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20 Aug 2009 07:36
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BANK LEUMI LE-ISRAEL B.M.
(GUARANTOR - GUARANTEED EURO MEDIUM TERM NOTE
PROGRAMME OF LEUMI INTERNATIONAL INVESTMENTS N.V.)
SummaryΒ Translation ofΒ Immediate Report*Β
Bank Leumi le-Israel B.M.
Registration No. 520018078
Securities of the Corporation are listed on The Tel Aviv Stock Exchange
Abbreviated Name: Leumi
Leumi House,Β 34 Yehuda Halevi Street, Tel Aviv 65546
Phone: + 972 3 5148111, + 972 3 5149419; Facsimile: + 972 3 5149732
Electronic Mail:Β Yaelru@bll.co.il
Β 20 AugustΒ 2009
To:Β Israel Securities Authority (www.isa.gov.il)Β
The Tel Aviv Stock Exchange (www.tase.co.il)
Immediate ReportΒ
Nature of the Event:Β Leumi Card - Financial StatementsΒ
Bank Leumi le-Israel B.M. announces thatΒ itsΒ subsidiary,Β Leumi CardΒ Ltd.,Β todayΒ publishedΒ its financial statementsΒ forΒ theΒ secondΒ quarter of 2009.Β
- Net profit ofΒ NISΒ 36 million in the second quarter of 2009.
- An increase of 7% in the Company's income toΒ NISΒ 208 million in the second quarter of 2009.Β
- An increase of 19% in the credit portfolio toΒ NISΒ 1.86 billion.Β
-Β An increase of 31% of the non-bank affiliated cards.
- Net profitΒ and netΒ operatingΒ profitΒ in the firstΒ halfΒ of 2009Β amounted toΒ NISΒ 36Β million.Β Β Despite the economic crisis, netΒ operatingΒ profit increased by 9% compared with the corresponding period in 2008Β which amounted toΒ NISΒ 33 million.Β Net profit in the corresponding period in 2008 amounted toΒ NISΒ 50 million,Β asΒ the profits from the sale ofΒ theΒ holdings in Gama Management and Clearing Ltd., in the amount ofΒ NISΒ 17 million, were included in the Financial StatementsΒ forΒ the second quarter of 2008.Β
Β
- In the first half of 2009,Β Leumi Card'sΒ net profit amounted toΒ NISΒ 68 million, compared withΒ NISΒ 82 million inΒ the corresponding periodΒ inΒ 2008,Β whichΒ as mentioned aboveΒ includedΒ a one time profit ofΒ NISΒ 17 millionΒ fromΒ the sale ofΒ theΒ holdings inΒ Gama.Β
Β
- Leumi Card's netΒ operating profitΒ in the first half of 2009Β alsoΒ amountedΒ NISΒ 68 million, compared withΒ NISΒ 65 million inΒ the corresponding periodΒ inΒ 2008,Β an increase of 5%.Β
- Return on shareholders'Β equity in theΒ first halfΒ of 2009Β amounted to 19% (onΒ anΒ annual basis).
- Total incomeΒ in theΒ second quarter of 2009 amounted toΒ NISΒ 208 million, compared withΒ NISΒ 194 million in theΒ corresponding period of 2008,Β an increase of 7%.Β .Β
- Leumi Card'sΒ credit portfolioΒ growΒ by 19% compared with the corresponding periodΒ inΒ 2008 and amountedΒ atΒ 30 June 2009Β to NIS 1.86Β billion.Β The balance ofΒ private credit increased by 21% compared withΒ theΒ corresponding period in 2008,Β and onΒ 30 JuneΒ 2009 amounted toΒ NISΒ 969Β million. This balance includesΒ mainlyΒ non-bank-affiliatedΒ Multi-CardΒ activities (rollover credit).Β The balance of commercial credit, including discountingΒ and advance paymentsΒ to businesses,Β amountedΒ atΒ 30 JuneΒ 2009 to NISΒ 887Β million,Β includingΒ discounting and advance paymentsΒ to businessesΒ amountingΒ to NISΒ 610Β million, an increase ofΒ 44%,Β Β and anΒ intentionalΒ reduction inΒ commercial creditΒ compared with the corresponding period in 2008.Β
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- The scope of activities of card holders in the second quarter of 2009 increased by 3.2% compared withΒ the corresponding periodΒ inΒ 2008, and amounted toΒ NISΒ 10.6 billion.Β
- The total number of cards of the CompanyΒ at the end ofΒ the second quarter of 2009 amounted to 1.67 million cards. The number of active cards (85% of total cards) increased by 7% compared with the corresponding periodΒ inΒ 2008Β when there wereΒ 1.56 million cards.Β
- The total number of non-bank-affiliated cards at the end of the second quarterΒ ofΒ 2009Β amounted to 456,000 cards, an increase of 31% compared with the corresponding periodΒ inΒ 2008.Β Β This significant increaseΒ resultedΒ mainlyΒ from the strategic cooperationΒ betweenΒ Leumi CardΒ andΒ theΒ ShufersalΒ Club, Hamashbir 365 Club and Azrieli Club.Β
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- Provisions for doubtful debts in theΒ secondΒ quarter of 2009 amounted toΒ NISΒ 6Β million, compared withΒ NISΒ 5 million in the corresponding period in 2008 and compared withΒ NISΒ 8 million in the first quarter of 2009.Β
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- Operating and other expensesΒ of the Company amounted to NIS 158 millionΒ in theΒ secondΒ quarter of 2009, compared with NIS 148Β million in the corresponding period inΒ 2008 (an increase of 7%). The increase isΒ mainly aΒ result of the expansion of the Company's business activitiesΒ inΒ recruiting new costumersΒ and growth of business with them, the expansion ofΒ consumerΒ credit andΒ theΒ increase inΒ theΒ discounting activity.Β
Date and time at which the corporation first became aware of the event or matter:
Β
19 AugustΒ 2009 at 19:00
___________________________________________________________________________
Name of Electronic Reporter: Yael Rudnicki, Position: Group Secretary
POB 2 Tel Aviv 61000, Phone: + 972 3 5149419, Facsimile: + 972 3 5149732,Β
Electronic Mail: Yaelru@bll.co.il
*Β Immediate Reports are filed in Hebrew on the distribution website of theΒ IsraelΒ Securities Authority. In case of anyΒ discrepancy between the English translation and the Hebrew report,Β theΒ Hebrew will prevail.Β
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