Bank Hapoalim Reports 2.5 Billion Shekel Profit in Q2 Despite Special Tax
Bank Hapoalim earned a net profit of 2.5 billion shekels in Q2 with a 15% return on equity, despite a special tax on banks. Credit grew 6.6% this year, and the bank declared a 1.24 billion shekel dividend payout.
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- Bank Hapoalim earned 2.5 billion shekels net profit in Q2 under CEO Yadin Anavi.
- Return on equity was 15%, or 16% without the special bank tax.
- Credit volume grew 6.6% since the start of the year, with NPL ratio at 0.50%.
- The board approved a dividend payout of 1.24 billion shekels, half the quarterly profit.
- Nearly 1 billion shekels will be paid as cash dividends, 249 million via share buybacks.
Bank Hapoalim, led by CEO Yadin Anavi, posted a net profit of 2.5 billion shekels in the second quarter, achieving a high return on equity (ROE) of 15%. This ROE would have been even higher at 16% annually if not for the special tax imposed by the Finance Ministry on banks this year. The bank's credit portfolio continued to grow rapidly, reflecting a trend in the banking sector over the past two years, with a 6.6% increase since the start of the year. The ratio of non-performing loans (NPL) to total public credit stood at a low 0.50%.
The bank's board declared a dividend payout amounting to half of the quarterly profits, totaling 1.24 billion shekels. Of this, nearly one billion shekels (995 million) will be paid in cash dividends to shareholders, while 249 million shekels will be returned through a share buyback program. This financial performance highlights Bank Hapoalim's strong position despite the additional tax burden.
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