Net Profit totaled NIS 659 million Return on Equity stood at 11.3% Core Tier 1 Capital of 8.2%


Bank Hapoalim (TASE:POLI) (ADR:BKHYY), Israel's leading financial group, today announced financial results for the first quarter ended March 31, 2012.

First Quarter 2012 Financial Highlights (Compared to fourth quarter 2011):

  • Net profit totaled NIS 659 million compared with a profit of NIS 672 million.
  • Return on equity reached 11.3%, on an annualized basis, compared with 11.9%.
  • Net interest income totaled NIS 1,962 million compared with NIS 1,889 million.
  • Provision for credit losses totaled NIS 303 million compared with NIS 363 million.
  • Capital adequacy ratio continued to improve and totaled 14.7% compared to 14.1% at the end of 2011.
  • Core Tier 1 Capital ratio rose to 8.2% compared with 7.9% at the end of 2011.

Main developments in the financial statements for the first quarter of 2012:

Net profit attributed to shareholders of the Bank totaled NIS 659 million in the first quarter of 2012, compared with a profit of NIS 672 million in the previous quarter, a decrease of 1.9%.

Profit from regular financing activity totaled NIS 1,929 million in the first quarter of 2012, compared with a profit of NIS 1,877 million in the previous quarter, an increase of 2.8%.

Provision for credit losses in the first quarter of 2012 totaled NIS 303 million compared with NIS 363 million in the previous quarter. The rate of provision as a percentage of credit to the public reached 0.49% at the end of the first quarter compared with 0.61% in the previous quarter. The decline resulted from a decrease in the group provision and collection of debts.

Non-interest income (excluding non-interest financing income) totaled NIS 1,307 million in the first quarter of 2012 compared with NIS 1,272 million in the previous quarter, an increase of 2.8%. The increase resulted mainly from an increase in income from securities activity and foreign trade transactions.          

Operating and other expenses totaled NIS 2,104 million in the first quarter of 2012 compared with NIS 2,197 million in the previous quarter, a decrease of 4.2%. The decrease was mainly due to a decrease in salary expenses, as well as expenses related to marketing and advertising and professional services.

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 first quarter of 2012 was expressed in a financial value of approximately NIS 14 million.

Developments in Balance Sheet Items

The consolidated balance sheet as at March 31, 2012 totaled NIS 350.4 billion, compared with NIS 356.7 billion at the end of 2011, a decrease of 1.8%.

Net Credit to the public as at March 31, 2012 totaled NIS 244.8 billion, compared with NIS 246.5 billion at the end of 2011, a decrease of 0.7%. The decrease was driven by a decrease in credit in the corporate segment.

Deposits from the public totaled NIS 251.6 billion compared with NIS 256.4 billion at the end of 2011, a decrease of 1.9%. The decrease is mainly a result of a decrease in deposits in the corporate segment and from private banking clients abroad, while core deposits increased in the retail segment in Israel.

Shareholders' Equity totaled NIS 24,440 million as at March 31, 2012, compared with NIS 23,819 million at the end of 2011, an increase of 2.6%.  

Total Capital adequacy ratio stood at 14.7% at the end of the first quarter of 2012 compared to 14.1% at the end of 2011.

Core Tier 1 Capital Ratio stood at 8.2% at the end of the first quarter of 2012, compared to 7.9% at the end of 2011.

Conference Call Information

Bank Hapoalim will host a conference call today to review the first quarter 2012 financial results at 10:00 a.m. Eastern Time / 3:00 p.m. UK / 5:00 p.m. Israel Time.

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 first 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. Eastern Time / 6:00 p.m. UK / 8:00 p.m. Israel Time on Thursday, May 31, through 1:00 p.m. Eastern Time / 6:00 p.m. UK / 8:00 p.m. Israel Time June 8, 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.

          (In NIS millions)
           
Principal Data of the Bank Hapoalim Group
     
 Profit and Profitability   For the three months ended  
  March 31, 2012 December 31, 2011 September 30, 2011 June 30, 2011 March 31, 2011
Net interest income 1,962 1,889* 2,165* 2,075* 1,968*
Non-interest income 1,493 1,346* 793* 1,292* 1,560*
Total income  3,455 3,235* 2,958* 3,367* 3,528*
Provision for credit losses 303 363 498 327 14
Operating and other expenses 2,104 2,197 2,033 2,013 2,122**
Net profit attributed to shareholders of the Bank 659 672 471 712 891**
           
 Balance Sheet – Principal Data           
           
           
Total balance sheet 350,350 356,662*** 341,967*** 323,782*** 319,656**, ***
Net credit to the public 244,804 246,495 244,577 234,069 229,835
Securities 36,903 34,411 27,789 27,701 28,932
Deposits from the public 251,576 256,417 242,931 233,237 231,769
Bonds and subordinated notes 34,422 32,933 32,050 29,962 28,295
Shareholders' equity 24,440 23,819*** 23,050*** 22,706*** 22,408**, ***
Total problematic credit risk**** 14,498 12,799 13,233 13,263 13,590
Of which: impaired balance-sheet debts*** 6,825 7,044 7,170 7,530 7,840
           
 Main Financial Ratios           
           
 Net loan to deposit ratio  97.3%  96.1% 100.7% 100.4% 99.2%
 Net loan to deposit ratio including bonds and subordinated notes  85.6% 85.2% 88.9% 88.9% 88.4%
 Shareholders' equity to total assets  7.0% 6.7% 6.7% 7.0% 7.0%**
 Core Tier I capital to risk-adjusted assets  8.2% 7.9% 7.7% 7.9% 7.9%**
 Tier I capital to risk-adjusted assets  9.0% 8.7% 8.5% 8.7% 8.7%**
 Total capital to risk-adjusted assets  14.7% 14.1% 13.6% 14.1% 13.9%**
 Financing margin from regular activity(a)(b)  2.29% 2.28%* 2.41%* 2.50%* 2.48%*
 Cost-income ratio  60.9% 67.9%* 68.7%* 59.8% 60.1%*, **
Provision for credit losses as a percentage of the average recorded balance of credit to the public (a) 0.49% 0.61% 0.84% 0.56% 0.02%
 Net return of profit attributed to shareholders of the Bank on equity(a)  11.3% 11.9% 8.5% 13.2% 17.0%**
 Basic net profit per share in NIS attributed to shareholders of the Bank  0.50 0.51 0.36 0.54 0.67**
 Diluted net profit per share in NIS attributed to shareholders of the Bank  0.49 0.50 0.35 0.53 0.67**
           
* 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.
 
(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.
 

                                  

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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