Bank Leumi reports a 30% increase in the net income for Q3 2024, which amounted to NIS 2.3 billion ($620 million)

PR Newswire11-19

Net income for Q3 2024: NIS 2.3 billion ($620 million) compared to NIS 1.8 billion ($485 million) in the corresponding period last year – a 29.8% increase Return on equity in Q3 2024: 15.5% compared ...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2484286967","pubTimestamp":1731997440,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net income for Q3 2024:NIS 2.3 billion  compared to NIS 1.8 billion  in the corresponding period last year – a 29.8% increase. Return on equity in Q3 2024: 15.5% compared with 13.6% in the corresponding period last year. The loan portfolio was up by 7.1% compared with the corresponding period last year; deposits by the public were up by 8% compared with the corresponding period last year. The efficiency ratio in Q3 2024 was 31.1%, compared with 32.3% in the corresponding period last year. The efficiency ratio in the first nine months of 2024 was 29.6%, compared with 31.4% in the corresponding period last year.The loan portfolio in Q3 2024 increased by 7.1% compared with the corresponding period last year. In the first nine months of 2024 the loan portfolio increased by 6.5%.Responsible growth in the loan portfolio in strategic segments: The Bank continues to focus its growth on the credit portfolio in the corporate, commercial and mortgage segments. Since the beginning of the year, the","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4144":"石油与天然气的储存和运输","BK4207":"综合性银行","BK4205":"房地产经营公司","BK4561":"索罗斯持仓","BLMIF":"Bank Leumi Le Israel","BK4585":"ETF&股票定投概念","UK":"优客工场","BK4581":"高盛持仓","ET":"Energy Transfer LP","BK4233":"房地产运营公司","BK4528":"SaaS概念","BK4588":"碎股","BK4590":"PTP"},"translate_title":"Bank Leumi报告2024年第三季度净利润增长30%，达到23亿新谢克尔（6.2亿美元）","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ET":1,"UK":1,"BLMIF":0.9},"content_text":"Net income for Q3 2024: NIS 2.3 billion ($620 million) compared to NIS 1.8 billion ($485 million) in the corresponding period last year – a 29.8% increase \nReturn on equity in Q3 2024: 15.5% compared with 13.6% in the corresponding period last year\nCapital return on Q3 2024 amounts to NIS 917 million ($247 million), out of which NIS 688 million ($185 million) is cash dividend and the remainder is share buyback - 40% of the net income for the quarter\nEfficiency ratio: 31.1% in Q3 2024, 29.6% for the first nine months of the year\nThe loan portfolio was up by 7.1% compared with the corresponding period last year; deposits by the public were up by 8% compared with the corresponding period last year\nLoan portfolio quality: NPL ratio and rate of troubled debts continue to be low, standing at 0.52% and 1.44% respectively\nRobust financial indicators: liquidity coverage ratio of 124%, Tier 1 capital ratio of 12.07% and total capital ratio of 14.77%\n\nTEL AVIV, Israel, Nov. 19, 2024 /PRNewswire/ -- Bank Leumi (TASE: LUMI) published today its financial statements for Q3 2024:\nNet income in the third quarter of 2024 amounted to NIS 2.3 billion ($620 million), compared to NIS 1.8 billion ($485 million) in the corresponding period last year – a 29.8% increase. Net income in the first nine months of 2024 amounted to NIS 7.3 billion ($2.0 billion), compared to NIS 5.2 billion ($1.4 billion) in the corresponding period last year – a 41.2% increase.\nReturn on equity in the third quarter of 2024 was 15.5%, compared with 13.6% in the corresponding period last year. ROE in the first nine months of 2024 was 17.1%, compared with 13.6% in the corresponding period last year.\nThe efficiency ratio in Q3 2024 was 31.1%, compared with 32.3% in the corresponding period last year. The efficiency ratio in the first nine months of 2024 was 29.6%, compared with 31.4% in the corresponding period last year.\nCapital return in Q3 2024 amounts to NIS 917 million ($247 million), out of which NIS 688 million ($185 million) is cash dividend and the remainder is share buyback. The dividend and share buyback constitute 40% of the net income for the quarter. Total capital return from the beginning of the year amounts to NIS 2.9 billion ($782 million), out of which NIS 2.2 billion ($593 million) is cash dividend and NIS 726 million ($196 million) is share buyback.\nThe loan portfolio in Q3 2024 increased by 7.1% compared with the corresponding period last year. In the first nine months of 2024 the loan portfolio increased by 6.5%.\nDeposits by the public in Q3 2024 increased by 8% compared with the corresponding quarter last year.