May 18, 2020 / 6:10 AM / 15 days ago

Israel's Bank Leumi warns of Q1 loss due to coronavirus outbreak

TEL AVIV, May 18 (Reuters) - Bank Leumi, Israel’s second-largest lender, said it expects to post a net loss in the first quarter of between 200 million shekels ($57 million) and 300 million due to an increase in credit loss provisions and capital market losses.

It attributed the higher credit loss provisions to the coronavirus crisis, which also hurt the financial markets in the January-March period.

It noted that since the end of March, markets have recovered and this offsets the losses booked in the first quarter.

Leumi will report its quarterly results later this month. Its main rival Hapoalim reported last week a net profit of 192 million shekels compared with 821 million a year earlier as its credit loss provision surged. ($1 = 3.5233 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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