Credit loss recovery drives strong Leumi profits

Bank Leumi (TASE: LUMI) today reported strong financial results for the first quarter of 2021 with a net profit of NIS 1.35 billion, compared with a net loss of NIS 232 million in the corresponding quarter of 2020.

Income from interest of NIS 2.6 billion in the first quarter of 2021 was similar to the corresponding quarter of 2020, while operational expenses rose to Nis 1.84 billion the first quarter of 2021.

As with Israel's other major banks, Leumi benefited from income of NIS 202 million from credit loss recovery, compared with a credit loss of NIS 860 million in the corresponding quarter of 2020.

Published by Globes, Israel business news - en.globes.co.il - on May 27, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021