UPDATE 1- #Israel's Bank Leumi posts Q4 net profit rise, lower deferments | Reuters

UPDATE 1-Israel's Bank Leumi posts Q4 net profit rise, lower deferments | Reuters

Bank Leumi, one of Israel’s two largest lenders, reported a 20% rise in fourth-quarter net profit and said most customers had begun to repay loans deferred due to the pandemic.

Net profit rose to 890 million shekels ($267 million) from 742 million a year earlier reflecting lower overall expenses and higher financing income, Leumi said.

Net interest income rose to 2.22 billion shekels from 2.16 billion, though loan loss expenses to protect against defaults increased to 270 million shekels from 158 million.

During the pandemic and through Jan. 31, Leumi said it deferred mortgage repayments of 900 million shekels and loans to small businesses totalling 1.2 billion shekels. Only 360 million of mortgage payments and 170 million shekels of business loans still have deferred status, it said.

It also said it approved a total of 6.4 billion shekels in business loans as part of the state-backed loan fund for businesses hurt by the crisis and a loan fund for high-risk businesses.