The Bank Leumi Le-Israel and its subsidiaries reported today that net profit in Israel pounds for 1967 rose 20 percent from IL 11,507,636 to IL 13,769.453 and that total resources at the end of 1967 were IL 4,488,507,696, a 32 percent increase over the resources of IL 3. 409,533,660 reported for the previous year.
Dr. Y. Foerder, bank chairman, announced that the bank, in conjunction with American business leaders, had filed an application with the New York State banking department to establish the First Israel Bank and Trust Co. of New York, which will take over the operations of the present New York branch of Bank Leumi.
The bank reported also that total deposits of the Bank Leumi itself at the end of 1967 totalled IL 2,305,496,101, a 51 percent increase over deposits of IL 1,530,690,428 at the end of 1966. The increase compared with a 44 percent increase in total deposits for all Israel banks. Dr. Foerder, said that while the large gains in deposits partly reflected an increase in the Israel pound countervalue of foreign currency deposits resulting from adjustment of the exchange rate of the Israel pound to conform with that of the British pound, the increase mainly represented a real growth in deposits, both in Israel pounds and foreign currencies.
In American dollars, the profits were $3,934,129; total resources were $1,282,430,770 and deposits totalled $820,682,092. Dr. Foerder also reported that at the end of 1967, the bank had 170 branches, compared with 160 at the end of 1966. He said the board of the bank proposed a final dividend of eight percent on its one-Israel-pound par value common stock, making the total for 1967 14 percent, the same as in 1966.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
