The offering is planned to go ahead despite market volatility so that it will be recorded in its second quarter financial report. Israel Discount Bank (TASE: DSCT) held a similar share issue at the end of the first quarter.
Leumi like all Israeli banks is required by the Bank of Israel to strengthen its capital adequacy ratio if it wants to increase the amount of loans that it extends. This has been partly achieved by halting the payment of dividends on profits and buying securities and now by raising capital through share offerings. At the end of the first quarter of 2022, Leumi’s capital adequacy ratio was 10.8%, only slightly above the Bank of Israel’s requirement of 10.2%.
Published by Globes, Israel business news – en.globes.co.il – on June 22, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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