Israel's Bank Leumi Q1 net profit falls

May 19, 2016 5:14 AM

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JERUSALEM May 19 Bank Leumi, Israel's second-largest lender, reported a lower quarterly profit that fell short of expectations due in part to a one-time increase in tax expenses.

Leumi on Thursday posted first-quarter net profit of 459 million shekels ($119 million), compared with a 1.18 billion a year earlier, which had been boosted when the bank sold off sizeable stakes in two Israeli companies.

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