Return on Equity of 9.5%
Net Profit totaled NIS 621
million
Core Tier 1 Capital rose to
9.1%
Bank Hapoalim (TASE:POLI) (ADR:BKHYY), Israel's
leading financial group, today announced financial results for the
first quarter ended March 31, 2013.
First Quarter 2013 Financial Highlights:
- Return on equity reached 9.5%, on an
annualized basis, compared with 10.3% in the fourth quarter of
2012.
- Net profit totaled NIS 621 million compared
with a profit of NIS 652 million in the fourth quarter of
2012.
- Profit from regular financing activity totaled
NIS 1,773 million, compared with NIS 1,755 million in the fourth
quarter of 2012.
- Operating and other expenses totaled NIS 2,135
million compared with NIS 2,354 million in the fourth quarter of
2012.
- Shareholders' Equity totaled NIS 27,279
million as at March 31, 2013, compared with NIS 26,755 million at
the end of 2012.
- Core Tier 1 Capital ratio continued its trend
of improvement and rose to 9.1% compared with 8.9% at the end of
2012.
Main developments in the financial statements for the
first quarter of 2013:
Profit from regular financing activity totaled
NIS 1,773 million in the first quarter of 2013, compared with a
profit of NIS 1,755 million in the sequential fourth quarter of
2012, an increase of 1.0%.
The financial margin from regular activity
increased to 2.07% in the first quarter of 2013, compared with
2.06% in the sequential fourth quarter of 2012.
Provision for credit losses in the first
quarter of 2013 totaled NIS 257 million, including an NIS 84
million supplementary collective provision with respect to housing
loans, compared with NIS 54 million in the sequential fourth
quarter of 2012. The rate of provision as a percentage of credit to
the public reached 0.41% at the end of the first quarter compared
with 0.09% in the sequential fourth quarter of 2012.
Fees and other income totaled NIS 1,287 million
in the first quarter of 2013 compared with NIS 1,314 million in the
sequential fourth quarter of 2012, a decrease of 2.1%, mainly as a
result of a decrease in fees as a consequence of the implementation
of the recommendations of Bank of Israel's Committee on
Competitiveness.
Operating and other expenses totaled NIS 2,135
million in the first quarter of 2013 compared with NIS 2,354
million in the sequential fourth quarter of 2012, a decrease of
9.3%, as a result of a decrease in all expense items mainly due to
the implementation of efficiency measures in the Bank.
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 three months of 2013 was expressed in a financial value of
approximately NIS 16 million.
Developments in Balance Sheet Items:
The consolidated balance sheet as at March 31,
2013 totaled NIS 370.3 billion, compared with NIS 376.4 billion at
the end of 2012, a decrease of 1.6%.
Net Credit to the public as at March 31, 2013
totaled NIS 247.8 billion, compared with NIS 249.2 billion at the
end of 2012, a decrease of 0.6% mainly as a result of a decrease in
corporate credit, offset by an increase in retail and commercial
credit.
Deposits from the public totaled NIS 265.3
billion compared with NIS 271.4 billion at the end of 2012, a
decrease of 2.3%, mainly a result of exchange rate differentials
and a shift in customers' risk appetite.
Shareholders' Equity totaled NIS 27,279 million
as at March 31, 2013, compared with NIS 26,755 million at the end
of 2012, an increase of 2.0%, mainly stemming from retained
earnings.
Core Tier 1 Capital Ratio stood at 9.1% at the
end of the first quarter of 2013, compared to 8.9% at the end of
2012.
Total Capital Adequacy Ratio
stood at 15.6% at the end of the first quarter of 2013 compared to
15.7% at the end of 2012.
Conference Call Information
Bank Hapoalim will host a conference call as well as a slide
presentation webcast today to review the first quarter 2013
financial results at 10:00 a.m. U.S. Eastern Time / 3:00 p.m. UK
Time / 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 2013 financial statements
are 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 Time on Thursday, May 30th, through 1:00 p.m.
Eastern Time / 6:00 p.m. UK Time / 8:00 p.m. Israel Time on June 6,
2013, by telephone at (972) 3-9255900 (international).
