Bank Hapoalim published: profits of approximately NIS 1.3 billion

Bank Hapoalim publisheD the financial statements for the second quarter of 2022, including profits of approximately NIS 1.3 billion, which together with the profits of the first quarter bring the bank to a profit line of approximately NIS 3 billion in the first half of 2022.
The net profit in the first half of the year was NIS 2,997 million compared to NIS 2,773 million in the corresponding period last year. The rate of return on capital in the first half was 13.9% compared to 13.7% in the corresponding period last year.
 The bank concludes the second quarter of the year with a net profit of NIS 1,343 million compared to NIS 1,419 million in the corresponding quarter. It should be emphasized that the corresponding quarter was also positively affected by income from credit losses (in the amount of NIS 647 million due to an increase in recovery volumes).
The rate of return on capital on net profit in the second quarter was 12.3% compared to 13.8% in the corresponding quarter last year.
Revenues for the quarter increased by 15.7% compared to the corresponding quarter and amounted to NIS 4,088 million compared to NIS 3,533 million in the corresponding quarter. The increase reflects the growth in the bank's core activity, as well as the effect of the change in the index rate and the increase in interest rates of the central banks.
 The quality of the bank's credit portfolio continued to be reflected in a variety of parameters, including low expenses in the credit losses section: in the second quarter, a net expense was recorded in the credit losses section in the amount of NIS 91 million.
 The ratio of credit to the public that does not accrue interest income (NPL) remained low and stood at a rate lower than 0.9% in the quarter.
 The efficiency ratio (operating expenses over total revenues) continues to show further improvement and expresses the increase in revenues and the scope of activity in the face of maintaining expenditure discipline and stood at 48.8% in the second quarter of 2022 compared to 54.2% in 2021 and 56.0% in the corresponding quarter last year.