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Bank Leumi Le-Israel B.M BANK LEUMI LE-ISRAEL B.M. AND ITS INVESTEE COMPANIES Condensed Financial Statements as at 30 September 2015 (unaudited) Bank Leumi le-Israel B.M. Head Office: Leumi House, 34 Yehuda Halevi Street, Tel Aviv 65546, Israel Tel: (972) 3-5148111, Fax: (972) 3-5149732 This is a translation from the Hebrew and has been prepared for convenience only. In the event of any discrepancy, the Hebrew will prevail. 18 November 2015 Bank Leumi le-Israel B.M. and its Investee Companies Condensed Financial Statements as at 30 September 2015 (unaudited) Index Page 1. Directors’ Report A. General Developments in the Group’s Business - Description of Leumi Group's Business Activities and their General Development 3 - Control of the Bank 7 - Capital Resources, Capital Adequacy and Transactions in the Shares of the Bank 9 B. Other Information - Principal Developments in the Economy 14 - General Environment and Effect of External Factors on Activity 18 - Accounting Policy on Critical Matters 37 C. Description of the Group's Business by Segments and Areas of Activity - Development of Income, Expenses and Tax Provision 40 - Structure and Development of Assets and Liabilities 54 - Operating Segments in the Group 54 - Activities of Major Investee Companies 103 - Activities of Companies Included on Equity Basis 105 - Risk Exposure and Risk Management 106 - Linkage Status and Liquidity Position 123 - Legal Proceedings 126 D. Additional Matters - Leumi for the Community 129 - Internal Auditor 130 - Controls and Procedures 131 - Organizational Structure and Appointments 132 - Board of Directors 134 2. Management Review - Rates of Income and Expenses 135 - Exposure to Interest Rate Fluctuations 142 - Total Credit Risk to the Public by Economic Sector 147 - Exposure to Foreign Countries 153 3. Certification of the President and Chief Executive Officer 157 Certification of the Head of the Finance Division 158 Certification of the Chief Accounting Officer 159 4. Condensed Financial Statements - Joint Auditors’ Review Report 160 - Condensed Consolidated Balance Sheet 161 - Condensed Consolidated Statement of Profit and Loss 162 - Condensed Statement of Comprehensive Income 163 - Condensed Consolidated Statement of Changes in Equity 164 - Condensed Consolidated Statement of Cash Flows 170 - Notes to the Condensed Consolidated Financial Statements 173 1 2 A. General Developments in the Group’s Business The Directors’ Report has been prepared in accordance with the Public Reporting Directives of the Supervisor of Banks. The principles applied in preparing the interim reports are consistent with those used in preparing the Annual Report as at 31 December 2014, except for the adoption of United States accounting standards regarding employee rights and the implementation of the directives of the Banking Supervision Department on the subject of the capitalization of software costs as detailed in Note 1C. These reports should be read in conjunction with the Annual Report for 2014. Description of Leumi Group's Business Activities and their General Development Total assets under the management of the Group (balance sheet items and off-balance sheet items*) amounted to some NIS 1,195 billion at the end of September 2015, compared with NIS 1,223 billion at the end of 2014, a decrease of 2.3%. The decrease in total assets under management derives mainly from the realization of the Declared Money Policy which the Bank operates and the progress of implementing the Bank's decision to exit international private banking activity in overseas offices and representative offices abroad. * Total balance sheet items plus securities portfolios of customers, the value of securities held in custody of mutual funds, provident funds, pension funds and supplementary training funds for which operational management, custody services and pension counseling are provided. Below are principal data as at: 30 September 30 September 31 December 2015 2014 2014 NIS millions Total assets (total balance sheet) 408,524 380,382 (a) 396,984 (a) Credit to the public, net 260,009 249,481 252,480 Securities 67,545 46,058 52,113 Cash and deposits in banks 52,562 54,612 60,615 Investment in companies included on equity basis 948 2,062 2,216 Deposits of the public 317,991 286,632 303,397 Debentures, notes, and subordinated notes 22,187 23,932 23,678 Equity attributable to shareholders of the banking corporation 28,575 26,709 25,798 (a) Restated as a result of the retroactive implementation of U.S. generally accepted accounting principles regarding employee rights and the instructions of the Banking Supervision Department regarding the discounting of software costs. For further information, see Note 1C to the financial statements. 