Leumi Q3 2023 - Financial Results

Posted: 4th December 2023   |   Share

The UK Israel Trade Corridor

Key Q3 2023 Messages

  • The Iron Swords War which began in Israel on October 7th has resulted – among other things – in a decline in
    economic activity and an increase in economic uncertainty and risk.
  • 3Q 2023 results include an increased loan loss provision of NIS 1 billion (0.95%) to reflect the lower economic activity and increased uncertainty since the start of the War.
  • The government, BOI and the banking system including Bank Leumi have taken various measures to soften the economic impact on households and corporates.
  • Despite the higher loan loss provision, quarterly net income was NIS 1.8 billion with an ROE of 13.6% supported by a 32.3% cost income ratio.

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