Israel’s Bank Hapoalim Q1 profit jumps on reversal of loan loss provision
A woman uses an automated teller machine (ATM) outside a Bank Hapoalim branch in Tel Aviv, Israel May 30, 2013. REUTERS/Nir Elias
Bank Hapoalim (POLI.TA), Israel’s largest lender, reported a higher than expected jump in quarterly profit, boosted by a reversal of provisions to protect against loan defaults.
Hapoalim said on Thursday it earned 1.354 billion shekels ($412 million) in the January-March period, compared with a 192 million shekel profit in the first quarter of 2020.
Net interest income gained to 2.23 billion shekels from 2.19 billion a year earlier, while it had income for credit losses of 508 million shekels after posting provisions for loan losses of 809 million in the first three months of 2020.
($1 = 3.2874 shekels)
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