Bank Hapoalim (TASE: POLI), managed by CEO Zion Keinan, today announced its second quarter results, reporting an NIS 886 million net profit, 13% more than its NIS 782 million net profit in the corresponding quarter last year.
The bank's return on equity in the quarter was 11.6%, compared with 11.1% in the second quarter of 2014. Its capital adequacy ratio was 9.4%. Bank Hapoalim will distribute a NIS 177 million dividend, 20% of its second quarter profit. Revenue totaled NIS 3.816 billion, compared with NIS 3.619 billion in the corresponding quarter last year.
Profit from regular financing activity in the quarter totaled NIS 2.172 billion, compared with NIS 2.103 billion in the second quarter of 2014. Net provision for credit losses amounted to NIS 213 million, compared with NIS 3 million in revenue in the corresponding quarter last year.
Net credit to the public totaled NIS 270.8 billion, compared with NIS 264 billion at the end of 2014. The 2.6% increase resulted mainly from an increase in retail credit, small businesses, and commercial credit. Consumer credit in Israel amounted to NIS 37.1 billion, up 4.7%, compared with NIS 35.4 billion at the end of 2014.
Mortgages in Israel amounted to NIS 63.9 billion, 3.6% more than the NIS 61.7 billion at the end of 2014.
Deposits by the public totaled NIS 304.4 billion, up 2.4%, compared with NIS 297.2 billion at the end of 2014.
Shareholders' equity totaled NIS 32.3 billion at the end of the second quarter, compared with NIS 31.0 billion at the end of 2014, an increase of 4.2%.
Published by Globes [online], Israel business news - www.globes-online.com - on August 19, 2015
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