Bank Hapoalim (TASE: POLI) reported its fourth quarter and full year 2015 results this morning. The bank's annual revenue rose 2.4% last year to NIS 14.36 billion, while net profit rose 13.6% to NIS 3.08 billion from NIS 2.71 billion in 2014.
In the fourth quarter, revenue fell to NIS 3.45 billion from NIS 3.548 billion in the corresponding quarter of 2014 and NIS 3.53 billion in the previous quarter. At NIS 586 million, net profit was higher than in the corresponding quarter, but down from NIS 811 million in the previous quarter.
Credit to the public rose 5.8% to NIS 278.49 billion at the end of 2015, while deposits from the public rose 8.2% to NIS 321.72 billion. Shareholders' equity rose 6.7% to NIS 33.03 billion.
Return on equity was 9.6% in 2015, which compares with 9.1% in 2014. The bank's capital adequacy ratio fell to 14.36% from 14.6% at the end of 2014, but the core ratio rose to 9.63% from 9.29%.
Bank Hapoalim's board of directors has declared a dividend of NIS 117 million, 20% of the fourth quarter profit. The bank's annual dividend thus totals NIS 616 million.
The chairman of Bank Hapoalim's board, Yair Seroussi, had a salary cost last year of NIS 7.67 million, of which NIS 1.9 million was salary and NIS 3.88 million was a bonus. CEO Zion Kenan's salary cost was NIS 7.91 million, of which NIS 2.09 million was salary and NIS 3.91 million was bonus.
Published by Globes [online], Israel business news - www.globes-online.com - on February 29, 2016
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