The bank's total assets rose 10% to $5.7 billion at the end of 2011.
Bank Leumi (TASE: LUMI) subsidiary Bank Leumi USA posted a net profit of $20.1 million in 2011, 27% more than the $15.8 million posted in 2010. The bank's total assets rose 10% to $5.7 billion at the end of 2011 from $5.2 billion a year earlier.
Bank Leumi USA's net interest income before provision for doubtful debts rose to $132.5 million in 2011 from $130.4 million in 2010. Operating income fell to $42.1 million in 2011 from $54 million in 2010, which the bank attributed to one-time revenue in 2010.
Net credit rose 9.4% to $3.8 billion at the end 2011 from $3.5 billion a year earlier, and deposits rose 9% to $4.9 billion
Bank Leumi USA CEO Itzhak Eyal attributed the improved results to continued growth in its two core businesses: commercial banking and private banking. He cited cautious credit and investment policy, and said that its high liquidity and capital ratios were indicative of its financial strength.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2012
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