Bank Leumi's profit down by 50%
Bank reports NIS 2 billion revenue from commissions in H1-2012; NIS 101 million expenditure on value depreciation of Partner Communications stock
Bank Leumi profits in the second fiscal quarter of 2012 add up to NIS 280 million ($69.2 million) compared to NIS 564 million ($139.5 million) in Q2-2011, a staggering 50% drop, the bank announced Thursday.
The bank garnered a net profit of NIS 711 million ($175.85 million) this year compared to NIS 1.1 billion ($272 million) in the first half of 2011, a 36.4% decline. Net return during the first half of 2012 was 6% (annualized) compared to 10.1% in the first half of 2011.
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The bank attributed its results to irregular revenue due to credit loss in 2011 and noted that expenditure-to-value depreciation.
There was also a NIS 62 million drop in revenue from commissions and an update of pension obligations due to new, mortality standards issued by the Finance Ministry- something which also affected the bottom line.
Leumi's net revenue from interest on loans during the first half of 2012 added up to NIS 3.75 billion, a 4.6% rise compared to the first half of 2011.
Revenues from commissions add up to NIS 2.04 billion while salary expenses were NIS 2.54 billion during the first half of 2012.
By the end of June 2012, the net credit to the public stood at NIS 241.4 billion, while the public's assets stood NIS 280.4 billion.
Bank Hapoalim's financial reports show The bank's net profit during the first half of 2012 stands at NIS 1.26 billion, a 21% drop compared to last year.
Israel Discount Bank's profit went down by 18.7% from NIS 507 billion in the first half of 2011 to NIS 412 billion in 2012.
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