Yair Seroussi, Bank Hapoalim370.
(photo credit: Bank Hapoalim, Courtesy)
Bank Hapoalim announced Thursday it has received regulatory approval from the
supervisor of banks to reinstate a cash dividend to its common-stock
shareholders based on the bank’s capital plan. The approval enables the bank to
pay a dividend on a quarterly basis, the bank said in a statement.
bank’s board of directors approved the first quarterly cash dividend
distribution, at a rate of approximately 15 percent of net profit, from its 2013
first-quarter earnings. It declared a dividend of 7 agorot for NIS 1 per share,
with the total dividend amounting to NIS 92.2 million. The board declared July
22 as the date of record and August 5 as the payment date.
reflects our commitment to return value to our shareholders, and the approval of
the supervisor of banks reflects the confidence in the financial strength of
Bank Hapoalim, Israel’s largest and leading bank,” Bank Hapoalim chairman Yair
Seroussi said. “It is a testament to the strength of the core activities and
financial performance of the bank, while also maintaining sufficient capital and
a healthy level of liquidity.”
Bank Hapoalim also announced Thursday that
the board of directors had revised the bank’s dividend policy so that it will
now distribute up to 30% of net operating profit. This policy will remain in
effect until the bank successfully reaches the capital targets set by the
supervisor of the banks and adopted by the board of directors.