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HomeBusiness NewsFinancial institution Hapoalim resumes dividend - Globes

Financial institution Hapoalim resumes dividend – Globes


Financial institution Hapoalim (TASE: POLI), headed by Dov Kotler, posted a web revenue of NIS 3 billion within the first half of this yr, 8% greater than within the first half of 2021. The web revenue for the second quarter was NIS 1.34 billion, 5% beneath the revenue within the corresponding quarter of 2021. The decline arose from NIS 647 million in reversals of credit score loss provisions final yr as debt restoration improved, the financial institution defined in its second quarter financials launched this morning. Within the second quarter of this yr, credit score loss provisions rose by NIS 91 million.







<p>The banks return on fairness within the second quarter of this yr was 12.3%, which compares with 13.8% within the corresponding quarter. The large information for Financial institution Hapoalim shareholders, nonetheless, is that the financial institution is as soon as once more distributing a dividend after two quarters during which it shunned doing so so as to have the ability to develop its credit score portfolio. Credit score development had slowed as a result of the financial institution had reached the ceiling allowed by the Financial institution of Israel. Financial institution Hapoalim will distribute a dividend of NIS 403 million, 30% of its second quarter revenue. The dividend might be paid on September 7. Financial institution Hapoalim’s common dividend coverage is to distribute 40% of its income, however nonetheless the present distribution might be welcomed by shareholders.

<p>The non-payment of dividends for 2 quarters has proved worthwhile for the financial institution: complete web credit score to the general public was NIS 372 billion on the finish of the second quarter, representing 5.5% development for the reason that starting of the yr.

<p>As demand for dwelling loans remained robust, Financial institution Hapoalim’s mortgage mortgage portfolio grew by NIS 3.2 billion, or 3.2%, within the second quarter, to NIS 123 billion. Because the starting of the yr, the portfolio has grown by 7.4%.

<p>The Financial institution of Israel raised its rate of interest from 0.1% to 0.75% within the second quarter (and to 1.25% in July). Financial institution Hapoalim’s curiosity earnings totaled NIS 3.2 billion within the second quarter, up 28% from NIS 2.5 billion within the second quarter of 2021. The rise within the price of inflation additionally affected the financial institution’s outcomes. Adjustments within the Shopper Worth Index added NIS 516 million to its earnings within the second quarter of 2022, which compares with NIS 190 million within the corresponding quarter.

<p><i>Printed by Globes, Israel enterprise information – <a href=”https://en.globes.co.il”>en.globes.co.il</a> – on August 15, 2022.</i></p>

<p><i>© Copyright of Globes Writer Itonut (1983) Ltd., 2022.</i></p>


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