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The largest bank in Israel continues to make billions

The third quarter reports indicate a net profit of NIS 1.2 billion for Bank Hapoalim, a significant increase compared to the corresponding quarter last year, which was overshadowed by the slowdown due to the corona.

The Bank will distribute dividends in the amount of NIS 862 million

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• Bank Hapoalim

• financial reports

• Dov Kotler

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Monday, 15 November 2021, 08:20 Updated: 08:39

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Among the many data indicating a boom in the Israeli economy, Bank Hapoalim publishes its financial statements for the third quarter of 2021. The

bank concludes the quarter with a net profit of NIS 1.2 billion and a return on equity of 11.8%.

The reports also show that:

• In accordance with the strategy adopted by the Bank, the credit portfolio grew by 3.6% in the quarter, increasing in all areas of activity, thus completing a growth of 11.1% since the beginning of the year.

• In the quarter, there was an increase in total revenues resulting from growth in the Bank's core business.

• The Bank recently completed the raising of Tier 2 billion green COCO bonds, the largest raising of an Israeli financial body abroad.

• The Bank's Board of Directors has decided to distribute a dividend of NIS 862 million to shareholders.

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Hapoalim CEO Dov Kotler concludes an excellent quarter for the bank (Photo: Gadi Dagon)

Green quarter, in more ways than one

In addition to the numerical aspect, the reports also reveal some of the recent developments in the largest bank in Israel:

• Issuance of green COCO bonds: Against the background of the Bank's accelerated growth trend and a desire to diversify the investor base The $ 1 billion COCO converter was postponed, with over $ 2.6 billion in excess demand, and was attended by institutional investors from the United States, the European Union, the United Kingdom and Asia, such as Emirates NBD Asset Management, which participated in the offering.

The bonds were issued for a maximum period of 10.25 years and at an annual interest rate of 3.255% (when the bank has the option of making full early redemption starting from 5 years from the date of their issuance) and green COCO (Green Bond), which were issued in accordance with international principles. -ICMA (International Capital Market Association). The Bank intends to use an amount equal to the IPO in favor of financing environmentally friendly green projects in the areas of renewable energy, green transportation, green construction, waste recycling and energy efficiency.

• Business delegation to the UAE: During October, the Bank, together with the Export Institute, led a senior business delegation to the UAE in order to make new markets and business opportunities accessible to its customers. The delegation, which included more than 200 leading businessmen from the fields of tech and economics in Israel, along with senior bank officials, participated in the first business conference of its kind in Abu Dhabi. The conference included meetings with government officials and senior figures in the local industry industry in order to strengthen and leverage the first ties already formed in the previous delegation to the UAE and contribute to the development and promotion of businesses and their establishment in the markets.

Appointment of directors: At the shareholders' meeting held in October 2021, appointments of Reuven Krupik and Joel Mintz to serve as external directors of the Bank under Directive 301 for a period of three years were approved, as well as Ronit Schwartz's appointment to another (non-external) board for a period of three years. The appointments are subject to the approval of the Bank of Israel.

• Launch of the Poalim Wonder benefits program: Out of a desire to strengthen the relationship between the bank and its customers and in light of the cooperation with all credit card companies, the bank has launched a new benefits program for customers with a bank credit card, which will replace the existing benefits Attractive and exclusive benefits in the areas of consumerism, leisure, culture, cuisine and tourism.

• Active involvement in the community: In addition to its business activities, the Bank considers itself committed to promoting society and the community in Israel and works to create equal opportunities and reduce gaps.

From this perspective, the Workers in the Community Foundation at the Center for Social Banking works to strengthen employment, education and economic resilience among hundreds of thousands of children and youth from all parts of the country.

Reuven Krupik, Chairman of Hapoalim, with Tal Ohana, Chairman of the Yeruham Council. Together, they promote an employment project for the city's residents (Photo: Asher Azulai)

Employment fairs in the periphery

The bank also updates that in recent months it has initiated and supported employment fairs and training programs for job seekers with an investment of millions of shekels.

Meanwhile, the third "Yeruham Tishrei-Poalim for You" project was launched, joining the employment projects established in Safed and Ofakim with the support of the bank together with the social entrepreneur Hannah Redo.

In addition, the center continued to support fundraising events for diverse populations and young people with special needs who integrate into service in the IDF and the labor market.

The Bank also states what it calls:

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