26th May 2009 08:33
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: Yaelru@bll.co.il
26 May 2009
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. announces that a subsidiary of the Bank, Arab Israel Bank Ltd., today published its financial statements for the first quarter of 2009.
- Net profit in the first quarter of 2009 amounted to NIS 27.4 million, compared with NIS 23.3 million in the corresponding period of 2008, an increase of 17.6%.
- Net return on shareholders equity (on an annual basis) in the first quarter of 2009 amounted to 35.2%, on an annual basis, compared with 29.9% in the corresponding period of 2008.
- The increase of net profit in the first quarter of 2009 was affected mainly by the following:
- An increase of 14.5% in the net interest income before provisions for doubtful debts which resulted from profits of the sale of available-for-sale securities in the amount of some NIS 10.3 million.
- A decrease of NIS 7.1 million in salary expenses, arising from the decrease of bonuses and retirement and pension reimbursement expenses, due to the increase in profit of the funds used for hedging these obligations.
- Provisions for doubtful debts increased by NIS 7.0 million, compared with NIS 2.6 million in the corresponding period of 2008.
- Total income of the Bank in the first quarter of 2009 amounted to NIS 90.1 million compared with NIS 84.2 in the corresponding period of 2008, an increase of 7%. Of that amount, net interest income before provisions for doubtful debts increased by NIS 8.2 million, as opposed to income from commissions, which decreased by NIS 3.4 million, mainly as a result from the reform in commissions.
- Operating and other income in the first quarter of 2009 amounted to NIS 25.4 million, compared with NIS 27.7 million in the corresponding period of 2008, a decrease of 8.3%.
- Total income after deducting provisions for doubtful debts in the first quarter of 2009 amounted to NIS 83.1 million, compared with NIS 81.6 million in the corresponding period of 2008, an increase of 1.8%.
- Operating and other expenses in the first quarter of 2009 amounted to NIS 40.0 million, compared with NIS 44.4 million in the corresponding period of 2008, a decrease of 9.9%.
- Total assets as at 31 March 2009 amounted to NIS 4,701.3 million, compared with NIS 4,376.8 million as at 31 March 2008 (an increase of 7.4%), and NIS 4,771.8 million as at 31 December 2008 (a decrease of 1.5%).
Date and time at which the corporation first became aware of the event or matter:
25 May 2009 at 14:30
___________________________________________________________________________
Name of Electronic Reporter: Yael Rudnicki, Position: Group Secretary
POB 2 Tel Aviv 61000, Phone: + 972 3 5149419, Facsimile: + 972 3 5149732,
Electronic Mail: [email protected]
* Immediate Reports are filed in Hebrew on the the distribution website of the Israel Securities Authority. In case of any discrepancy between the English translation and the Hebrew report, the Hebrew will prevail.
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