Bank Hapoalim (TASE: POLI) reported 24 percent profit growth for 2011, with NIS 2.75 billion (NIS 2.07 per share), compared with NIS 2.2 billion in 2010. Revenue rose 2% to NIS 13.08 billion in 2011 from NIS 12.83 billion in 2010.
Fourth quarter revenue rose to NIS 3.23 billion from NIS 2.96 billion for the fourth quarter of 2010, and net profit rose to NIS 674 million from NIS 471 million. Profit from financing operations before the provision for credit losses rose to NIS 2.09 billion for the fourth quarter from NIS 1.75 billion in 2010, but the provision for credit losses fell to NIS 363 million from NIS 498 billion.
Bank Hapoalim beat the "Globes"-Psagot Investment House Ltd. analysts' consensus of NIS 1.93 earnings per share on NIS 10.92 billion revenue.
Chairman Yair Seroussi said, "In 2011, Bank Hapoalim regained leadership of the banking sector." He added, "We are beginning to reap the benefits of the clear multi-year strategic plan we presented three years ago."