London, September 2016
Bank Leumi (UK) plc published its half year 2016 financial results* showing continued steady growth.
Net profit for the first two quarters to June was £9.9 million (HY15: £9.5 million), an increase of 5%, while income for the same period was £27.5 million (HY15: £25.7), an increase of 7%. Return on Capital Employed (ROCE) remains steady at 9.85%.
Both customer lending and customer deposits increased since the end of 2015. Customer lending increased by £46 million (4%) over the period; customer deposits increased by £205 million (16%). Both figures were impacted by sterling’s recent price fluctuation against the US dollar and the euro.
Bank Leumi (UK) CEO, Eli Katzav, said:
“For the full year 2015 the Bank reported double-digit profit growth and a sharp increase in profitability. Six months later, I am pleased to report that the Bank is continuing along this growth trajectory. It has been a satisfactory first half.”
Last month Leumi Group, Bank Leumi (UK) plc’s Tel Aviv-based parent company release its second quarter and first half results. Net profit for HY16 stood at NIS 1.4 billion ($364 million).
For more details, please contact:
Liat L Moskovich, Marketing and Public Relations Manager, Bank Leumi (UK) plc
T: +44 (0)20 3772 1602
*Figures quoted for Bank Leumi (UK) plc at half year are based on management information.
About Bank Leumi UK and Bank Leumi Group
Bank Leumi (UK) is a first class boutique bank offering a wide range of corporate and private banking services to both UK based and international clients.
An integral part of the Bank Leumi Group founded in London in 1902, the Bank operates through its Head Office in London and its award winning Asset Based Lender subsidiary, Leumi ABL in Brighton.
Activities include commercial finance, trade finance, with a particular expertise in financing cross border trading, commodity finance, financing Israeli related business, media finance, property finance and hotel finance.
The Bank also specialises in UK and international private banking and wealth management, offering an extensive range of deposit accounts, investment services, executive residential mortgages, structured products, and foreign exchange and hedging facilities.
Bank Leumi (UK) is a subsidiary of the Leumi Group, one of Israel’s largest banking groups and a reputable global banking institution. The Group has total managed assets in excess of $311 billion and $7.4 billion in equities. Leumi operates over 250 branches across Israel, alongside offices in key financial centres worldwide. The Group offers a comprehensive range of specialised financial services.
Bank Leumi (UK) plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.