The Bank will distribute a cash dividend of NIS 835 million ($227 million) and is launching an annual share buyback plan totaling NIS 1 billion ($272 million). Total cash dividend and share buyback plan for Q1 2024 is approx. NIS 1.1 billion ($299 million) – which constitutes 40% of the net income for the quarter Leumi continues to present the best efficiency ratio among Israeli banks - 29% Deposits by the public in Q1 2024 were up by 11.8% compared with the corresponding period last year The loan portfolio was up by 2.2% in Q1 2024 NPL ratio and rate of troubled debts - which reflect the quality of the Bank's loan portfolio - continue to be one of the lowest in the banking system, standing at 0.65% and 1.61% respectively Robust financial indicators - liquidity coverage ratio of 133%, Tier 1 capital ratio of 11.98% and total capital ratio of 15.02% In Q1 2024, the Bank recorded a one-off capital gain (after tax) of NIS 632 million ($172 million) in respect of the sale of the Bank's HQ buildings in Tel Aviv, as part of the transition of the HQ to the new Leumi Campus in Lod TEL AVIV, Israel, May 28, 2024 /PRNewswire/ -- Bank Leumi (TASE: LUMI) published today its financial statements for Q1 2024: Net income in the first quarter of 2024 amounted to approx. NIS 2.8 billion ($761 million), compared to NIS 981 million ($267 million) in the corresponding period last year. Return on equity in the first quarter of 2024 was 20.2%, compared with 7.8% in the corresponding period last year. ROE in the corresponding period last year was affected by the provision made with respect to Valley shares. Deposits by the public grew by a higher rate compared to the banking system – up by 11.8% in Q1 2024 compared with the corresponding quarter last year, and up by 4.9% since the beginning of the year. The efficiency ratio in Q1 2024 was 29%, compared with 32.6% in the corresponding period last year. Dividend: The Bank will distribute a cash dividend of NIS 835 million ($227 million) and is launching an annual share buyback plan totaling NIS 1 billion ($272 million). Total cash dividend and share buyback plan for Q1 2024 is approx. NIS 1.1 billion ($299 million) – which constitutes 40% of the net income for the quarter. Responsible growth in the loan portfolio in strategic segments - the Bank continues to focus its growth on the credit portfolio in the corporate, commercial and mortgage segments. Since the beginning of the year, the credit portfolio grew by a total rate of 2.2%, with the corporate portfolio growing by 2.2%, the commercial portfolio grew by 1.1% and the mortgage portfolio grew by 1.7%. NPL ratio and rate of troubled debts - which reflect the quality of the Bank's loan portfolio - continue to be one of the lowest in the banking system, standing at 0.65% and 1.61% respectively Loan loss expenses in the first quarter of 2024 reflect an expense rate of 0.21% of the average outstanding loans to the public, compared to an expense rate of 0.41% in the corresponding period last year. The entire loan loss expense arises from the collective provision, mainly due macroeconomic affects (the uncertainty in light of the War) on the calculation model of the collective provision. The specific provision is negative (income). High capital adequacy: Common Equity Tier 1 capital ratio as at March 31, 2024 was 11.98% and total capital ratio was 15.02%. Liquidity coverage ratio as at March 31, 2024 was 133%. The Bank's initiatives due to the War: Leumi significantly expanded the Bank of Israel's relief program, publishing its own relief program to both business and retail customers from across Israel – with an emphasis on residents of the southern and northern confrontation lines, with the aim of assisting them as much as possible during these complex times. The reliefs to eligible customers included, among others: full exemption from mortgage payments, exemption from loan repayments for retail customers and small businesses, aid funds totaling more than NIS 1.25 billion ($340 million), exemption from common current account fees, exemption from charges on current account overdraft and more. In addition, since the outbreak of the war, the Bank made substantial donations to residents of the southern and northern confrontation lines, IDF soldiers - both on active and reserve duty, hospitals and first responder and aid organizations. In addition, the Bank initiated and financed a series of projects to rehabilitate southern Israel and ...