Bank Leumi (TASE: LUMI) issued a profit warning for the first quarter of 2020. The bank, headed by CEO Hanan Friedman, said that following the coronavirus crisis and the falls on the TASE and global capital markets, the bank expects a loss of NIS 200-300 million in the first quarter of 2020. Bank Hapoalim (TASE: POLI) has already reported its first quarter results which showed a 77% fall in profit due to a large credit loss provision for the coronavirus outbreak. RELATED ARTICLES Hapoalim profit plunges on Covid-19 credit provisions Leumi to offer 2 years grace for mortgage takers on unpaid leave Bank Leumi profit up 8% in 2019 Leumi is expected to report even weaker results because as the last major bank to report its 2019 results, Hapoalim had already made some credit provision for Covid-19 in its fourth quarter 2019 report. On a more positive note, Leumi said, "After the date of the balance sheet there wasa a rise in the capital markets which significantly offset the losses recorded by securities in the first quarter of the year." Published by Globes, Israel business news - en.globes.co.il - on May 17, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
