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Israel's Bank Leumi posts YOY rise in Q3 net income

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Israel's Bank Leumi posts YOY rise in Q3 net income

Bank Leumi le-Israel BM reported third-quarter net income attributable to shareholders of 936 million Israeli shekels, up from 820 million shekels in the same period in 2017.

EPS for the quarter was 62 agorot, compared to the year-ago 54 agorot. Return on equity in the quarter increased to 11.2% from 10.3% a year ago.

Net interest income rose year over year to 2.20 billion shekels from 1.92 billion shekels, so did noninterest finance income, to 454 million shekels from 222 million shekels. Fees and commission income was flat year over year at 1.04 billion shekels.

The bank booked expenses for loan losses of 198 million shekels in the quarter, compared to 3 million shekels a year ago.

For the nine months to Sept. 30, the bank's attributable net income climbed on a yearly basis to 2.57 billion shekels from 2.32 billion shekels. EPS for the nine-month period was 1.69 shekels, compared to 1.52 shekels a year earlier. ROE increased over the same period to 10.2% from 9.7%.

Leumi's common equity Tier 1 ratio stood at 11.25% as of September-end, compared to 11.43% as of Dec. 31, 2017, and 11.35% at the end of September 2017. Its leverage ratio was 7.05% as of Sept. 30, up from 6.94% as of Dec. 31, 2017, and 7.03% a year before.

The bank's board approved to distribute 375 million shekels as dividends in respect of the third quarter, or approximately 40% of the third-quarter net income. This brings the total dividend paid out in the first nine months to 1.03 billion shekels.

As of Nov. 8, the bank's has repurchased 642 million shekels as part of a 700 million shekel share buyback announced in March.

As of Nov. 12, US$1 was equivalent to 3.70 Israeli shekels.