Net Profit totaled NIS 607
million
Return on Equity stood at
10.2%
Core Tier 1 Capital of 8.3%
Capital adequacy ratio reached
14.8%
Bank Hapoalim (TASE: POLI) (Pink Sheets: BKHYY), Israel's leading
financial group, today announced financial results for the second
quarter ended June 30, 2012.
Second Quarter 2012 Financial Highlights
(Compared to first quarter
2012):
- Net profit totaled NIS 607 million compared
with a profit of NIS 659 million.
- Return on equity reached 10.2%, on an
annualized basis, compared with 11.3%.
- Profit from regular financing activity totaled
NIS 2,025 million in the second quarter of 2012, compared with a
profit of NIS 1, 929 million in the previous quarter.
- Capital adequacy ratio continued to improve
and totaled 14.8% compared to 14.1% at the end of 2011.
- Core Tier 1 Capital ratio rose to 8.3%
compared with 7.9% at the end of 2011.
Main developments in the financial statements for the
second quarter of 2012 (Compared to first quarter
2012):
Profit from regular financing activity totaled
NIS 2,025 million in the second quarter of 2012, compared with a
profit of NIS 1, 929 million in the previous quarter, an increase
of 5.0%.
The financial margin from regular activity rose
to 2.38% in the second quarter of 2012, compared with 2.29% in the
previous quarter.
Provision for credit losses in the second
quarter of 2012 totaled NIS 344 million compared with NIS 303
million in the previous quarter. The rate of provision as a
percentage of credit to the public reached 0.55% at the end of the
second quarter compared with 0.49% in the previous quarter.The
increase resulted froma rise in the provisions for debt examined on
an individual basis.
Fees and other income totaled NIS 1,266 million
in the second quarter of 2012 compared with NIS 1,307 million in
the previous quarter, a decrease of 3.1%. The decrease resulted
mainly from the decline in securities
activity.
Operating and other expenses totaled NIS 2,118
million in the second quarter of 2012 compared with NIS 2,104
million in the previous quarter, an increase of 0.7%.
Contribution to the community - The Bank's
employees are involved in a varied and extensive range of
community-oriented activities that take the form of social
involvement, monetary donations, and large-scale volunteer
activities. Bank Hapoalim's community-oriented activity during the
second quarter of 2012 was expressed in a financial value of
approximately NIS 30 million.
Developments in Balance Sheet Items
The consolidated balance sheet as at June 30,
2012 totaled NIS 362.1 billion, compared with NIS 356.7 billion at
the end of 2011, an increase of 1.5%.
Net Credit to the public as at June 30, 2012
totaled NIS 248.6 billion, compared with NIS 246.5 billion at the
end of 2011, an increase of 0.9%. The increase was mainly
influenced by the appreciation of foreign currency exchange rates
and the CPI-index.
Deposits from the public totaled NIS 259.7
billion compared with NIS 256.4 billion at the end of 2011, an
increase of 1.3%. The increase is mainly a result of increased core
deposits in the retail segment in Israel, which were partially
offset by a decrease in deposits in the corporate segment.
Shareholders' Equity totaled NIS 24,907 million
as at June 30, 2012, compared with NIS 23,819 million at the end of
2011, an increase of 4.6%, stemming from retained earnings.
Total Capital adequacy ratio stood at 14.8% at
the end of the second quarter of 2012 compared to 14.1% at the end
of 2011.
Core Tier 1 Capital Ratio stood at 8.3% at the
end of the second quarter of 2012, compared to 7.9% at the end of
2011.
Conference Call Information
Bank Hapoalim will host a conference call as well as a slides
webcast today to review the second quarter 2012 financial results
at 9:00 a.m. U.S. Eastern Time / 2:00 p.m. UK Time / 4:00 p.m.
Israel.
To access the call, please dial: 1-888-281-1167 in the U.S. and
1-866-485-2399 in Canada or (972)-3-9180685 for international
participants. No password is required. The presentation slides,
earnings release and the second quarter 2012 financial statement
will be available at the Bank's website, www.bankhapoalim.com,
under Investor Relations, Financial Information.
