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Strong quarter for Bank Hapoalim, net profit stands at NIS 1.65 billion - Walla! Of money

2022-05-23T06:17:44.384Z


Bank Hapoalim shows an increase of 22.2% in net profit, compared to the corresponding quarter last year, as well as growth in most of the key parameters of the report


Strong quarter for Bank Hapoalim, net profit stands at NIS 1.65 billion

Bank Hapoalim shows a 22.2% increase in net profit, compared with the corresponding quarter last year, as well as growth in most of the key parameters of the report.

Poalim Equity, the bank's investment arm, generated profits of NIS 81 million

Walla!

Of money

23/05/2022

Monday, 23 May 2022, 08:39 Updated: 09:09

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Smiles were recorded today at Bank Hapoalim, when the bank presented the first quarterly report of 2022. The bank concludes the first quarter with strong results for the quarter - a net profit of NIS 1.65 billion.



The report also shows that the return on equity on the net profit was 15.6% and that in accordance with the Bank's growth strategy, the credit portfolio increased by 3.3% in the quarter, while maintaining the credit quality indices



, NIS 1.654 billion, an increase of 22.2% Compared with NIS 1,354 million in the corresponding quarter of 2021.



Total revenues in the first quarter were NIS 3,848 million compared to NIS 3,581 million in the corresponding quarter, an increase of 7.5% against the background of growth in the Bank's core activity and the effect of changes in the index rate.

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Strong opening for 2022.

Will consider dividend distribution (Photo: Creative Commons)

Investment activity also generated a profit

The growing investment activity of Poalim Equity (the bank's real estate investment arm) generated a profit of NIS 81 million in the first quarter of the year.

The investment portfolio amounted to NIS 3.8 billion at the end of the first quarter, of which investments amounted to NIS 2.9 billion (compared with NIS 2.7 billion at the end of 2021), along with investment commitments of NIS 0.9 billion.



Total credit to the public, net, amounted to NIS 364.3 billion at the end of the first quarter, compared with NIS 352.6 billion at the end of 2021 - an increase of 3.3% during the quarter.

The growth in the credit portfolio in the quarter is reflected in an increase in most operating segments: against the background of continued high demand in the housing market, in the first quarter the Bank increased its housing credit to its customers by NIS 4.6 billion, an increase of 4.1% during the quarter.



It was also learned that commercial credit grew by 3.7% in the quarter, business credit grew by 2.7% and credit to small businesses grew by 1.4% during the quarter.



The results cause the Bank to consider renewing the dividend distribution according to the Bank's performance in the second quarter of 2022.

Dov Kotler, CEO of Bank Hapoalim (Photo: Gadi Dagon)

The Bank's vision: a commitment to growth

The Bank's strategic plan, adopted at the end of 2021, aims to realize the Bank's vision.


The Bank's performance during the year reflects, according to its announcement, a consistent and uncompromising implementation of the strategy, and its main points are:



• Growth in banking activity - the Bank works to grow its business with retail, commercial and business banking, while constantly improving customer value .



• Development of the new banking - the Bank promotes the development of new distribution channels for the banking services and products, with an emphasis on new digital distribution channels that rely on advanced data analysis capabilities and excellence in the user experience.



• Building an organizational infrastructure that supports growth - In order to implement the business plan for growth in existing activities and the development of "new" banking, the Bank will make a leap forward in its organizational and technological capabilities in a number of ways.



It was also stated that the Bank is working to initiate processes that will encourage a customer-focused corporate culture, support growth and enable the improvement of delivery and time to market.

For this purpose, the Banking Services Division has been established in recent months, which will lead the issue of operational excellence and focus on service, operation and end-to-end service processes.

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Source: walla

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