Bank Hapoalim announces NIS 1b share buyback program

Bank Hapoalim branch  credit: Eyal Hazafon
Bank Hapoalim branch credit: Eyal Hazafon

In the last financials to be signed by outgoing CEO Dov Kotler, the bank posted a NIS 2.2 billion profit for the second quarter, 15.7% up on the corresponding quarter.

Bank Hapoalim (TASE: POLI) will spend NIS 1 billion on buying back its own shares, as well as distributing dividends to its shareholders. The bank posted a net profit of NIS 2.2 billion for the second quarter of this year, 15.7% higher than in the corresponding quarter of 2023. The rise mainly stemmed from expanded activity, alongside lower credit loss provisions. The bank’s return on equity for the second quarter was an annualized 16.4%.

The bank’s board has declared a distribution of 40% of the net profit in the second quarter, consisting of a cash dividend of NIS 645 million and the exercise of the first stage of the share buyback program, amounting to NIS 250 million.

Net interest income for the quarter was NIS 4.38 billion, representing a 15% year-on-year rise. Total revenue was NIS 5.7 billion, which is similar to the figure for the corresponding quarter of 2023, but 12.6% higher than in the first quarter of this year. The rise in the Consumer Price Index since the second quarter of last year contributed NIS 556 million to second quarter revenue.

The bank recorded net income of NIS 49 million on provisions for credit losses, which compares with an expense of NIS 579 million in the corresponding quarter, thanks to the recovery of debts previously written off.

Fees on securities transactions rose 6.2% in comparison with the corresponding quarter to NIS 1 billion.

The bank says that it continues to give benefits to customers directly affected by the war, including a waiver of three mortgage repayments for residents of the north. The value of the benefits so far is NIS 384 million, and could total NIS 746 million if they are exploited in full.

On June 30, Yadin Antebi was named as Bank Hapoalim’s next CEO. In the (distant) past, Antebi was Commissioner of Capital Markets, Insurance and Savings in the Ministry of Finance, and he is a longest standing member of the bank’s senior management. He will take over tomorrow (August 15) from Dov Kotler, for whom the current financials are last to be signed by him as CEO of the bank.

Published by Globes, Israel business news - en.globes.co.il - on August 14, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Bank Hapoalim branch  credit: Eyal Hazafon
Bank Hapoalim branch credit: Eyal Hazafon
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