ISRAEL'S BANK LEUMI Q2 PROFIT SLIPS, TO PAY INVESTORS 40% OF NET INCOME
Leumi, 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. Leumi said it would pay a quarterly dividend of 681 million shekels and buy back another 227 million shekels as part of a share buyback plan for 2024 of 1 billion shekels launched in the first quarter. The dividend and buyback reflect 40% of net income.
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