2025-05-20-Jefferies-莱umi银行（LUMI）_2025年第一季度强劲的贷款增长与40_的派息_8页_1mb

报告摘要

Net interest income increased +5% quarter-over-quarter and +7% year-over-year, driven by higher CPI-linked contributions and credit growth.
Return on tangible equity (ROTE) was 15.4%, supported by strong fee income (+3% QoQ, +9% YoY) and loan growth (+2% QoQ, +8% YoY), leading to a 6% YoY increase in tangible book value per share.
Total equity ratio (CET1) stood at 12.15%, flat quarter-over-quarter and above the minimum requirement, with rising risk-weighted assets (RWAs).
The bank distributed 40% of net profit, comprising a 30% dividend payout and a 10% share buyback, maintaining alignment with previous quarters.
Trading at 1.3 times spot tangible book value per share, offering a buy recommendation with an expected total return.

Overall lending grew +2% quarter-over-quarter and +8% year-over-year, with mortgage lending (+1% QoQ, +10% YoY) and corporate lending (+2% QoQ, +8% YoY) showing robust performance.
Specifically, medium-sized business lending increased +6% QoQ, while small and large business lending saw +9% YoY growth.
Non-performing loan (NPL) ratio was 0.51% (+1 percentage point QoQ), with improved coverage at 124% (+1 percentage point QoQ).

Non-interest income declined (-21% QoQ, -46% YoY) due to a high base including a prior sale (NIS 830m), FX losses, and reduced performance in securities and credit cards.
Net credit charges were NIS 55m, down -72% quarter-over-quarter, with a cost of risk at 5bps.
Operating expenses decreased -5% YoY but increased +1% quarter-over-quarter, mainly due to lower performance-based bonuses, resulting in a higher cost-income ratio.

Equity research affirms a buy rating, with a price target suggesting up to 28% upside. Valuation uses a Gordon growth model.
Primary risks include execution challenges (e.g., efficiency improvements, digital transition), domestic economic downturn, and heightened geopolitical disruptions impacting growth or cost of equity.
Bank focuses on private and corporate banking services in Israel.

Dividend payout ratio is stable at 30%, complemented by buybacks.
Company description and detailed financial variances provided in exhibits, with analyst information and disclaimers noting potential conflicts of interest.

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