Hapoalim Q3 profit hit hard by provisions

Bank Hapoalim
Bank Hapoalim

Profit fell to NIS 469 million from NIS 699 million in the corresponding quarter last year due to NIS 390 million being set aside.

Bank Hapoalim (TASE: POLI) reported a sharp fall in profit in the third quarter of 2017 due to provisions for an investigation in the US over allegedly aiding US citizens to evade tax (NIS 280 million) and closing its Swiss operations (NIS 110 million). The financial statement had been postponed due to these provisions.

Consequently, Bank Hapoalim's third quarter profit fell to NIS 469 million or a 5.3% equity return, down from NIS 699 million in the corresponding quarter of 2016. Without the provisions, profit would have been NIS 861 million for a 9.9% return on equity.

Revenue rose to NIS 3.64 billion from NIS 3.582 billion in the corresponding quarter of 2016. Revenue from interest rose slightly to NIS 2.163 billion.

On the approval date of the financial statement, Bank Hapoalim's board of directors has approved a dividend of NIS 188 million for the profits in the third quarter.

Other data: net credit to the public at the end of the third quarter was NIS 275.5 billion, up from NIS 272 million at the end of 2016, while housing loans rose 5.3% to NIS 72.5 billion.

Deposits from the public amounted to NIS 342.7 billion at the end of the third quarter, up from NIS 338.5 billion at the end of 2016.

Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Bank Hapoalim
Bank Hapoalim
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