This record growth continued into the first half of 2007, with profits up 22.8% to NIS1.8bn. NPLs decreased from 21.0% to 12.3% and total assets grew by 4.1% in 2006 to NIS289bn, retaining Leumi’s position as Israel’s largest bank by assets.
In 2006, the bank established a capital markets division, combined its international and global private banking activities and began expanding its international business. Its acquisition of a Romanian bank in 2006 is set to serve as a platform for expansion in central and eastern Europe.
“We’re honoured to be awarded this prestigious Bank of the Year award for 2007 by The Banker magazine,“ says president and CEO Galia Maor. “We believe that great banking is all about understanding the ever-changing needs of our customers, setting our strategy to address these needs, and putting the expertise and quality service of our bankers into action.
“We are certain that this award recognises the combined efforts of every employee at Leumi, in Israel and around the globe. Together, they have been able to turn Leumi into the largest and most profitable banking group in Israel. Therefore, it is their award.“
