Bank Hapoalim (TASE: POLI) has reported impressive results for the third quarter of 2018, with profits more than doubling. The bank, led by CEO Arik Pinto, reported a net profit of NIS 950 million in the third quarter of 2018, more than double the NIS 469 million net profit in the corresponding quarter of 2017. This was the highest profit reported by the major banks in this quarter.
Return on equity reached 10.7% compared with 5.3% in the corresponding quarter of 2017 and the bank's total credit portfolio grew by 3.7% to NIS 275.8 billion, compared with NIS 265.9 billion at the end of 2017.
Bank Hapoalim said that it would not be distributing a dividend while the investigation continues against it in the US over allegations that it helped US customers evade tax. However, the bank set aside no further provisions on this matter in the third quarter of 2018.
The bank's retail deposit base also grew by 3.7% to NIS 217.4 billion, compared with NIS 209.7 billion at the end of 2017.
Income from regular financing activity totaled NIS 2.356 billion compared with NIS 2.209 billion in the corresponding quarter of 2017, up 6.7%.
Efficiency ratio - cost-income ratio totaled 57.6% for the third quarter of 2018, compared with 72.2% in the same quarter last year. Common Equity Tier 1 capital ratio - stood at 11.32% as at September 30, 2018, surpassing both regulatory and internal capital targets.
Published by Globes, Israel business news - en.globes.co.il - on November 15, 2018
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