Bank Hapoalim (TASE: POLI) has reported a strong rise in profit for the first quarter of 2015. Net profit rose 11.3% to NIS 808 million from NIS 726 million in the corresponding quarter of 2014.
Return on equity rose to 10.7%, compared with 10.5% in the same quarter last year.
Net financing profit totaled NIS 2.172 billion in the first quarter of 2015, compared with NIS 2.056 billion in the corresponding quarter last year, while profit from regular financing activity totaled NIS 1.836 billion in the first quarter of 2015, compared with NIS 1.899 billion in the corresponding quarter.
Net Provision for credit losses in the first quarter of 2015 totaled NIS 60 million, compared with income of NIS 15 million in the same quarter last year.
Total Capital Ratio in Basel 3 terms on March 31 2015 was 14.2% compared with 14.9% on December 31 2014. Tier 1 Capital Ratio in Basel 3 term stood at 9.43% at the end of the first quarter 2015, compared with 9.29% on December 31 2014.
Bank Hapoalim's board of directors approved an increase of the quarterly cash dividend distribution at a rate of 20% of net profit, from its first quarter 2015 earnings of NIS 162 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2015
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