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Israel's Bank Leumi Q1 profit doubles on one-time gain
May 28, 2015 / 11:09 AM / 2 years ago

Israel's Bank Leumi Q1 profit doubles on one-time gain

TEL AVIV, May 28 (Reuters) - Bank Leumi, Israel’s second-largest lender, reported a doubling of quarterly net profit, boosted by a gain from the sale of shares in holding company Israel Corp.

Leumi said on Thursday it earned 1.17 billion shekels ($301.7 million), up from 565 million a year earlier.

Leumi was forecast to earn 983 million shekels, according to a Reuters poll of analysts.

Excluding the 418 million shekel gain from the sale of 6.9 percent of Israel Corp, its net profit was 753 million shekels.

It posted credit losses of 81 million shekels compared with a recovery of 51 million in the first quarter of 2014. Net interest income slipped 13.7 percent to 1.516 billion shekels.

Leumi’s ratio of Tier I capital to risk elements in Basel III terms rose to 9.37 percent from 9.21 percent at the end of 2014.

$1 = 3.8787 shekels Reporting by Tova Cohen

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