Bank Hapoalim reinstates quarterly cash dividend

Bank announced Thursday it has received regulatory approval from the supervisor of banks to reinstate a cash dividend to its common-stock shareholders.

By JERUSALEM POST STAFF
July 11, 2013 22:32
1 minute read.
Yair Seroussi, Bank Hapoalim

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.

The 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.

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“This dividend 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.


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