Bank Leumi’s first quarter net income was approximately NIS 2.8 billion

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Bank Leumi (TASE: LUMI) published its financial statements for Q1 2024 on Tuesday. Net income in the first quarter of 2024 amounted to approximately NIS 2.8 billion ($761 million), compared to NIS 981 million ($267 million) in the corresponding period last year.

The bank will distribute a cash dividend of NIS 835 million ($227 million) and is launching an annual share buyback plan totaling NIS 1 billion ($272 million). Total cash dividend and share buyback plan for Q1 2024 is approx. NIS 1.1 billion ($299 million), which constitutes 40% of the net income for the quarter.

Bank Leumi 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 2.2%, with the corporate portfolio growing by 2.2%, the commercial portfolio grew by 1.1% and the mortgage portfolio grew by 1.7%.  Deposits by the public grew by a higher rate compared to the banking system – up by 11.8% in Q1 2024 compared with the corresponding quarter last year, and up by 4.9% since the beginning of the year. Return on equity in the first quarter of 2024 was 20.2%, compared with 7.8% in the corresponding period last year. ROE in the corresponding period last year was affected by the provision made with respect to Valley shares. The bank’s NPL ratio and rate of troubled debts, which reflect the quality of the Bank’s loan portfolio, continue to be one of the lowest in the banking system, standing at 0.65% and 1.61% respectively.

Since the beginning of the war, Leumi has significantly expanded 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, aid funds totaling more than NIS 1.25 billion ($340 million), exemption from common current account fees, exemption from charges on current account overdraft and more.

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