Israel's Bank Leumi Q3 profit doubles, to pay another dividend | Reuters
Leumi (LUMI.TA), one of Israel's two largest lenders, reported a doubling of quarterly net profit that was boosted by a continued unwinding of provisions made to protect against loan defaults during the COVID-19 pandemic.
Leumi said on Tuesday it earned 1.55 billion shekels ($500 million) in the July-September period, up from 750 million in the third quarter of 2020 and above a profit of 1.2 billion expected in a Reuters poll of analysts.
Amid a steep rise in inflation, net interest income rose to 2.67 billion shekels from 2.22 billion shekels a year earlier.
Leumi recorded income for credit losses of 359 million shekels after posting provisions for loan losses of 547 million a year earlier.
The bank said it would pay a dividend of 1.367 billion shekels, reflecting 30% of net profit from the first nine months of the year. It had distributed a 630 million shekel dividend in September.
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