The webcast 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, and Turkey. 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 |
(NIS millions) |
| |
|
|
|
|
|
| Profit and
Profitability |
For the
three months ended |
| |
March 31,
2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
| Net financing income* |
2,057 |
2,111 |
2,115 |
2,041 |
2,148 |
| Fees and other income |
1,287 |
1,314 |
1,335 |
1,266 |
1,307 |
| Total income |
3,344 |
3,425 |
3,450 |
3,307 |
3,455 |
| Provision for credit losses |
257 |
54 |
286 |
344 |
303 |
| Operating and other expenses |
2,135 |
2,354 |
2,249 |
2,118 |
2,104 |
| Net profit attributed to shareholders
of the Bank |
621 |
652 |
625 |
607 |
659 |
| |
|
|
|
|
|
| Balance Sheet – Principal
Data |
|
|
|
|
|
| |
March 31,
2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
| |
|
|
|
|
|
| Total balance sheet |
370,317 |
376,388 |
367,365 |
362,105 |
350,350 |
| Net credit to the public |
247,782 |
249,182 |
249,904 |
248,614 |
244,804 |
| Securities |
59,461 |
52,070 |
53,076 |
40,728 |
36,903 |
| Deposits from the public |
265,297 |
271,411 |
264,490 |
259,668 |
251,576 |
| Bonds and subordinated notes |
36,222 |
35,677 |
36,051 |
35,679 |
34,422 |
| Shareholders' equity |
27,279 |
26,755 |
25,759 |
24,907 |
24,440 |
| Net total problematic credit
risk** |
13,561 |
13,284 |
14,187 |
13,398 |
13,993 |
| Of which: net impaired balance sheet
debts** |
6,856 |
6,701 |
6,493 |
6,685 |
6,356 |
| |
|
|
|
|
|
| Main Financial
Ratios |
|
|
|
|
|
| |
March 31,
2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
| Net loan to deposit
ratio |
93.4% |
91.8% |
94.5% |
95.7% |
97.3% |
| Financing margin from regular
activity |
82.2% |
81.1% |
83.2% |
84.2% |
85.6% |
| Shareholders' equity to total
assets |
7.4% |
7.1% |
7.0% |
6.9% |
7.0% |
| Core Tier 1 capital to
risk-adjusted assets |
9.1% |
8.9% |
8.5% |
8.3% |
8.2% |
| Total capital to risk-adjusted
assets |
15.6% |
15.7% |
15.1% |
14.8% |
14.7% |
| Financing margin from regular
activity (1) (2) |
2.07% |
2.06% |
2.37% |
2.47% |
2.36% |
| Cost-income ratio |
63.8% |
68.7% |
65.2% |
64.0% |
60.9% |
| Total assets to income (3) |
3.7% |
3.8% |
3.8% |
3.8% |
4.0% |
| Total assets to expenses (4) |
2.3% |
2.6% |
2.5% |
2.4% |
2.4% |
| Provision for credit losses as a
percentage of the average recorded balance of credit to the public
(1) |
0.41% |
0.09% |
0.45% |
0.55% |
0.49% |
| Net return of profit attributed
to shareholders of the Bank on equity (1) |
9.5% |
10.3% |
10.2% |
10.2% |
11.3% |
| Basic net earnings per share in
NIS attributed to shareholders of the Bank |
0.47 |
0.49 |
0.47 |
0.46 |
0.50 |
| * Net financing income
includes net interest income and non-interest income
(expenses). |
| ** Net of the individual
allowance, the allowance according to the extent of arrears, and
the collective allowance for problematic |
| credit risk. |
| (1) Calculated on an
annualized basis. |
| (2) Financing profit from regular
activity (see the Board of Directors' report, in the section Profit
and Profitability – Development of Financing Profit) is divided by
total financial assets after allowance for credit losses, net of
non-interest bearing balances in respect of credit cards. |
| (3) Total financing and operating
income, divided by the balance of total average assets. |
| (4) Total operating and other
expenses, divided by the balance of total average assets. |
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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