Bank Hapoalim (TASE: POLI) reported an impressive 19.5% rise in profit in the second quarter of 2014. Second quarter net profit was NIS 783 million, up from NIS 655 million in the corresponding quarter of 2013.
Profit from regular financing activity was NIS 1.997 billion in the second quarter of 2014, compared with NIS 1.864 billion in the corresponding quarter last year. The financial margin from regular activity was 2.31% up from 2.16% in the corresponding quarter.
Provision for credit losses in the second quarter of 2014 was NIS 3 million, compared with an expense of NIS 301 million in the same quarter last year.
Fees and other income totaled NIS 1.297 billion in the second quarter of 2014 up 1.2% from NIS 1.282 billion in the corresponding quarter. Operating and other expenses totaled NIS 2.251 billion in the second quarter of 2014 compared with NIS 2.135 billion in the same quarter last year.
Return on equity was 10.8%, compared with 9.9% in the corresponding quarter last year. Tier 1 Capital Ratio in Basel 3 terms was 9.53% up from 9.15% on January 1, 2014. Total Capital Ratio in Basel 3 terms on June 30 2014 was 15% compared with 14.7% on January 1 2014.
Hapoalim's Board of Directors approved the continuation of the quarterly cash dividend distribution of 15% of net profit, from its second quarter 2014 earnings, amount to NIS 119 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2014
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