Bank Hapoalim, Israel’s second- largest
lender, has reported a third quarter net profit of ILS540m
($147.8m), up 27% from the same period last year and in line with
analyst forecasts.
Net profit increased by 78%to ILS1.51bn for
the nine month period to 30 September.
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Net operating profit rose by 7.6% in the year
to date to ILS156M at Bank Hapoalim’s retail focused Households
Segment business unit.
Group wide, the strength of Hapoalim’s loan
book was highlighted by net provisions amounting to only 0.47
percent of the credit portfolio, down 74 basis points from the same
period last year.
Less positive metrics included a 10 percentage
point increase in Hapoalim’s cost-income ratio to 63% at the end of
the third quarter; the bank also suffered a fall in deposits 3.3%
to ILS217.5bn,
Looking ahead, Hapoalim is well placed to
benefit from the growing Israeli economy, with GDP growth of 4%
forecast for 2010 and 3.5% in 2011.
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By GlobalDataHapoalim’s international ambitions include
plans to grow its Turkish operations.
It has bid pay $42m to acquire Turkey’s
Adabank; Hapoalim already owns the small Turkish investment bank
Bank Pozitif.
