Bank Hapoalim presents: Net profit of more than NIS 2 billion in the first quarter of 2023 (Photo: Reuven Castro)
On the same day that the Governor of the Bank of Israel will apparently raise the interest rate, Bank Hapoalim publishes its financial statements, which indicate that the interest rate policy in Israel continues to do good for the banking sector. Bank Hapoalim concludes the first quarter of 2023 with strong results: net profit of over NIS 2 billion and return on equity of 17.0%.
According to the Bank's announcement, the results of operations reflect the continued implementation of the strategy adopted by the Bank, together with responsible growth in core activity and the impact of the interest rate and inflation environment.
Accordingly, the credit portfolio grew by 1.5 percent in the first quarter, while balancing risk, profitability, and growth components, and presenting high credit quality indices consistent with the Bank's risk appetite.
The Bank continues to display strong financial ratios: a liquidity coverage ratio of 127% and a Tier 1 capital ratio of 11.36%.
The Bank increased the dividend rate to 40% of net profit and will distribute a dividend to shareholders totaling NIS 803 million.
The Bank also emphasizes in its publications that it was the first to provide tools to mortgage borrowers who are expected to meet their monthly repayments, in view of the increase in interest rates in the economy.
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