3 Below are principal profit and loss data for the periods ended: For the year For the three months For the nine months ended ended 30 September ended 30 September 31 December 2015 2014 2015 2014 2014 NIS millions Interest income, net 1,875 1,899 5,391 5,561 7,363 Expenses (income) in respect of credit losses 73 56 166 (11) 472 Total non-interest income 1,344 1,275 4,752 3,927 5,141 Of which: commissions 1,013 1,033 3,099 3,113 4,167 Total operating and other expenses 2,121 2,484 (a 6,518 7,298 (a) 9,371 (a) Of which: Salary expenses 1,360 1,283 (a) 4,123 4,019 (a) 5,151 (a) Expenses related to the investigation in respect of overseas customers - 480 25 1,009 1,026 Profit before taxes 1,025 634 3,459 2,201 2,661 Provision for taxes 327 332 1,189 1,034 1,278 Net profit for the period attributed to shareholders of the banking corporation 704 636 (a) 2,404 1,456 (a) 1,413 (a) Net profit per share attributed to (a) (a) shareholders of the banking corporation (in NIS) 0.48 0.43 1.63 0.99 0.96 Total profit for the period attributed to shareholders of the banking corporation 302 1,014 2,754 1,918 915 (a) Restated as a result of the retroactive application of United States generally accepted accounting principles regarding employee rights and the directives of the Banking Supervision Department on the subject of the capitalization of software costs. For additional information, see Note 1C to the financial statements. 4 Below are principal financial ratios (in percentages) for the periods ended: 30 September 30 September 31 December 2015 2014 (f) 2014 (f) Credit to the public, net, to total balance sheet 63.6 65.6 63.6 Securities to total balance sheet 16.5 12.1 13.1 Deposits of the public to total balance sheet 77.8 75.4 76.4 Deposits of the public to total credit, net 122.3 114.9 120.2 Total capital to risk components (a) 13.63 14.02 13.90 Tier I capital to risk components 9.30 9.22 9.09 Leverage ratio (g) 6.34 - - Liquidity coverage ratio (g) 104 - - Capital attributable to shareholders of the Bank to total assets 7.0 7.0 6.5 Net profit to average capital to shareholders of the Bank (c) 11.9 7.7 5.4 Rate of provision for tax on the profit before taxes 34.4 47.0 48.0 Expenses (income) in respect of credit losses to credit to the public, net (c) 0.09 - 0.19 Of which: expenses in respect of collective allowance to net credit to the public (c) 0.19 0.13 0.22 Expenses (income) in respect of credit losses to total credit risk to the public (c) 0.06 - 0.12 Net interest income to total balance sheet (c) 1.76 1.95 1.85 Total income to total balance sheet (b) (c) 3.32 3.34 3.15 Total income to total assets managed by the Group (b) (c) (d) 1.13 1.03 1.02 Total operating and other expenses to total balance sheet (c) 2.13 2.57 2.36 Total operating and other expenses to total assets managed by the Group (c) (d) 0.73 0.79 0.77 Net profit to average total assets (c) (e) 0.79 0.51 0.40 Interest margin 1.88 2.01 1.87 Operating and other expenses to total income (b) 64.3 76.9 74.9 Non-interest income to operating and other expenses 72.9 53.8 54.9 Non-interest income to total income (b) 46.9 41.4 41.1 (a) Capital - after adding non-controlling interests and after deducting investments in the equity of companies included on equity basis and various adjustments. (b) Total income - net interest income and non-interest income. (c) On an annual basis. (d) Includes off-balance sheet activity. (e) Average assets represent the total of income-bearing balance sheet assets and other assets. (f) Restated as a result of the retroactive application of United States generally accepted accounting principles regarding employee rights and the directives of the Banking Supervision Department on the subject of the capitalization of software costs, except for data for the Tier 1 capital to risk assets and overall capital including risk assets. For additional information, see Note 1C.1 to the financial statements. (g) Pursuant to the directives of the Bank of Israel, the leverage ratio and the liquidity coverage ratio were calculated from the second quarter of 2015. Accordingly, comparative figures are not presented. For further information on the subject of the leverage ratio, see the Chapter – Capital Resources, Capital Adequacy and Transactions in the Shares of the Bank, below, and for further information on the subject of the liquidity coverage ratio, see the Chapter - Risk Exposure and Risk Management, below. Since 1 January 2015, the Bank has implemented the United States accounting principles on the subject of employee rights.
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