Galia Maor parts from Leumi on lower profit

March 29, 2012 11:42
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Today, for the last time, Galia Maor presented the financial results of Bank Leumi (TASE: LUMI). On May 1, Maor will step down as CEO of the bank after 17 years in the post, and her replacement, Rakefet Russak-Aminoach, will take over. Maor’s last year as Leumi CEO actually ended with less good results than the bank is accustomed to.

It reported a profit of NIS 1.891 billion, which compares with a profit of NIS 2.33 billion in 2010. Return on equity was 8.3 percent. Profit on ordinary activities was NIS 1.889 billion, 12.2% less than in the previous year.

The decline in profit was mainly due to a fall in the value of foreign securities, the fall in the share price of Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), leading to a revaluation of the bank’s holding in the company, and a less profitable year for Israel Corporation (TASE: ILCO), of which Bank Leumi holds 18%, because of problems at subsidiary Zim Integrated Shipping Services Ltd. The fall in profit on the bank’s activity in Israel, excluding its overseas units and branches, was 43%.

The numbers might have been worse had the bank not enjoyed a NIS 326 million tax benefit in the fourth quarter, resulting from the change in future company tax rates under the recommendations of the Trajtenberg Committee on Economic and Social Change.

Related Content

Breaking news
August 20, 2018
King of Morocco appoints new minister for economy and finance