TEL AVIV, Jan 27 (Reuters) - Bank Leumi estimated on Tuesday that a $400 million deduction to be taken by conglomerate Israel Corp in its 2014 financial results would lower the bank’s annual net profit by about 250 million shekels ($63 million).
Leumi, Israel’s second-largest bank, owns 18 percent of Israel Corp. The Israeli conglomerate said its 2014 profit would be cut by $400 million following the spin-off of some its assets into a new company called Kenon Holdings earlier this month.
“This is only a preliminary estimate ... and there could be a significant change between the preliminary estimate and the final amount calculated,” Leumi said in a statement.
Leumi will report its fourth quarter 2014 results in March. ($1 = 3.9569 shekels) (Reporting by Tova Cohen; Editing by Steven Scheer)