Bank Hapoalim (TASE: POLI), headed by Dov Kotler, reported this morning that its third quarter net profit was 11% higher than in the corresponding quarter of 2019, at NIS 816 million. The bank's return on equity was 8.8%, which compares with 7.6% in the corresponding quarter.
Financing income totaled NIS 2.33 billion in the third quarter of 2020, 2.1% less than in the corresponding quarter. This is attributed to a narrowing of spreads on deposits because of declines in US interest rates and in consumer credit.
Net credit losses were NIS 193 million, 0.26% of average total credit to the public. In the third quarter of 2019, the bank recorded NIS 40 million net income for this item.
Fees and other income fell 7.3% in comparison with the third quarter of 2019 to NIS 766 million. Operating and other expenses totaled NIS 1.85 billion, 6% less than in the corresponding quarter.
The salary expense in the third quarter of 2020 was NIS 988 million, 4.4% less than in the corresponding quarter.
Published by Globes, Israel business news - en.globes.co.il - on November 19, 2020
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