Leumi, First International warn on profits

By HILLEL KOREN / GLOBES
November 14, 2011 11:45

 
X

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 uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • 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

Bank Leumi and First International Bank of Israel issued profit warnings for the third quarter of 2011 on Monday.

In a notice to the Tel Aviv Stock Exchange (TASE), Bank Leumi stated that it estimates that its net profit for the third quarter will be NIS 50-100 million, substantially lower than in the two preceding quarters. This means that the bank will post a net profit of NIS 1.17-1.22 billion for January-September.

Bank Leumi attributed the drop in net profit to falling prices of securities traded on the TASE, in particular the cumulative effect of the reduction in value of its investment in Partner Communications Ltd..

Bank Leumi posted a net profit from regular operations of NIS 561 million for the second quarter, giving a return on equity of 10.3%. The bank's total profit was NIS 563 million.

Related Content

Breaking news
July 17, 2018
Trump says he, Putin discussed N.Korea, curbing global nuclear weapons

By REUTERS