Bank Hapoalim, Israel's largest bank, third quarter profit rose 22%
to some 170 million shekels (56 million dollars). Bank allocation to
doubtful accounts grew 25.3%.
Bank Hapoalim 1995 third quarter net profit amounted 170 million
shekels (56 million dollars), a 22% rise compared to a 139.2 million
shekel profit (46 million dollars) during the corresponding quarter last
year, and a 9% drop in profit compared to 1995 second quarter.
The bank's net profit during the first nine months of 1995 totaled 560.2
million shekels (186 million dollars), a 33% gain compared to 420.8
million shekels (140 million dollars) during the corresponding period
last year.
Hapoalim management on Thursday said that improved profitability was
mainly a result from rising financing activities profit, compensated by
doubtful accounts allocation growth, dropping operating revenues and
rising operating expenses. The annual capital return rate reached 12.6%
in September 1995.
The Bank's third quarter allocation to doubtful accounts amounted 174
million shekels (58 million dollars), a 34% increase compared to 130
million shekels (43 million dollars) during 1995 second quarter, and a
25.3% rise compared to 1994 third quarter allocations, which totaled 139
million shekels (46 million dollars). Bank Hapoalim allocation to
doubtful accounts during the first nine months of 1995 amounted 574.2
million shekels (191 million dollars), a 15.7% rise compared to 496.2
million shekels (165 million dollars) during the corresponding period
last year.