Business Services Industry
Leumi third-quarter profit rises 113.4%. (Bank Leumi le-Israel)
Israel Business Today, December, 1996
Bank Leumi posted impressive third-quarter growth in net profit of 113.4 percent to NIS 171.3 million compared with NIS 80.3 million in the same quarter of 1995. The latest figure brings the bank's net profit in the first nine months of the year up to NIS 390.7 million -- a rise of 10 percent over the first three quarters of 1995 when a net profit figure of NIS 355.3 million was achieved.
The increase in the bank's profitability during the first nine months of 1996 is principally attributable to a sharp decline in provisions for doubtful debts totaling NIS 162 million compared with the corresponding period of 1995. Bank Leumi also registered growth in profits generated by financing activities and irregular operations, including the sale of branches in New...
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