JERUSALEM, Aug 16 (Reuters) - Bank Hapoalim (POLI.TA) reported a higher-than-expected jump in quarterly profit, helped by a continued reversal of provisions to protect against loan defaults during the pandemic.
Hapoalim, one of Israel's two largest lenders, said on Monday it earned 1.42 billion shekels ($442 million) in the April-June period, compared with a 133 million shekel profit in the second quarter of 2020, and a profit of 1.03 billion shekels expected in a Reuters poll of analysts.
Net interest income rose to 2.51 billion shekels from 2.17 billion shekels a year earlier, while reporting income for credit losses of 647 million shekels after posting provisions for loan losses of 1.13 billion a year earlier.
The bank this week will pay a special dividend of 617 million shekels, or about 30% of 2020 net profit. Israel's banking regulator has not yet decided on whether to allow regular dividends starting in 2021.