Bank Leumi Stock Price, News & Analysis

Leumi Bank reported a strong performance for Q1 2022, with net income of NIS 1.6 billion ($504 million), up from NIS 1.3 billion ($409 million) in Q1 2021. The return on equity improved to 15.6%, compared to 14.2% the previous year. Credit growth was robust at 7.6%. The bank finalized a merger with Valley National, contributing an income of NIS 645 million ($203 million). Additionally, a dividend of NIS 322 million ($101 million) will be distributed, representing 20% of net income.

Bank Leumi (TASE: LUMI) will announce its Q1 2022 financial results on May 24, 2022. The results call will be led by Omer Ziv, EVP & CFO, at 5 PM Israel, 3 PM UK, and 10 AM ET. Dial-in numbers include Israel: 03-9180610, UK: 0-800-917-9141, US & Canada: 1-888-407-2553. A presentation will be available on the Israeli Securities Authority reporting site and Leumi's Investor Relations page on the same day. An archived recording will be accessible the following business day.

Bank Leumi has announced the sale of its Tel Aviv headquarters, Beit Mani, to Sella REIT for NIS 623 million. The transaction is expected to yield a pre-tax profit of NIS 524 million. This strategic move is part of the Bank's plan to transfer operations to a new headquarters in Lod by the end of 2023. The sold property includes two buildings, a modern office tower and the historical Beit Mani, situated in a prime area of Tel Aviv near major transport and urban developments.

Pepper Invest, a digital investment platform by Leumi, has launched cryptocurrency trading, becoming the first banking platform in Israel to do so. This service allows customers to trade Bitcoin and Ethereum for as little as NIS 50 per transaction, with tax complexities handled directly by the bank. The initiative follows a collaboration with US-based Paxos, a regulated blockchain infrastructure provider. This new offering aims to simplify the process of buying, holding, and selling cryptocurrencies, marking a significant innovation in the Israeli banking sector.

Leumi Bank reported a significant net income of approximately NIS 6 billion ($1.9 billion) for 2021, compared to NIS 2.1 billion ($675 million) in 2020. The return on equity reached 15%, and the credit portfolio grew by 16.1% across various segments. The Board approved a NIS 588 million ($189 million) dividend distribution, adding to the NIS 2 billion ($643 million) dividend for the first nine months. Operating expenses increased by 5.4% to NIS 7.428 billion ($2.3 billion).

Bank Leumi will announce its Q4 and Annual 2021 financial results on March 9, 2022. The event will be hosted by Hanan Friedman, President & CEO, and Omer Ziv, EVP & CFO, via a Zoom call at 5 PM Israel time (10 AM ET). Interested participants can join through a provided link and a passcode of 695233. An accompanying presentation will be available on the Israeli Securities Authority website and Bank Leumi's Investor Relations page. A recorded version will be accessible the following business day.

Bank Leumi reported a significant increase in net income for the first nine months of 2021, totaling NIS 4,558 million ($1,412 million), up from NIS 1,212 million ($375 million) in 2020. The Q3 net income was NIS 1,551 million ($480 million). The return on equity rose to 15.7%, with a Q3 figure of 16%, attributed to increased income and reduced loan loss provisions. The bank announced a dividend distribution of NIS 1,367 million ($423 million), representing 30% of its net income. Additionally, loan loss income reached NIS 729 million ($226 million), indicating a robust improvement in financial health.

Bank Leumi will release its Third Quarter 2021 financial results on November 16, 2021. The results call, hosted by Omer Ziv, EVP & CFO, is set for 5 PM Israel time, 3 PM UK, and 10 AM ET. Dial-in details include:

• Israel: 03-918-0610
• UK: 0-800-917-9141
• US & Canada: 1-888-407-2553
• Other locations: +972-3-918-0610

The accompanying presentation will be available on the Israeli Securities Authority's website and Bank Leumi's Investor Relations page. An archived recording will be accessible the following business day.

Bank Leumi has signed an agreement to merge Bank Leumi USA with Valley National Bank, valuing the former at approximately $1.2 billion. This strategic move aims to enhance Leumi's presence in the U.S. market, where it will hold over 14% of the merged entity. The deal will pay around 90% of proceeds in Valley common stock, with the remainder in cash. The merger, expected to finalize in early 2022, will create the 29th largest bank on the U.S. exchange, broadening operational capabilities in high-tech, venture capital, real estate, and private banking.