Bank Leumi (TASE: LUMI) released its third quarter results this morning. Quarterly profit fell 11% to NIS 820 million compared with the NIS 919 million profit posted in the third quarter of 2016. Bank Leumi explains that the corresponding quarter's bottom line included several material one-time items: income from the sale of the bank's holding in Visa Europe, income from an insurance settlement relating to the penalty paid on account of dealings with US customers, one-time salary expenses, and one-time taxation income. RELATED ARTICLES Pay pact depresses Mizrahi-Tefahot profit Discount Bank reports sharp rise in profit Banks to inform taxman on customers' foreign investments Banks' consumer lending still booming Interest income in the third quarter of 2017 fell to NIS 1.198 billion from NIS 1.97 billion in the corresponding quarter, while fee income rose to NIS 1.043 billion. The bank's net profit for the first nine months of 2017 represents a return on equity of 9.7%. Return on equity in the third quarter was 10.3%. Bank Leumi's board of directors has approved an increase in the dividend rate from 20% to 40% of net profit, and the bank will distribute a dividend of NIS 328 million for the third quarter. Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
