Bank Hapoalim doubles net profit in first quarter of 2011

In its financial statement for the first quarter of 2011, Bank Hapoalim reported on Tuesday that profit rose to NIS 903 million, up from NIS 462 million in the corresponding quarter of 2010.
Bank Hapoalim announced that it will be distributing a dividend for the first time since 2008. The dividend will be up to 50 percent of the net profit and will be distributed every half year.
Bank Hapoalim also reported that return on equity in the first quarter rose to 16.8%, up from 9.2% in the corresponding quarter, and capital adequacy at the end of the first quarter of 2011 was 14.1%, similar to the corresponding quarter.
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