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.
console.log("BODY1. CatId is:"+catID);if(catID == 69 || catID == 2){console.log("BODY. YES for connatix script");cnxps.cmd.push(function () { cnxps({ playerId: '36af7c51-0caf-4741-9824-2c941fc6c17b' }).render('4c4d856e0e6f4e3d808bbc1715e132f6'); });}
console.log("BODY2. CatId is:"+catID);if(catID==120){console.log("BODY. YES for anyclip script");document.getElementsByClassName("divConnatix")[0].style.display ="none";var script = document.createElement('script'); script.src = 'https://player.anyclip.com/anyclip-widget/lre-widget/prod/v1/src/lre.js'; script.setAttribute('pubname','jpostcom'); script.setAttribute('widgetname','0011r00001lcD1i_12258'); document.getElementsByClassName('divAnyClip')[0].appendChild(script);}else if(catID!=69 && catID!=2){console.log("BODY. YES for vidazoo script");document.getElementsByClassName("divConnatix")[0].style.display ="none"; var script = document.createElement('script'); script.src = 'https://static.vidazoo.com/basev/vwpt.js'; script.setAttribute('data-widget-id','60fd6becf6393400049e6535'); document.getElementsByClassName('divVidazoo')[0].appendChild(script); }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.
