Union Bank finished the second quarter with a profit of NIS 16 million ($3,964,800.00), double the NIS 8 million profit it registered in the same period last year, reported Haaretz.
The increase was primarily due to a rise in income from financing activities, said the Israeli daily.
For the first half, the bank earned NIS 39 million, more than three times the NIS 11 million it earned in the same period last year. Even excluding a one-time expenditure of NIS 23 million for a voluntary retirement program last year, the bank's profits would have been up 105 percent in the half, according to Haaretz – Albawaba.com
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