Bank Leumi announced a net profit of $84m (NIS 290m) for the second quarter of 2014. The bank’s result were hit by the provisions made (460m Shekels) for a settlement deal with the US regarding undeclared accounts held in their book. Bank Leumi is part of the Category1 banks that are seeking a deal with the US Department of Justice (DoJ). The completion of a deal is expected in the near future according to Adi Scop, financial services analyst at the IBI Brokerage and reported by Reuters “We are probably closer to the end than the middle“.
Analysts believe that the results are decent and the shares were slightly up.