Leumi profit down 74% to NIS 155m

By GLOBES
November 30, 2011 11:05

 
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 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

Bank Leumi's net profit for the third quarter of 2011 fell 74 percent on lower revenue, it was announced Wednesday. Net profit fell 74% to NIS 155 million from the third quarter from NIS 606 million for the corresponding quarter. Earnings per share of NIS 0.11 was well below the analysts' forecast of NIS 0.27 before the bank's recent profit warning.

Bank Leumi attributed the plunge to losses on its investment in Orange franchisee Partner Communications Ltd., a higher provision for credit losses, and losses on its severance and provident funds which serve as the reserve for employees' pensions. The return on net profit fell to 7.5% from 9.9%.

Related Content

Breaking news
August 17, 2018
Xiamen Air passenger jet skids off runway in Manila, no casualties

By REUTERS