Bank Hapoalim reports strong first quarter of 2022

The bank's net profit totaled NIS 1.654 billion, and its return on equity (ROE) for the quarter stood at 15.6%.

Bank Hapoalim (photo credit: AVIV GOTTLIEB)
Bank Hapoalim
(photo credit: AVIV GOTTLIEB)

Bank Hapoalim had a strong first quarter of 2022, the bank said in its quarterly report published on Tuesday.

Hapoalim’s net profit in the first quarter was NIS 1.654 billion, and its return on equity (ROE) was 15.6%, it reported.

Net credit to the public in the first quarter totaled NIS 364.3b., compared with NIS 352.6b. in the preceding quarter, an increase of 3.3%.

Corporate credit increased 2.7%, and commercial credit rose 3.7%, the bank reported.

Hapoalim’s portfolio of housing loans grew NIS 4.7b. in the first quarter to NIS 119.3b., up 4.1% since the end of 2021.

 The logo of Bank Hapoalim, Israel's biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016.  (credit: REUTERS/AMIR COHEN) The logo of Bank Hapoalim, Israel's biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016. (credit: REUTERS/AMIR COHEN)

Consumer credit decreased 1.2% compared with the preceding quarter but increased 3.8% compared with the corresponding quarter last year. Small-business credit grew 1.4% and 10.3%, quarter-on-quarter and year-on-year, respectively.

The cost-income ratio for the first quarter was 50.9%, compared with 54.2% in full-year 2021, indicating increased efficiency, the bank said.