\nResponsible growth in the loan portfolio in strategic segments: The Bank continues to focus its growth on the credit portfolio in the corporate, commercial and mortgage segments. Since the beginning of the year, the credit portfolio grew by a total rate of 6.5%, with the corporate portfolio growing by 6.6%, the commercial portfolio grew by 3.2% and the mortgage portfolio grew by 8%.\nLoan portfolio quality: NPL ratio and rate of troubled debts continue to be low, standing at 0.52% and 1.44% respectively. From the beginning of the year troubled debts decreased by 14% and NPLs decreased by 34%. \nLoan loss expenses in the third quarter of 2024 reflect an expense rate of 0.28% of the average outstanding loans to the public. The entire expense is collective, reflecting a conservative and responsible approach due to the continuation of the war. The collective expense was partially offset by specific income, in light of collections.\nHigh capital adequacy: Common equity tier 1 capital ratio as at September 30, 2024 was 12.07% and total capital ratio was 14.77%.\nLiquidity coverage ratio as at September 30, 2024 was 124%.\nThe Bank's initiatives due to the war: The Bank implemented many initiatives for the benefit of the general public and its customers, including a series of unique benefits for IDF reservists, business owners and self-employed.\nThese initiatives are part of Leumi's policy to expand the Bank of Israel's relief program, publishing its own relief program to both business and retail customers from across Israel – with an emphasis on residents of the southern and northern confrontation lines, with the aim of assisting them as much as possible during these complex times. The reliefs to eligible customers included, among others: full exemption from mortgage payments, exemption from loan repayments for retail customers and small businesses, designated aid funds, exemption from common current account fees, exemption from charges on current account overdraft and more.\nIn addition, since the outbreak of the war, the Bank made substantial donations to residents of the southern and northern confrontation lines, IDF soldiers - both on active and reserve duty, hospitals and first responder and aid organizations.\nIn addition, the Bank initiated and financed a series of projects to rehabilitate southern Israel and other populations affected by the war, including: Providing ongoing multi-year assistance to Kibbutz Be'eri until its full rehabilitation; the \"National Harvest\" project - under which college and university students who volunteer to assist farmers in harvesting crops on an ongoing basis received a full year's academic tuition from the Bank; the \"Leumi Matriculation\" initiative, in which the Bank assists youth across the country to prepare for their matriculation exams, with an emphasis on high school students who were evacuated from the north and south;\nand the \"Bank Leumi Wedding Project\", under which the bank funded weddings to dozens of reservist couples whom served an extended period of reserve duty during the war.  \nThe updated cost of the reliefs and donations provided during the war is estimated at NIS 496 million ($134 million).\nDevelopment of balance sheet items:\nShareholders' equity as at September 30, 2024 totaled NIS 60.3 billion ($16.3 billion), compared to NIS 52.5 billion ($14.2 billion) as at September 30, 2023 - a 14.7% increase.\nNet credit to the public as at September 30, 2024 totaled NIS 447 billion ($120.5 billion), compared to NIS 417.3 billion ($112.5 billion) as at September 30, 2023 - a 7.1% increase.\nHousing loans (mortgages) as at September 30, 2024 totaled NIS 142.7 billion ($38.5 billion), compared to NIS 129.6 billion ($34.9 billion) as at September 30, 2023 - a 10.1% increase.\nCredit to retail customers as at September 30, 2024 totaled NIS 30.3 billion ($8.2 billion), compared to NIS 31.1 billion ($8.4 billion) as at September 30, 2023 - a 2.6% decrease.\nCredit to small businesses as at September 30, 2024 totaled NIS 27 billion ($7.3 billion), compared to NIS 25.7 billion ($6.9 billion) as at September 30, 2023 - a 5.1% increase.\nMiddle-market credit as at September 30, 2024 totaled NIS 64.6 billion ($17.4 billion), compared to NIS 64.4 billion ($17.4 billion) as at September 30, 2023 - a 0.2% increase.\nCorporate credit as at September 30, 2024 totaled NIS 135.8 billion ($36.6 billion), compared to NIS 126.7 billion ($34.2 billion) as at September 30, 2023 - a 7.2% increase.\nDeposits by the public as at September 30, 2024 totaled NIS 588.3 billion ($158.6 billion), compared to NIS 544.5 billion ($146.8 billion) as at September 30, 2023 - an 8% increase.