1 billion ($581 million).
- ROE of 17%, net of the one-off deduction due to the bank’s shares in Valley.
- Best efficiency ratio among Israeli banks – 32.6%
- The credit portfolio continued to grow in the strategic segments at a rate of 4.9%
- Leumi declares a share buyback of NIS 800 million ($221 million), in addition to a 30% quarterly dividend distribution.
- Leumi is expected to record a pre-tax gain of NIS 800 million ($221 million) from the sale of its headquarter buildings in Tel Aviv
TEL AVIV, Israel, May 23, 2023 /PRNewswire/ — Bank Leumi LUMI published today its financial statements for Q1 2023:
The net income in Q1 2023 totaled NIS 981 million ($271 million), compared to NIS 1.6 billion ($443 million) in the corresponding quarter last year.
Net of the one-off accounting deduction for the value of the bank’s shares in Valley National Bank, net income reached NIS 2.1 billion ($581 million).
The return on equity in the first quarter of 2023 was 7.8% (17% net of the one-off accounting deduction for the value of the bank’s shares in Valley National Bank), compared to NIS 15.6% in the corresponding quarter last year.
The efficiency ratio in Q1 2023 was 32.6%, compared with 45.7% in the corresponding quarter last year*.
High capital adequacy: Common Equity Tier 1 capital as at March 31, 2023 was 11.23% and total capital ratio was 14.45%.
Dividend: The Bank’s Board of Directors approved a NIS 294 million ($81 million) dividend distribution, which constitutes 30% of the net income for Q1 2023.
Share buyback: Leumi’s Board of Directors approved a buyback of the Bank’s shares at a total of NIS 800 million ($221 million).
Responsible growth in the loan portfolio in strategic segments: The Bank continues to focus its growth on the credit portfolio in the corporate, commercial and mortgage segments. In the first quarter of 2023, the…
