Bank Hapoalim increased profit by 48% in the third quarter

Bank Hapoalim (TASE: POLI) reported a 48% increase in profit to NIS 1.79 billion in the third quarter of 2022. Along with the strong first half of the year, the bank achieved a net profit of 4.8 billion manats in the first nine months of 2022 compared to the corresponding period of 2021 by 20%.

Bank Hapoalim’s revenue in the third quarter was NIS 4.753 billion, up 30.4% from the corresponding quarter of 2021. In the third quarter of 2022, net credit to households was 381.6 billion NIS, compared to an increase of 372.0 billion NIS in the previous quarter. 2.6%. The net credit of the population increased by 8.2% compared to the end of 2021, and by 13.8% compared to the corresponding quarter.







Growth in the loan portfolio in recent quarters has been broad-based and related to the changing macroeconomic environment. In the third quarter, corporate loans increased by 2.1%, commercial loans by 3.7%, and housing loans by 2.2%. Compared to the corresponding quarter of last year, these segments increased by 15.2%, 13.9% and 14.9%, respectively. Consumer credit remained relatively stable this quarter and increased by 1.7% compared to the corresponding quarter last year. Small business loans increased by 0.7% and 8.6% quarter-on-quarter and year-on-year, respectively.

Bank Hapoalim is not worried about rising interest rates and has only set aside NIS 45 million for loan losses in the meantime, as the Bank of Israel has ordered banks to set aside 1.5% of all their loans. Hapoalim said it will pay a dividend of 536 million shekels, or 30% of its third-quarter net profit, after resuming its ongoing dividend in the second quarter.

Globes, Israel business news – en.globes.co.il – published on November 23, 2022.

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