Leumi Reports Net Income of NIS 1,340 Million ($402 Million) and 15% ROE in Q1 2021
TEL AVIV, Israel, May 27, 2021 /PRNewswire/ --
> Net income in the first quarter of 2021 totaled NIS 1,340 million (
> Return on equity in the first quarter of 2021 was
> Growth in the loan portfolio - the Bank continues to focus its growth efforts on the loan portfolio in the middle-market, corporate, and mortgage loan segments. During the first quarter of 2021, the total loan portfolio grew by
> Loan loss expenses (income) - in the first quarter of 2021, loan loss income reached NIS 212 million (
> Net interest income in the first quarter of 2021 totaled NIS 2,348 million (
> Non-interest finance income in the first quarter of 2021 reached NIS 441 million (
> Operating and other expenses in the first quarter of 2021 were up by NIS 36 million (
> The efficiency ratio in the first quarter of 2021 was
> Higher CET1 capital ratio than the regulatory requirement - Common Equity Tier 1 capital ratio as at March 31, 2021 was
> Significantly higher CET1 capital ratio than the regulatory requirement - Common Equity Tier 1 capital ratio as at December 31, 2020 was
Development of Balance Sheet Items:
> Shareholders' equity as at March 31, 2021 totaled NIS 39.1 billion (
> Net Loans to the public as at March 31, 2021 totaled NIS 307.6 billion (
> Deposits by the public as at March 31, 2021 totaled NIS 460.4 billion (
Leumi (TASE: LUMI) President & CEO, Mr. Hanan Friedman:
"The financial statements reflect, for the first time, the changes we are leading in Leumi's corporate culture and the transition to a performance-based compensation model, which aims to encourage excellence. We see the fruits of the process in the results of the various divisions, and I am convinced that this change in the corporate culture will continue to bear fruit. The results of the financial statements reflect the beginning of our implementation of the Bank's growth strategy across the business lines in which we chose to carry out accelerated growth, in addition to promoting business, service, technological and operational excellence."
Leumi Group - Principal Data from the Financial Statements
Profit and Profitability (in NIS millions)
For the three months ended March 31 | Change | ||||
2021 | 2020 | NIS millions | % | ||
Net Interest income | 2,348 | 2,169 | 179 | 8.3 | |
Loan loss expenses (income) | (212) | 860 | (1,072) | - | |
Non-interest income | 1,374 | 246 | 1,128 | + | |
Operating and other expenses | 1,839 | 1,803 | 36 | 2.0 | |
Profit (loss) before tax | 2,095 | (248) | 2,343 | + | |
Provision (benefit) for tax | 753 | (39) | 792 | + | |
Profit (loss) after tax | 1,342 | (209) | 1,551 | + | |
Bank's share in associates' profits (losses) | 7 | (14) | 21 | + | |
Net income attributable to non-controlling | (9) | (9) | - | ||
Net income (loss) attributable to the banking | 1,340 | (232) | 1,572 | + | |
Return on equity (%) | 15.0 | (2.6) | |||
Earnings (loss) per share (NIS) | 0.92 | (0.16) | |||
Development of Balance Sheet Items (in NIS millions)
As at March 31 | December 31 | ||
2021 | 2020 | ||
Net Loans to the public | 307,561 | 294,486 | 295,341 |
Deposits by the public | 460,412 | 418,627 | 447,031 |
Shareholders' equity | 39,118 | 36,245 | 37,664 |
Total assets | 565,934 | 531,535 | 556,035 |
Principal Financial Ratios (%)
As at March 31 | December 31 | ||
2021 | 2020 | ||
Net loans to the public to total assets | 54.35 | 55.40 | 53.12 |
Deposits by the public to total assets | 81.35 | 78.76 | 80.40 |
Total equity to risk assets | 14.73 | 15.03 | 15.58 |
Total Tier 1 equity to risk assets | 11.73 | 10.84 | 11.87 |
Leverage ratio | 6.60 | 6.43 | 6.57 |
Liquidity coverage ratio | 130 | 128 | 137 |
The 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 March 31, 2021, NIS 3.334.
Conference Call Details:
A conference call to discuss the results will be held today at 5 PM (Israel); 3 PM (UK); 10:00 AM (ET).
It is recommended to connect to the link at least 10 minutes prior to the beginning of the call. An archived recording will be available on the Leumi website one business day after the call ends.
Conference Call Dial-in Details (no passcode required):
Israel 03-918-0609
UK 0-800-917-5108
US & Canada 1-888-642-5032
All other locations +972-3-918-0609
The conference call 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.
For more information visit www.leumi.co.il or contact Adi Molcho Weinstein, VP, Head of Investor Relations, at investorrelations@bankleumi.co.il
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SOURCE Bank Leumi