TEL AVIV, Nov 13 (Reuters) - Bank Leumi, Israel’s second-largest lender, reported a larger-than-expected rise in third-quarter net profit on higher interest income and lower expenses.
Leumi said on Tuesday it earned 936 million shekels ($253 million) in the quarter, up from 820 million a year earlier. It had been forecast to earn 853 million shekels, according to a Reuters poll of analysts.
It declared a quarterly dividend of 375 million shekels, representing 40 percent of net income.
The bank’s Tier 1 ratio, which measures equity capital as a proportion of risk-weighted assets, was 11.25 percent at the end of September, down from 11.43 percent at the end of 2017. ($1 = 3.6982 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)