27th May 2008 12:11
BANK LEUMI LE-ISRAEL B.M.
(GUARANTOR - GUARANTEED EURO MEDIUM TERM NOTE
PROGRAMME OF LEUMI INTERNATIONAL INVESTMENTS N.V.)
Summary Translation of Immediate Report
Bank Leumi le-Israel B.M.
Registration No. 520018078
Securities of the Corporation are listed on The Tel Aviv Stock Exchange
Abbreviated Name: Leumi
Leumi House, 34 Yehuda Halevi Street, Tel Aviv 65546
Phone: + 972 3 5148111, + 972 3 5149419; Facsimile: + 972 3 5149732
Electronic Mail: [email protected]
25 May 2008
To: Israel Securities Authority (www.isa.gov.il)
The Tel Aviv Stock Exchange (www.tase.co.il)
Immediate Report
Nature of the Event: Arab Israel Bank - Financial Statements
Bank Leumi le-Israel B.M. (the "Bank") announces that the Bank's subsidiary, Arab Israel Bank Ltd. ("Arab Israel Bank") has published its financial statements for the first quarter of 2008.
Net profit of Arab Israel Bank amounted to NIS 23.3 million in the reported period, compared with net profit of NIS 22.0 million in the corresponding period in 2007 - an increase of 5.9%.
Net return on shareholders' equity in the reported period amounted to 29.9% on an annual basis, compared with 28.2% in the corresponding period in 2007.
The increase in profit in the first quarter of 2008 is explained mainly by an increase of 12% in net interest income before provision for doubtful debts, and an increase of 28.2% in operating and other income.
Total income amounted to NIS 84.2 million in the first quarter of 2008, compared with NIS 72.0 million in the corresponding period in 2007 - an increase of 16.9%.
Net interest income before provision for doubtful debts amounted to NIS 56.5 million in the first quarter of 2008, compared with NIS 50.4 million in the corresponding period in 2007 - an increase of 12.1%.
Provision for doubtful debts amounted to NIS 2.6 million in the first quarter of 2008, compared with NIS 2.5 million in the corresponding quarter in 2007 - an increase of 4.0%.
Operating and other income amounted to NIS 27.7 million in the first quarter of 2008, compared with NIS 21.6 million in the corresponding quarter in 2007 - an increase of 28.2%.
Total income after provision for doubtful debts amounted to NIS 81.6 million in the first quarter of 2008, compared with NIS 69.5 million in the corresponding quarter in 2007 - an increase of 17.9%.
Operating and other expenses amounted to NIS 44.4 million in the first quarter of 2008, compared with NIS 31.3 million in the corresponding period in 2007 - an increase of 41.9%.
Total assets as at 31 March 2008 amounted to NIS 4,376.8 million, compared with NIS 4,216.3 million as at 31 December 2007 (an increase of 3.8%), and NIS 3,956.8 million as at 31 March 2007 (an increase of 10.6).
Date and time at which the corporation first became aware of the event or matter:
22 May 2008 at 16:00.
___________________________________________________________________________
Name of Electronic Reporter: Jennifer Janes, Position: Executive Vice President, Group Secretary
POB 2 Tel Aviv 61000, Phone: + 972 3 5149419, Facsimile: + 972 3 5149732,
Electronic Mail: [email protected]
Related Shares:
Citi Fun 29