18th Feb 2009 08:25
BANK LEUMI LE-ISRAEL B.M.
(GUARANTOR - GUARANTEED EURO MEDIUM TERM NOTE
PROGRAMME OF LEUMI INTERNATIONAL INVESTMENTS N.V.)
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]
18 February 2009
Immediate Report regarding an Event or Matter falling outside the Ordinary Course of Business of the Corporation
Pursuant to Regulation 36(a) of the Securities (Periodic and Immediate Reports) Regulations, 1970
Nature of the Event: Reduction in profit for 2008
Bank Leumi le-Israel B.M. (the "Bank") announces as follows:
|
1.
|
From preliminary estimates and assessments made by the Bank regarding its business results for the fourth quarter of 2008, the Bank estimates that in the wake of the deepening of the global financial crisis, continuing declines on stock exchanges worldwide and in Israel, and the deterioration in the state of the Israeli economy, and the effect of all the above on the business of the Group, the business results of the Group for the fourth quarter of 2008 will end in a loss.
|
|
|
|
|
2.
|
The loss in the fourth quarter, which as mentioned constitutes a preliminary estimate only, is in the region of between NIS 700 million and NIS 800 million. Accordingly, the Bank currently estimates that the whole of the year 2008 will end in a net profit in the region of between NIS 475 million and NIS 575 million.
|
|
|
|
|
3.
|
The Bank's estimate regarding the expected loss in the fourth quarter of 2008 constitutes forward-looking information. The above report is based on data which has not been finalized and on estimates made on the basis of preliminary information only, which are presently available to the management of the Bank and the subsidiaries regarding provisions for doubtful debts, the value of the nostro investments, various actuarial calculations and so on. It is emphasized that in light of the above, and the fact that data regarding the results of subsidiary and associated companies have not yet been received, these data and estimates are likely to change.
|
Date and time at which the corporation first became aware of the event or matter:
17 February 2009 at 19:30.
________________________________________________________________
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