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Israel's Bank Hapoalim Q2 net profit falls

Thu Aug 28, 2008 1:19am EDT

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TEL AVIV, Aug 28 (Reuters) - Bank Hapoalim (POLI.TA), Israel's largest bank in terms of assets, reported on Thursday a fall in second-quarter net profit due to higher provisions for bad debt and lower financing income.

Profit in the quarter amounted to 594 million shekels ($166.4 million) compared with 1.002 billion shekels a year earlier.

Hapoalim was forecast to post a net profit for the quarter of 731 million shekels, according to the average estimate in a Reuters poll of nine analysts.

Income from financing activity before bad debt provisions slipped to 1.943 billion shekels from 1.995 billion shekels. Provisions for doubtful, or bad, debt increased to 252 million shekels from 202 million shekels.

Hapoalim had a capital gain of 286 million shekels in the 2007 quarter from the sale of provident funds.

($1 = 3.57 shekels)

(Reporting by Tova Cohen)



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