BRIEF: Doubtful debt provisions double at Leumi Mortgage Bank: Net profit for the full year of 2008 fell 42.5%, compared with 2007.

Thu. February 26, 2009; Posted: 07:34 PM

Feb 26, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) -- LMGBF | Quote | Chart | News | PowerRating -- Bank Leumi (TASE: LUMI) unit Leumi Mortgage Bank Ltd. reported net profit of NIS 126 million for the full year of 2008, a 42.5 percent drop from 2007.

Fourth quarter net profit was NIS 20 million.

The bank's financial report shows that provision for doubtful debts jumped 139.1 percent in 2008 to reach NIS 103 million. Profit from financing activities, before provisions for doubtful debts, fell 5.8 percent in 2008 to reach NIS 430 million.

Credit to the public rose 11.2 percent, compared with the end of 2007, to NIS 39.8 billion. The mortgage bank showed an increase of 14.4 percent in new loans, to a total of NIS 8.4 billion, from NIS 7.3 billion in 2007.

The bank attributed the drop in its profit to the rise in doubtful debt provisions and to higher tax expenses. Also, in 2007, the bank's net profit was increased by NIS 38 million by a tax agreement reached with municipal authorities.

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