Content provided in partnership with

Business Services Industry

Bank Hapoalim Net Profit Climbs 61.8% in Third Quarter of 2004

Business Wire, Nov 29, 2004

TEL AVIV, Israel -- Bank Hapoalim's (LSE:BKHD) (TASE:POLI) financial statements for the first nine months of 2004 continue to show an impressive increase in profitability.

Net profit for the first nine months of 2004 rose 61.8% to $365.2 million, compared to $225.8 million in the same period of 2003. Net profit for the third quarter of 2004 rose 59.5% to $131.6 million, compared to $82.5 million.

Net return on equity was 15.8% in annual terms for the first three quarters of 2004, compared with 10.5% for the same period last year and 10.4% for all of 2003.

Profit from financing activities before provision for doubtful debts was up 5.8% to $1,189.6 million, compared to $1,124.9 million for the same period last year.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

Provision for doubtful debts was $ 280.5 million, compared to $386 million, a decline of 27.3%.

Operating and other income rose 15.5% to $689.6 million, compared to $597.3 million for the same period last year.

Operating and other expenses were up by 12.0% to $1,074.1 million, compared to $959.2 million last year.

Shareholders' equity for the Group was $3.34 billion as of September 30, 2004, an increase of 5.1% over the end of 2003.

The Ratio of Capital to Risk Weighted Assets stood at 10.91%, compared to 10.37% at the end of 2003.

Total consolidated assets of the Bank amounted to $58.2 billion.

The Bank paid a dividend of $187.2 million in the first nine months of 2004, and declared a dividend of $83.9 million, with a payment date of December 20, 2004.

The increase in the Bank's profit in the first nine months of 2004 derived mainly from a $105.5 million decrease in the provision for doubtful debts, a $92.4 million increase in operating and other income, a $67.1 million increase in net profit from extraordinary activities after taxes and a $64.7 million increase in profit from financing activity before provision for doubtful debts.

Offsetting these factors was a $114.9 million increase in operating and other expenses, and a $55.8 million increase in the tax provision.

The ratio of expenses to income (the ratio of operating and other expenses to profit from financing activities before provision for doubtful debts plus operating and other income) reached 57.2% for the first nine months of 2004, compared with 55.7% in the first nine months of 2003, and 57.4% for the whole of 2003.

Subsidiaries abroad ended the first nine months of 2004 with a profit of $42.4 million, compared with $13.4 million in the first nine months of 2003. Signature Bank ended the first nine months of 2004 with a net profit of $24 million, compared with $1 million for the same period in 2003.

The full financial statements for the first nine months of 2004 are available upon request, and can be accessed on the Bank's Internet site www.bankhapoalim.com.

Business Services Industry

Bank Hapoalim Net Profit Climbs 61.8% in Third Quarter of 2004

Business Wire, Nov 29, 2004

Find Research Guides for:

Find Featured Titles for: Technology

Most Popular Articles in Business

Most Popular Publications in Business