The 2008 BDI Code states that Bank Hapoalim (TASE: POLI; LSE:80OA) has lost its number 1 status to Bank Leumi (TASE: LUMI); with the two banks tied in first place. The BDI Codes rates companies by both quantitative and qualitative variables, such as profitability, risk level, payment ethic, and financial performance and strength, as well as management, innovation, and a ranking of "best company to work for".
The BDI Code also states that the aggregate profit of the top five banks was NIS 9.2 billion in 2007, 97% of the total profits of the banking sector, and an indication of the centralization in the industry.
Bank Hapoalim extended NIS 205.4 billion in credit to the public, followed by Bank Leumi with NIS 199.2 billion. On the other hand, Bank Leumi topped its rival with a pretax profit from regular operations of NIS 4.52 billion.
Israel Discount Bank (TASE: DSCT) was in third place in net profit, followed by First International Bank of Israel (TASE: FTIN1;FTIN5), Mizrahi Tefahot Bank (TASE:MZTF), and Discount Bank subsidiary Mercantile Discount Bank.
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2008
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