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Bethel Finance news:
Bank Hapoalim's (TASE: POLI) net profit fell on lower revenue for the third quarter of 2011 but this was nevertheless the highest profit of any Israeli bank over the period. Revenue fell to NIS 2.96 billion from NIS 3.24 billion for the corresponding quarter of 2010, and net profit fell 9.1% to NIS 471 million from NIS 518 million.
Return on equity fell to an annualized 8.5% for the third quarter from 10% for the corresponding quarter. The capital adequacy ratio declined to13.64% at the end of September from 13.92% at the end of 2010, and the core tier-1 capital adequacy ratio fell to 7.72% from 8.04%.
Profit from financing activity before provisions for credit losses fell 10% to NIS 1.75 billion for the third quarter from NIS 2.05 billion for the corresponding quarter, while the provision for credit loss rose to NIS 498 million from NIS 290 million quarter. Bank Hapoalim attributed the decline in financing profit to the negative adjustment assessment on derivatives and financing expenses on hedges on foreign investments.
Bank Hapoalim's profit from regular financing operations rose to NIS 2 billion for the third quarter from NIS 1.9 billion for the corresponding quarter, mainly due to the higher interest rate in Israel in the third quarter. Operating and other income rose to NIS 1.21 billion for the third quarter from NIS 1.19 million for the corresponding quarter, while lower salary costs and lower bonuses reduced operating expenses to NIS 2.03 billion from NIS 2.06 billion
Total assets rose 6.5% to NIS 342 billion at the end of September from NIS 321.1 billion at the end of 2010. Net credit to the public rose 8.6% to NIS 244.6 billion at the end of September from NIS 225.3 billion at the end of 2010, while deposits from the public rose 3.8% to NIS 242.9 billion from NIS 234 billion.
Bank Hapoalim's share price fell 0.2% in early trading to NIS 11.87, giving a market cap of NIS 15.7 billion.
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