Bank Leumi (TASE:LUMI) announced today that it will set aside between NIS 800 million and NIS 1.1 billion for credit losses in its third quarter financial report (before the impact of tax).
Even before the war, Israel’s banks had begun increasing credit loss expenses as a safety cushion because of rising interest rates. In the second quarter, Bank Leumi set aside NIS 318 million for credit losses – an amount that will be tripled in the third quarter.
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Companies are due to publish their third quarter results in November but the Israel Securities Authority has granted an extension, if required.
Bank Leumi’s share price is down 20% since the start of the war and earlier this week ratings agency Moody’s placed Israel’s banks on review for a downgrade.
Published by Globes, Israel business news – en.globes.co.il – on October 26, 2023.
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