BREAKING NEWS

Leumi profit down 74% to NIS 155m

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%.
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