Hapoalim profit continues climb

Bank Hapoalim (TASE: POLI) reported a net profit for the fourth quarter of 2009 of NIS 467 million, compared with a net loss of NIS 363 million in the corresponding quarter of 2008.

Bank Hapoalim reported higher net profit in each quarter of 2009. The fourth quarter figure was 9.9% higher than the third quarter's NIS 425 million profit, and it represents a 10.4% return on equity.

Net interest income rose to NIS 2.01 billion, compared with NIS 1.24 billion in the corresponding quarter of 2008.

Hapoalim has less credit extended to the public currently than it did a year ago. Credit to the public at the end of 2009, at NIS 215.79 million, is 2.8% lower than the NIS 222.1 million as of the end of 2008. Deposits from the public rose 2.2% over the same time span to 231.99 million, from NIS 226.95 million.

Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2010