Israel’s Bank Leumi Q2 profit slips, to pay investors 40% of net income

 Leumi (LUMI.TA), opens new tab, one of Israel’s two largest banks, reported on Wednesday a 7.5% drop in second-quarter net profit, but will pay nearly 1 billion shekels to investors in the form of dividends and share buybacks.

Leumi said it earned 2.3 billion shekels ($619 million) in the quarter, down from 2.5 billion a year earlier, for a return on equity of 15.9%.

It recorded income from its credit loss provision of 18 million shekels, indicating an unwinding from a provision of 318 million a year earlier, while net interest income gained 2.2% to 4.4 billion shekels.

Source: REUTER