Bank Hapoalim profit for 2010 jumps 69%

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

By HILLEL KOREN/ GLOBES
March 31, 2011 22:48
1 minute read.
bank poalim 88 298

A Bank Hapoalim branch 248.88. (photo credit: Ariel Jerozolimski)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

Bank Hapoalim on Thursday reported a jump of more than 69 percent in net profit for 2010 to NIS 2.23 billion, from NIS 1.32b. in 2009.

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

Be the first to know - Join our Facebook page.


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.

Hapoalim reported net operating profit of NIS 2.2b. Bank Leumi’s financial report, issued Wednesday, showed net operating profit of NIS 2.195b.

Controlling shareholder Shari Arison has NIS 18.3 million in her Hapoalim bank account, the report said. Ofer Glazer, her former husband, apparently no longer has any money at the bank. Glazer had NIS 13.6m. at Hapoalim at the end of 2009.

JPOST VIDEOS THAT MIGHT INTEREST YOU:


The bank’s return on equity rose to 10.3% in 2010, compared with 6.7% in 2009.

At the end of 2010, credit to the public was NIS 225.29b., 4.4% higher than the NIS 215.79b. at the end of 2009.

Deposits from the public totaled NIS 233.97b., up 0.9% from NIS 231.99b. at the end of 2009.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS