Business Services Industry
Leumi profits up. (Bank Leumi le-Israel)
Israel Business Today, June, 1995
Bank Leumi, Israel's second largest bank, earned net profits of NIS 165.5 million during the first quarter of 1995, an increase of 64 percent over the profits of NIS 103 million earned during the parallel quarter last year. Return on equity was equivalent to 12.6 percent on an annual basis, compared with a yield of 6.3 percent for the whole of 1994.
The results were influenced by a NIS 40 million drop in the provision for doubtful debts, and an improved financial spread of 2.22 percent, versus 2.05 percent in the corresponding quarter last year. An adjustment in the accounting treatment of foreign subsidiaries also pushed up the profits. Operating income, at NIS 442.6 million, was down 17 percent compared with last year's first quarter, when the full effect of the...
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