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Tuesday, March 28, 2006

Record Earning of Israeli Banks

Israel’s three largest banks, Hapoalim, Leumi and Discount, are expected to present record earnings for this year on Wednesday, continuing the trend of the past two years. Top five israeli banks are expected to show revenue of NIS 7 billion between them.

Although profits are higher than previous year, Israel still have some ground to cover in international terms: Hapoalim is expected to present 19% capital yields and Leumi a 15% yield, compared to the 20% yield typical in western countries.

The excellent profits mainly result from economic improvement /that is also seen at improving unemployment results/. Bank Hapoalim is expected to show profits of NIS 2.8 billion, and Leumi profits of NIS 2.3 billion.

Forecasts predict that next year will show continued increases in bank profits, as the economic situation is expected to continue to improve.

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