A replay of the conference call will be available beginning at
approximately 1:00 p.m. U.S. Eastern Time / 6:00 p.m. UK Time /
8:00 p.m. Israel on Thursday, August 30, through 1:00 p.m. Eastern
Time / 6:00 p.m. UK Time / 8:00 p.m. Israel Sept 7, 2012, by
telephone at (972) 3-9255901 (international).
The replay will also be available by audio playback on the Bank
Hapoalim website at www.bankhapoalim.com, under Investor Relations,
Financial Information.
About Bank Hapoalim
Bank Hapoalim is Israel's leading financial group. In Israel,
the Bank Hapoalim Group has over 280 branches, eight regional
business centers, a network of business branches and specialized
industry relationship managers for major corporate customers.
The Bank Hapoalim Group includes Isracard Ltd, Israel's leading
credit card company as well as financial companies involved in
investment banking, trust services and portfolio management.
Internationally, Bank Hapoalim operates through branches,
subsidiaries and representative offices, in North and Latin
America, Europe, the Far East, Turkey and Australia. In these
markets, the Bank is engaged in trade, corporate finance, private
banking and retail banking.
Bank Hapoalim is the only Israeli Bank listed on both the Tel
Aviv and London Stock Exchange. In addition, a Level-1 ADR is
traded "over-the-counter" in New York.
For more information about Bank Hapoalim, please visit us online
at www.bankhapoalim.com.
| Principal Data of the
Bank Hapoalim Group |
|
|
|
|
(In NIS millions) |
|
| |
|
|
|
|
|
|
|
|
| Profit and
Profitability |
For the
three months ended |
| |
June 30,
2012 |
Mar. 31, 2012 |
|
Dec. 31, 2011 |
|
Sept. 30, 2011 |
|
June 30, 2011 |
|
| Net interest income*** |
2,041 |
2,148 |
|
1,963 |
* |
1,660 |
* |
2,091 |
* |
| Non-interest income*** |
1,266 |
1,307 |
|
1,272 |
* |
1,298 |
* |
1,276 |
* |
| Total income |
3,307 |
3,455 |
|
3,235 |
* |
2,958 |
* |
3,367 |
* |
| Provision for credit
losses |
344 |
303 |
|
363 |
|
498 |
|
327 |
|
| Operating and other
expenses |
2,118 |
2,104 |
|
2,197 |
|
2,033 |
|
2,013 |
|
| Net profit attributed to shareholders of the
Bank |
607 |
659 |
|
672 |
|
471 |
|
712 |
|
| |
|
|
|
|
|
|
|
|
| |
|
For the
six months ended |
For the
year ended |
|
|
| |
|
June
30, 2012 |
June 30, 2011 |
|
Dec. 31,
2011 |
|
|
| Net interest income*** |
|
4,189 |
|
4,261 |
* |
7,884 |
* |
|
|
| Non-interest income*** |
|
2,573 |
|
2,634 |
* |
5,204 |
* |
|
|
| Total income |
|
6,762 |
|
6,895 |
* |
13,088 |
* |
|
|
| Provision for credit
losses |
|
647 |
|
341 |
|
1,202 |
|
|
|
| Operating and other
expenses |
|
4,222 |
|
4,135 |
|
8,365 |
|
|
|
| Net profit attributed to
shareholders of the Bank |
|
1,266 |
|
1,603 |
|
2,746 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Balance Sheet –
Principal Data |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
June 30,
2012 |
Mar. 31, 2012 |
|
Dec. 31,
2011 |
Sept. 30,
2011 |
June 30,
2011 |
| Total balance sheet |
362,105 |
350,350 |
|
356,662 |
** |
341,967 |
** |
323,782 |
** |
| Net credit to the public |
248,614 |
244,804 |
|
246,495 |
|
244,577 |
|
234,069 |
|
| Securities |
40,728 |
36,903 |
|
34,411 |
|
27,789 |
|
27,701 |
|
| Deposits from the public |
259,668 |
251,576 |
|
256,417 |
|
242,931 |
|
233,237 |
|
| Bonds and subordinated
notes |
35,679 |
34,422 |
|
32,933 |
|
32,050 |
|
29,962 |
|
| Shareholders' equity |
24,907 |
24,440 |
|
23,819 |
