Bank Leumi USA ("BLUSA") today published its financial results for the end of 2011, reporting that the Bank ended 2011 with a net profit of $20.1 million, compared with $15.8 million for 2010, an increase of 27%. 

Total assets of the Bank grew by about 10%, amounting to $5.7 billion at December 31, 2011, compared with $5.2 billion at December 31, 2010.

 Bank Leumi USA CEO, Mr. Itzhak Eyal, said that the improvement in the results for 2011 resulted from continued growth in the Bank's activity in its two main business lines - commercial banking and private banking. Mr. Eyal noted that due to the Bank's maintaining a responsible and cautious credit and investment policy, it continues to report high liquidity and capital ratios indicative of its financial strength. 

Other information from the financial statements:

  • Net interest income before provision for doubtful debts amounted in 2011 to $132.5 million, compared with $130.4 million in 2010.
  • Operating income declined by some $12 million, amounting to $42.1 million in 2011. This decline stems mainly from one-time revenues in 2010.
  • Operating expenses amounted in 2011 to $138 million, similar to operating expenses in 2010.
  • Net credit amounted to about $3.8 billion at December 31, 2011, compared with about $3.5 billion at December 31, 2010, an increase of some 9.4%.
  • Total deposits amounted to some $4.9 billion at December 31, 2011, an increase of 9% compared with the balance at December 31, 2010, not including the increase in deposits of an affiliated company.
  • Shareholders' equity of the Bank amounted at the end of 2011 to $516.9 million, compared with $500.8 million at the end of 2010.

Bank Leumi USA has operated in the US for over fifty five years, and is the largest subsidiary company in the Leumi Group. BLUSA, insured by the FDIC, is engaged mainly in commercial banking (mostly financing middle market and larger domestic companies), international banking, and private banking for US and foreign residents. Through its branches in New York, Illinois, California, and Florida, the Bank offers comprehensive banking services to Israeli companies and Israeli residents interested in the products and services of a US bank, including securities and insurance products by means of its brokerage subsidiary, Leumi Investment Services Inc.

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