Hapoalim profits up on flat revenue

Third quarter net profit rose to NIS 653 million from NIS 625 million for the corresponding quarter.

Bank Hapoalim (TASE: POLI) today reported higher profits on flat income for the third quarter of 2013. Total revenue slipped from NIS 3.39 billion for the third quarter from NIS 3.45 billion for the corresponding quarter of 2012, while net profit rose to NIS 653 million (NIS 0.50 per share) from NIS 625 million.

The drop in revenue was due to a drop in fees and other income to NIS 1.28 billion for the third quarter from NIS 1.34 billion for the corresponding quarter, while net financing income was NIS 2.11 billion for the third quarter, just NIS 2 million. The provision for credit losses rose to NIS 375 million (0.59% of the credit portfolio) from NIS 286 million.

Return on equity fell to an annualized 9.6% for the third quarter from 10.2% for the corresponding quarter. The core Tier-1 capital adequacy ratio rose to 9.3% at the end of September from 8.5% a year earlier, and the capital adequacy ratio rose to 15.7% from 15.1%.

Net credit to the public fell to NIS 249.3 billion at the end of September from NIS 367.4 billion a year earlier, while deposits from the public rose to NIS 269.6 billion from NIS 249.9 billion.

Bank Hapoalim will distribute a dividend of NIS 92 million for the third quarter, bringing its dividends for the year to NIS 276 million.

Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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