** |
23,050 |
** |
22,706 |
** |
| Total problematic credit
risk**** |
13,890 |
14,498 |
|
12,799 |
|
13,233 |
|
13,263 |
|
| Of which: impaired
balance-sheet debts**** |
7,139 |
6,825 |
|
7,044 |
|
7,170 |
|
7,530 |
|
| |
|
|
|
|
|
|
|
|
|
| Main Financial
Ratios (%) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net loan to deposit
ratio |
95.7% |
97.3% |
|
96.1% |
|
100.7% |
|
100.4% |
|
| Net loan to deposit
ratio including bonds and subordinated notes |
84.2% |
85.6% |
|
85.2% |
|
88.9% |
|
88.9% |
|
| Shareholders' equity to
total assets |
6.9% |
7.0% |
|
6.7% |
|
6.7% |
|
7.0% |
|
| Core Tier I capital to
risk-adjusted assets |
8.3% |
8.2% |
|
7.9% |
|
7.7% |
|
7.9% |
|
| Tier I capital to
risk-adjusted assets |
9.1% |
9.0% |
|
8.7% |
|
8.5% |
|
8.7% |
|
| Total capital to
risk-adjusted assets |
14.8% |
14.7% |
|
14.1% |
|
13.6% |
|
14.1% |
|
| Financing margin from
regular activity(a)(b) |
2.38% |
2.29% |
|
2.28% |
* |
2.41% |
* |
2.50% |
|
| Cost-income
ratio |
64.0% |
60.9% |
|
67.9% |
* |
68.7% |
* |
59.8% |
|
| |
|
|
|
|
|
|
|
|
|
| Provision for credit losses
as a percentage of the average recorded balance of credit to the
public (a) |
0.55% |
0.49% |
|
0.61% |
|
0.84% |
|
0.56% |
|
| Net return of profit
attributed to shareholders of the Bank on equity(a) |
10.2% |
11.3% |
|
11.9% |
|
8.5% |
|
13.2% |
|
| Basic net profit per
share in NIS attributed to shareholders of the Bank |
0.46 |
0.50 |
|
0.51 |
|
0.36 |
|
0.54 |
|
| Diluted net profit per
share in NIS attributed to shareholders of the Bank |
0.46 |
0.49 |
|
0.50 |
|
0.35 |
|
0.53 |
|
| (a) Calculated on an annualized
basis. |
| (b) Calculation: Financing
profit from regular activity is divided by monetary assets
generating financing income. |
| Financing profit from regular
activity includes net interest income and non-interest financing
income. |
| * The Bank adopted the directive
of the Supervisor of Banks concerning the format for statements of
profit and loss of banking corporations for the first time on
January 1, 2012. The directives were adopted by retroactive
implementation, with the exception of the cancellation of unpaid
accrued CPI linkage differentials on principal in respect of debts
classified as impaired prior to the initial implementation.
Accordingly, the data included in the statement of profit and loss
with regard to comparison periods last year were reclassified for
adjustment to the new definition, item headings, and presentation
method of the current reporting period. For details, see Note 1(C)
1 to the Condensed Financial Statements. |
| ** Restated, due to the
retroactive implementation of the directives of the Supervisor of
Banks regarding financial reporting on employee benefits. For
further details, see Note 1(D) to the Condensed Financial
Statements. |
| *** Restated due to the initial
implementation of International Accounting Standard 12, Taxes on
Income, see Note 1(C)(2.2) to the Condensed Financial
Statements. |
| **** Net of the individual
allowance and the allowance according to the extent of
arrears. |
CONTACT: For further information please contact:
Press:
Ofra Preuss, Bank's Spokesperson
Tel: +972-3-567-3635
Fax: +972-3-567-3500
spokesperson@mailpoalim.co.il
Investors:
Effie Werber, Head of Investor Relations
Tel. +972-3-567-3440
Fax: +972-3-5673470
effie.werber@mailpoalim.co.il
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