\nDeposits by retail customers as at September 30, 2024 totaled NIS 226 billion ($60.9 billion), compared to NIS 215 billion ($58.0 billion) as at September 30, 2023 - a 5.1% increase.\nDeposits by small businesses as at September 30, 2024 totaled NIS 57 billion ($15.4 billion), compared to NIS 53 billion ($14.3 billion) as at September 30, 2023 – a 7.1% increase.\nCET1 capital ratio as at September 30, 2024 was 12.07%, compared to 11.30% as at September 30, 2023.\nTotal capital ratio as at September 30, 2024 was 14.77%, compared to 14.42% as at September 30, 2023.\nLeumi Group - Key Financials\n\n\n\n\nProfit and profitability (in NIS million) \n\n\n\nFor the three months  ended September 30 \nChange in  NIS million \nChange in % \n\n\n2024 \n2023 \n\n\nNet Interest income \n4,545 \n3,935 \n610 \n15.5 \n\n\nLoan loss expenses  \n312 \n991 \n(679) \n(68.5) \n\n\nNon-interest income \n978 \n1,401 \n(423) \n(30.2) \n\n\nOperating and other expenses \n1,716 \n1,722 \n(6) \n(0.3) \n\n\nProfit before tax \n3,495 \n2,623 \n872 \n33.2 \n\n\nProvision for tax \n1,285 \n866 \n419 \n48.4 \n\n\nProfit after tax \n2,210 \n1,757 \n453 \n25.8 \n\n\nThe Bank's share in profits of associates \n83 \n10 \n73 \n730 \n\n\nNet income attributable to the bank's shareholders \n2,293 \n1,767 \n526 \n29.8 \n\n\nReturn on equity (%) \n15.5 \n13.6 \n\n\n\n\nEarnings per share (NIS) \n1.51 \n1.15 \n\n\n\n\n\n\n\n\n\n\nProfit and profitability (in NIS million) \n\n\n\nFor the nine months  ended September 30 \nChange in  NIS million \nChange in % \n\n\n2024 \n2023 \n\n\nNet Interest income \n12,690 \n12,147 \n543 \n4.5 \n\n\nLoan loss expenses  \n516 \n1,715 \n(1,199) \n(69.9) \n\n\nNon-interest income \n4,871 \n3,884 \n987 \n25.4 \n\n\nOperating and other expenses \n5,192 \n5,034 \n158 \n3.1 \n\n\nProfit before tax \n11,853 \n9,282 \n2,571 \n27.7 \n\n\nProvision for tax \n4,128 \n3,119 \n1,009 \n32.4 \n\n\nProfit after tax \n7,725 \n6,163 \n1,562 \n25.3 \n\n\nThe Bank's share in profits (losses) of associates \n(378) \n(962) \n584 \n60.7 \n\n\nNet income attributable to the bank's shareholders \n7,347 \n5,201 \n2,146 \n41.3 \n\n\nReturn on equity (%) \n17.1 \n13.6 \n\n\n\n\nEarnings per share (NIS)  \n4.83 \n3.38 \n\n\n\n\n\n\n\n\n\n\nDevelopment of balance sheet items (in NIS millions) \n\n\n\nAs at September 30 \nChange in % \n\n\n2024 \n2023 \n\n\nNet loans to the public \n446,951 \n417,261 \n7.1 \n\n\nDeposits by the public  \n588,305 \n544,519 \n8.0 \n\n\nShareholders' equity \n60,258 \n52,518 \n14.7 \n\n\nTotal assets \n753,639 \n700,761 \n7.5 \n\n\n\n\n\n\n\n\nPrincipal financial ratios (%)  \n\n\n\nAs at September 30 \n\n\n2024 \n2023 \n\n\nNet loans to the public to total assets  \n59.3 \n59.5 \n\n\nDeposits by the public to total assets  \n78.1 \n77.7 \n\n\nTotal equity to risk assets \n14.77 \n14.42 \n\n\nTier 1 capital to risk assets \n12.07 \n11.30 \n\n\nLeverage ratio \n7.01 \n6.73 \n\n\nLiquidity coverage ratio \n124 \n130 \n\n\n\n\nThe data in this press release has been converted into US dollars solely for convenience purposes, at the representative exchange rate published by the Bank of Israel on September 30, 2024, NIS 3.710.\nConference Call Details\nA conference call for analysts and investors will be held today at 5 PM (Israel); 3 PM (UK); 10 AM (ET) to discuss the results.\nTo access the conference call please use one of the numbers below (no passcode required):\nIsrael: 03-918-0610UK: 0-800-917-9141US & Canada: 1-866-527-8676All other locations: +972-3-918-0610\nPlease allow sufficient time for registration.\nThe conference call and webcast will make use of a presentation which will be published on the day of the publication of the Financial Results on the Israeli Securities Authority reporting website (MAGNA) and on the Leumi website under Investor Relations.\nAn archived recording of the webcast will be available on the Leumi website one business day after the publication of results.\nFor more information visit the investor relations page on our website or contact Michael Klahr, VP, Head of Investor Relations, at investorrelations@bankleumi.co.il\nThe conference call and webinar does not replace the need to review the latest periodic/quarterly reports containing full information, including forward-looking information, as defined in the Israeli Securities Law, and set out in the aforementioned reports.\n View original content:https://www.prnewswire.com/news-releases/bank-leumi-reports-a-30-increase-in-the-net-income-for-q3-2024--which-amounted-to-nis-2-3-billion-620-million-302309516.html\nSOURCE Bank 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