Bank Leumi - BLMIF STOCK NEWS

Bank Leumi (TASE: LUMI) to Release Third-Quarter 2023 Financial Results on November 29, 2023

Bank Leumi (TASE: LUMI) concluded Q2 2023 with a net income of NIS 2.4 billion ($649 million), a return on equity of 19.4%, and an improved efficiency ratio of 29.5%. The company will distribute a NIS 736 million ($199 million) dividend and conduct a NIS 300 million ($81 million) share buyback, representing 40% of the net income. The share buyback is part of an overall plan of up to NIS 800 million ($216 million).

Bank Leumi (TASE: LUMI) will release its Second-Quarter 2023 Financial Results on August 15, 2023. The results call will be hosted by Mr. Omer Ziv, Deputy CEO and Head of the Capital Markets Division, and Ms. Hagit Argov, Head of the Financial Division. The call is scheduled for 5 PM (Israel); 3 PM (UK); 10:00 AM (ET). Conference call dial-in details are provided for different locations. An archived recording will be available on the Leumi website one business day after the call ends.

Bank Leumi, based in Tel Aviv, announced on March 19, 2023, that it signed a new collective agreement with its workers' committee. This agreement aims to adapt to the evolving high-tech banking landscape, ensuring employees receive enhanced social benefits while allowing the bank increased managerial flexibility. Key points include a higher employee quota under a technology agreement, a mechanism for periodic pay raises tied to return on equity, and improved benefits for various employee groups. The target return for a full bonus in 2023 is set at 17%. CEO Hanan Friedman emphasized the importance of this agreement for growth and employee welfare.

Bank Leumi reported a strong financial performance for 2022, with a net income of NIS 7.7 billion ($2.2 billion), up from NIS 6 billion in 2021. The Q4 net income reached NIS 2.3 billion ($654 million), up from NIS 1.5 billion a year earlier. Notably, return on equity increased to 17% for the year, with Q4 figures peaking at 19%. The bank improved its efficiency ratio to 31.8% in Q4, and loan growth was significant at 18.4% for the year. A total dividend of NIS 1.8 billion ($512 million) was distributed. The bank also emphasized its commitment to ESG goals, aiming for NIS 35 billion in green credit by 2030.

Bank Leumi, based in Tel Aviv, Israel, is set to release its Fourth Quarter and Full Year 2022 Financial Results on March 14, 2023. A conference call will take place at 4 PM Israel time, featuring key executives, including Hanan Friedman, President and CEO. Analysts and investors can join the call via various international numbers. A webcast will also be available, with registration required. The presentation related to the financial results will be accessible on the Israeli Securities Authority reporting website and Bank Leumi's Investor Relations page. Archived recordings will be posted the next business day.