Hapoalim profit plunges on Covid-19 credit provisions

Bank Hapoalim Photo: Tamar Matsafi

Net profit in the first quarter of 2020 was NIS 192 million, down 76.6% from NIS 821 million in the corresponding quarter of 2019.

Bank Hapoalim (TASE: POLI) has reported in its first quarter financial results that net profit fell 76.6% due to a large credit loss provision for the coronavirus outbreak. Net profit in the first quarter of 2020 was NIS 192 million, down from NIS 821 million in the corresponding quarter of 2019.

Bank Hapoalim said, "Net profit in the quarter was negatively impacted mainly as a result of NIS 809 million of provision for credit losses, of which NIS 603 million were added to the bank's collective allowance as an advance measure in confronting the effects of the Covid-19 crisis. Net profit was also affected by the previously announced loss of NIS 109 million resultant from the separation of Isracard."

Net financing income rose to NIS 2.486 billion in the first quarter of 2020 from NIS 2.396 billion in the first quarter of 2019.

Published by Globes, Israel business news - www.globes-online.com - on May 14, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Bank Hapoalim Photo: Tamar Matsafi
Bank Hapoalim Photo: Tamar Matsafi
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