This is Leumi's second profit warning for the quarter.
Shares of Bank Leumi (TASE: LUMI) fell 2.7% by midday after it issued a warning of a fourth quarter loss of between NIS 700 million and NIS 800 million.
The bank, led by president and CEO Galia Maor, attributed the expected loss to a deepening global financial crisis, extended stock market drops around the world, and a worsening economic situation in Israel.
This is Leumi's second profit warning for the fourth quarter, after it ended the third quarter with a net loss. The bank estimates that for the full year of 2008 it will record net profit of NIS 475-575 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2009
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