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Bank Hapoalim Q2 profit down 27.3% YOY

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Bank Hapoalim Q2 profit down 27.3% YOY

Bank Hapoalim BM reported second-quarter net profit attributed to shareholders of 812 million Israeli shekels, down 27.3% from 1.12 billion shekels in the same period a year ago.

EPS for the period amounted to 60 agorot, down year over year from 84 agorot. Return of net profit on equity also fell to 9.51% from 13.91%.

Net interest income rose on a yearly basis to 2.23 billion shekels from 2.12 billion shekels, while income from fees decreased to 1.25 billion shekels from 1.28 billion shekels. The lender booked 167 million shekels in provisions for credit losses in the second quarter, compared to a reversal of 128 million shekels in the same period in 2016.

For the first half, the bank's attributable net profit came in at 1.58 billion shekels, down 11.8% on a yearly basis from 1.79 billion shekels.

Hapoalim's common equity Tier 1 ratio stood at 11.35% at June-end, up from 11.21% as of March 31. The leverage ratio rose to 7.36% as of June 30 from 7.30% at March-end.

The bank's board of directors resolved to distribute a dividend of 325 million shekels, or 24.37 agorot per share, corresponding to approximately 40% of the second-quarter earnings. Hapoalim will pay the dividends Aug. 31, with a record date of Aug. 23.

As of Aug. 14, US$1 was equivalent to 3.58 Israeli shekels.