TEL AVIV: Bank Leumi, Israel's second biggest bank, posted sharply higher quarterly net profit as credit loss charges fell and non-interest income jumped and made a provision for the early retirement of 250 workers.
Net profit in the third quarter rose to 479 million shekels ($125 million) from 155 million a year earlier, the bank said on Thursday.
The bank made a provision of 150 million shekels in the quarter for the early retirement of 250 employees as part of a streamlining programme announced in February.
Leumi was forecast in a Reuters poll to earn 529 million shekels in the quarter.
Net interest income in the quarter rose to 1.87 billion shekels from 1.84 billion a year earlier while credit loss charges fell to 292 million shekels from 378 million.
Leumi was forecast by analysts to post net interest income of 1.94 billion shekels and credit loss charges of 313 million.
Non-interest income jumped 79 percent in the quarter to 1.21 billion shekels.
The bank's core Tier 1 capital ratio was 8.6 percent, up from 8.07 percent at the end of 2011.
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