Bank Leumi Le-Israel reports recurring developments tied to its Israeli banking operations, including quarterly and annual financial results, loan-portfolio growth, deposit trends, credit quality, and efficiency metrics. Company updates frequently discuss activity in corporate, commercial, and mortgage lending, as well as nonperforming-loan ratios, loan-loss expenses, capital adequacy, and liquidity coverage.
News for BLMIF also covers capital-return actions such as cash dividends and share buybacks, investor conference calls, and presentation materials released alongside financial statements through Israeli market reporting channels.
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Bank Leumi, based in Tel Aviv, announced on March 19, 2023, that it signed a new collective agreement with its workers' committee. This agreement aims to adapt to the evolving high-tech banking landscape, ensuring employees receive enhanced social benefits while allowing the bank increased managerial flexibility. Key points include a higher employee quota under a technology agreement, a mechanism for periodic pay raises tied to return on equity, and improved benefits for various employee groups. The target return for a full bonus in 2023 is set at 17%. CEO Hanan Friedman emphasized the importance of this agreement for growth and employee welfare.
Bank Leumi reported a strong financial performance for 2022, with a net income of NIS 7.7 billion ($2.2 billion), up from NIS 6 billion in 2021. The Q4 net income reached NIS 2.3 billion ($654 million), up from NIS 1.5 billion a year earlier. Notably, return on equity increased to 17% for the year, with Q4 figures peaking at 19%. The bank improved its efficiency ratio to 31.8% in Q4, and loan growth was significant at 18.4% for the year. A total dividend of NIS 1.8 billion ($512 million) was distributed. The bank also emphasized its commitment to ESG goals, aiming for NIS 35 billion in green credit by 2030.
Bank Leumi, based in Tel Aviv, Israel, is set to release its Fourth Quarter and Full Year 2022 Financial Results on March 14, 2023. A conference call will take place at 4 PM Israel time, featuring key executives, including Hanan Friedman, President and CEO. Analysts and investors can join the call via various international numbers. A webcast will also be available, with registration required. The presentation related to the financial results will be accessible on the Israeli Securities Authority reporting website and Bank Leumi's Investor Relations page. Archived recordings will be posted the next business day.
Bank Leumi has signed a strategic agreement with the European Investment Bank (EIB) to secure a EUR 500 million credit line aimed at supporting SMEs in Israel. This initiative, part of Leumi's broader strategy, focuses on financing green and environmental projects, with a target of providing NIS 35 billion in green credit by 2030. As of 2021, Leumi's green credit outstanding totaled NIS 12 billion. Additionally, the bank raised USD 500 million in early 2023 through Tier 2 Subordinated Green Notes, further facilitating eco-friendly investments.
Bank Leumi announced the successful issuance of $500m in Tier 2 Subordinated Green Notes, attracting over $1.7bn in demand from institutional investors globally. This marks a significant step in its eco-friendly financing strategy, with plans to allocate proceeds towards renewable energy, green construction, and waste recycling projects. By 2030, Leumi aims to provide NIS 35bn in green credit, having already reached NIS 12bn by the end of 2021. The issuance reinforces Leumi's commitment to sustainability and its prominent position in international markets.
Bank Leumi reported a net income of NIS 1.8 billion ($508 million) for Q3 2022, up from NIS 1.6 billion in Q3 2021. For the first nine months, net income reached NIS 5.4 billion ($1.5 billion), compared to NIS 4.6 billion the previous year. The efficiency ratio stands at 39.1% for Q3 and 39.5% year-to-date, indicating the bank's strong operational efficiency. Credit portfolio grew by 17.9%, focusing on corporate and mortgage segments. A dividend of NIS 356 million ($100 million) will be distributed for Q3.
The Chairman of Bank Leumi, Dr. Samer Haj-Yehia, recently attended key international conferences in the Persian Gulf aimed at enhancing regional economic collaborations. Highlighting the potential of fintech in the Middle East, he emphasized Bank Leumi's technological advancements and willingness to partner with regional banks to enhance customer experience. Dr. Haj-Yehia's engagements included speaking at the Abu Dhabi Financial Week and the Milken Institute MEA Summit. His efforts are part of a broader strategy to strengthen economic ties within the region.
Bank Leumi (TASE: LUMI) will announce its Third-Quarter 2022 Financial Results on November 29, 2022. The call will feature Mr. Omer Ziv, EVP & CFO, hosting a Q&A session at 5 PM Israel time (3 PM UK, 10 AM ET). Interested participants can join via dial-in numbers specific to their location. An accompanying presentation will be available on the Israeli Securities Authority reporting website and on Leumi's Investor Relations page. An archived recording will also be accessible on the website the following business day.