Hapoalim profit soars sevenfold in Q1

Bank Hapoalim

Bank Hapoalim reported net profit of NIS 1.354 billion in the first quarter of 2021, up from NIS 192 million in the first quarter of 2020.

Bank Hapoalim (TASE: POLI) had income for credit losses of NIS 508 million, in the first quarter of 2021 after marking provisions for loan losses of NIS 809 million in the first quarter of 2020 and NIS 1.6 billion in all of 2020.

Hapoalim reported net profit of NIS 1.354 billion in the first quarter of 2021, up from NIS 192 million in the first quarter of 2020.

Hapoalim said "The results were supported by strong underlying business performance, an improvement in economic indicators, which led to a reduction of the collective provision for credit losses and increased activity in the financial markets."

Return on equity was 14.2% in the first quarter of 2021 compared with 2% in the corresponding quarter of 2020. Tier 1 equity-to-risk assets ratio stood at 11.67% at the end of March, versus 11.52% at the end of 2020.

Published by Globes, Israel business news - en.globes.co.il - on May 13, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Bank Hapoalim
Bank Hapoalim
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