Hapoalim: net profit of nearly NIS 5 billion in nine months - voila! Of money

2022-11-23T07:56:16.963Z

With a net profit of approximately NIS 1.8 billion in the third quarter and with a NIS 4.8 billion profit since the beginning of the year, is it any wonder that Bank Hapoalim will distribute a dividend of more than half a billion NIS?

Hapoalim CEO Dov Kotler. More than half a billion shekels as a dividend to the shareholders (Photo: Gadi Dagon)

Bank Hapoalim publishes its financial reports for the third quarter of 2022: The bank concludes another quarter with strong results - a net profit of approximately NIS 1.8 billion in the third quarter according to the following parameters:

• The return on capital on the net profit was 15.9% in the quarter

• The net profit in the nine The first months of the year stood at approximately NIS

4.8

billion compared to approximately NIS 4.0 billion in the corresponding period last year

. grew during the quarter by 2.6% and completed an increase of 8.2% since the beginning of the year while maintaining quality and strong credit indices

• The bank continues to present high strength and stability indices: Tier 1 capital ratio of 11.1% and total capital ratio of 14.3%

Following the successful data the bank announced a division Dividend in the amount of NIS 536 million.

Laughing all the way to the bank: growth, financial stability and improved profits compared to the corresponding quarter last year (Photo: Creative Commons)

Positive parameters for continued growth

Even when the parameters for growth are checked, a very positive picture is obtained for the bank, which continues to implement the strategy it adopted for growth in the core business, taking an approach that balances responsible growth, profitability and risk appetite while managing effective capital.

This approach is also supported by paying attention to negative developments in global risk factors, which at this stage are manifested in high inflation rates and a possible slowdown in global economic activity.

Total credit to the public, net, amounted to NIS 381.6 billion at the end of the third quarter, compared to NIS 352.6 billion at the end of 2021 - an increase of 8.2% from the beginning of the year, which is an increase of about NIS 29 billion.

The credit portfolio recorded an increase of about 2.6% during the quarter.

• The growth in the credit portfolio in the quarter is expressed in an increase in the number of activity sectors:

Against the background of continued high demand in the housing market, during the third quarter the bank continued to increase housing credit to its customers to the extent of approximately NIS 2.7 billion, which is an increase of approximately 2.2% during the quarter and completes an increase of approximately 9.7% since the beginning of the year.

Commercial credit grew during the third quarter by 3.7%, while business credit grew during the quarter

by 2.1% - and they add up to an increase of 7.0% and 7.5% (respectively) since the beginning of the year.

Also in the section of financial strength, the bank continues to present high indicators of strength and stability: the capital attributed to the bank's shareholders amounted to NIS 45.1 billion at the end of the quarter compared to NIS 42.7 billion at the end of 2021, an increase of 5.5%.

A section presenting the bank's vision is also attached to the operating reports: "Committed to growth through innovative and fair banking for our customers".