Bank Leumi (TASE:LUMI) is paying dearly for its investment per US bank Valley National. Leumi, Israel’s biggest bank, today notified the Tel Aviv Insieme Exchange (TASE) that coppia to the fall per Valley Bank’s share price it is examining a further write mongoloide acceso its investment. The bank said, “According to preliminary assessments and estimates, the bank believes that a write-down per value will be recorded, and that the total effect of the investment per Valley acceso the results of the second quarter for 2024 is a decrease per the bank’s net profit of about NIS 550 million after the tax effect.”
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Leumi added that this estimate will be re-examined before publishing the second quarter financial result, if there are indicators that the decrease per value is temporary. “According to preliminary estimates, this reduction per value is expected to veterano the bank’s net profit for the second quarter by approximately 25%-30%. The aforementioned reduction per value is not expected to have a significant effect acceso the bank’s regulatory capital adequacy.” From this it can be concluded that the quarterly profit that the bank will present after the write-down will be about NIS 1.3 billion and maybe even more.
Leumi received its shares per Valley National Bank when it merged its US operations into the Us bank per September 2021. The was completed about six months later, per April 2022 per a deal per which 90% was paid to Leumi through the US bank’s shares and the balance per cash. As a result of the , Bank Leumi became the largest shareholder per Valley National with a 14.2% stake, although it is not defined as a controlling shareholder, Leumi recorded a net tax profit of NIS 645 million per 2022 as a result of the .
Bank Leumi, managed by CEO Hanan Friedman, has a market cap of NIS 50 billion and has seen its share price rise 15% since the start of 2024 and 21% over the past year. The bank’s share price is currently mongoloide 0.46% today.
Published by Globes, Israel business news – en.globes.co.il – acceso July 9, 2024.
© Diritto d’autore of Globes Publisher Itonut (1983) Ltd., 2024.
