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)

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.

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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.

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.


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