Leumi remains most profitable bank

Bank Leumi continued to be the most profitable bank in Israel's banking sector. Leumi reported net profit of NIS 2.38 billion for the full year of 2010, 18.1% higher than the NIS 2.01 billion recorded for the full year of 2009.
The bank attributed the rise in profit to continued recovery from the global economic crisis, and rises in the local and foreign stock markets. The recovery from financial crisis was seen clearly in the 62% drop in provision for doubtful debts. The figure at the end of 2010 was NIS 584 million, down from the 1.52 billion at the end of 2009.
The bank reported full year net interest income, before provision for doubtful debts, of NIS 7.43 billion, up 5.8% from the NIS 7.02 billion in 2009. Operating and other income reached NIS 4.1 billion, down 9.9% from the NIS 4.56 billion in 2009.