Bank Hapoalim (LSE: 80OA; TASE: POLI) today announced that it expects to report a loss of NIS 250 million in the fourth quarter of 2008. As a result the bank will not meet its full year 2008 return on equity target.
According to the bank's latest estimates, it also expects to record a loss for the full year.
The bank estimates that return on equity for 2008 will be between negative 3% and negative 5%.
At the same time Bank Hapoalim published its work plan for 2009, which includes a positive return on equity of between 4% to 7%.
Bank Hapoalim chairman Danny Dankner said, "We are confident in the ability of Bank Hapoalim to successfully implement the work plan that has been approved by the board of directors and yield a positive return on equity in 2009. In light of the high uncertainty prevailing in the global economy and the political-security situation in our region, this year will not be easy. But even at a time like this we must be alert to new opportunities, and know how to take advantage of them while correctly assessing the dangers and risks, and strengthening the leadership of Bank Hapoalim."
Dankner added: "We are strengthening the bank's capital base and taking significant steps to prepare for the inevitable slowdown in the Israeli and international economy."
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009