Bank Hapoalim (TASE: POLI) today published its financial statements for the first quarter of 2017, reporting a NIS 767 million net profit, 13.8% more than in the corresponding quarter last year.
The bank's revenue rose from NIS 3.54 billion in the first quarter of 2016 to NIS 3.6 billion in the first quarter of this year. Return on capital increased from 8.4% in the first quarter last year to 9.2% in the first quarter of this year. As of the end of the first quarter, the ratio of tier-1 equity was 11.21%, compared with 11.01% at the end of 2016. The overall equity ratio was 14.9%, compared with 15.11% at the end of 2016.
Managed by CEO Arik Pinto, Bank Hapoalim is increasing the proportion of profits distributed as a dividend to 40%, amounting to NIS 307 million in the first quarter.
Bank Hapoalim's balance sheet total at the end of the first quarter was NIS 445.8 billion, down 0.5%, compared with NIS 448.1 billion at the end of 2016.
Net credit to the public in the quarter dropped 3.6% to NIS 270 billion. The public's deposits totaled NIS 337.5 billion, up 5%, compared with the corresponding quarter last year. Shareholders' equity rose 4.8% to NIS 34.9 billion.
Published by Globes [online], Israel Business News - www.globes-online.com - on May 24, 2017
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