BREAKING NEWS

Hapoalim profit jumps by over 69%

By HILLEL KOREN / GLOBES

MARCH 31, 2011 13:07

Bank Hapoalim (TASE: POLI) reported a jump of over 69 percent in net profit for the full year of 2010,to NIS 2.23 billion, from NIS 1.32 billion in 2009.

Provisions for doubtful debts fell 49%, to 1.03 billion at the end of 2010 (0.49% of credit), from 2.02 billion (0.9% of credit ) at the end of 2009.

The bank's capital adequacy ratio rose to 14.1%, from 13.7% at the end of 2009. The core Tier 1 capital ratio was 8.23%, up from 7.66% at the end of 2009.

For the first time since 2006, Bank Hapoalim reported higher net operating profit (profit from regular activities) than Bank Leumi (TASE: LUMI). Hapoalim reported net operating profit of NIS 2.2 billion. Bank Leumi's financial report, issued yesterday, showed net operating profit of NIS 2.195 billion.

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