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Major Israeli banks post YOY rise in combined Q2 net income

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Major Israeli banks post YOY rise in combined Q2 net income

Israel's four largest listed banks reported a combined second-quarter net income of 2.92 billion Israeli shekels, up from 2.45 billion shekels in the same period in 2018, according to S&P Global Market Intelligence data.

Bank Leumi le-Israel BM, Mizrahi Tefahot Bank Ltd. and Israel Discount Bank Ltd. all reported year-over-year increases in their second quarter net incomes, while the net income of Bank Hapoalim BM fell on a yearly basis on higher provisions for credit losses.

The four banks' combined net interest income grew year over year to 8.07 billion shekels from 7.48 billion shekels, while their combined fee and commission income declined on a yearly basis to 2.72 billion shekels from 2.93 billion shekels.

The banks' combined expenses increased on a yearly basis to 8.93 billion shekels from 8.84 billion shekels, while their combined asset write-downs rose year-over-year to about 850 million shekels from 315 million shekels.

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As of Sept. 3, US$1 was equivalent to 3.54 Israeli shekels.