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Financial institution Leumi (TASE: LUMI), headed by Hanan Friedman, experiences a web revenue for 2021 of NIS 6 billion, the best amongst Israel’s banks, and greater than NIS 1 billion forward of the subsequent highest revenue, that of Financial institution Hapoalim, reported yesterday. Financial institution Leumi’s annual revenue final yr was nearly triple the determine for 2020 of NIS 2.1 billion. The financial institution’s web revenue within the fourth quarter of 2021 was NIS 1.5 billion, which compares with NIS 900 million within the corresponding quarter of 2020.
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The substantial improve in web revenue outcomes from a big rise in revenue alongside a average rise in bills, and from reversal of credit score loss provisions after these had been elevated significantly in 2020, as in any respect the banks, when the coronavirus pandemic broke out, in anticipation of debtors not having the ability to repay loans. Financial institution Leumi posted revenue of NIS 812 million on the credit score losses merchandise for 2021.
Not like at Financial institution Hapoalim, which determined to not distribute a dividend from its fourth quarter revenue however fairly to dedicate the revenue to increasing credit score, the board of administrators of Financial institution Leumi authorised a dividend distribution of NIS 588 million, representing 40% of the online revenue for the fourth quarter. That is along with dividends totaling NIS 2 billion for the primary half yr.
Financial institution Leumi’s credit score portfolio grew 16.1% final yr, to NIS 343 billion. Company credit score grew 20%, industrial credit score grew 15.2%, and the mortgage portfolio grew 14.5% to NIS 103.2 billion. Credit score to personal prospects grew by 10%.
The financial institution’s web credit score revenue totaled NIS 10.3 billion in 2021, 18.6% greater than in 2020. Non-interest financing revenue totaled NIS 1.7 billion in 2021, which compares with NIS 1 billion in 2020. The rise primarily stems from income on the sale of shares in Fox-Wizel Ltd. (TASE: FOX) unit Retailers and in cell adtech firm ironSource.
Deposits from the general public grew 20% final yr to NIS 537 billion.
Financial institution Leumi’s share worth is up almost 3% on the Tel Aviv Inventory Alternate this morning.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on March 9, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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