Bank Leumi (TASE: LUMI) has this morning reported net profit of NIS 459 million ($122 million) in the first quarter of 2016, compared with NIS 1.182 billion ($314 million) in the corresponding quarter of 2015. Results in the first quarter of 2015 included one-time profits resulting from the sale of Israel Corp. shares - net profit of NIS 532 million or $141 million - and Mobileye shares - net profit of NIS 212 million or $56 million).
Following a change in the corporate tax rate as of January 2016, first quarter 2016 results include a net expense of NIS 122 million ($32 million).
Credit loss income in the first quarter of 2016 amounted to NIS 123 million ($33 million), reflecting 0.19% of the bank's credit portfolio. This is compared with credit loss expenses amounting to NIS 81 million ($22 million) in the corresponding period last year, which then reflected 0.13% of the bank's credit portfolio.
Net return on equity in the first quarter of 2016 (on an annual basis) reached 6.6%. The core capital ratio (Tier I) rose to9.96%, compared with a ratio of 9.58% as of 31.12.15 while the capital adequacy ratio rose to 14.28%, compared with a ratio of 13.74% as of 31.12.15.
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2016
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