Bank Leumi to pay large dividend as profit jumps | Reuters

Bank Leumi to pay large dividend as profit jumps | Reuters

Bank Leumi (LUMI.TA), one of Israel's two largest lenders, reported a jump in fourth-quarter profit on Wednesday and said it would pay a sizable dividend.

Net profit in the period reached 1.47 billion shekels ($446 million), compared with 890 million in the same period last year, the bank said.

The bank's board approved paying a dividend of 588 million shekels, representing 40% of quarterly profit.

Leumi's main rival, Bank Hapoalim (POLI.TA), reported on Tuesday a rise in fourth-quarter profit but held off on paying dividends for the quarter, sending its shares lower. read more