Bank Leumi predicts losses of NIS 1.16b. in last quarter of 2008

Bank Leumi released a revised profit forecast Monday, announcing predicted losses of NIS 1.16 billion for the last quarter of 2008. The previous prediction had forecast losses of some NIS 700 - 800 million. The bank also adjusted the yearly profit for 2008 to NIS 100m., compared with NIS 475-575m. from the previous prediction. The original predictions, the bank said, had been made according to initial assessments. The bank added that the new forecasts were not final, and that yearly reports would be released at the end of this month.