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Israel's Bank Hapoalim Q2 profit rise beats estimates
August 14, 2014 / 5:51 AM / in 3 years

Israel's Bank Hapoalim Q2 profit rise beats estimates

JERUSALEM, Aug 14 (Reuters) - Bank Hapoalim, Israel’s largest lender, reported a higher-than-expected rise in quarterly net profit, boosted by an increase in financing income and a gain in its provision for credit losses.

Hapoalim on Thursday said it earned 783 million shekels ($225 million) in the second quarter, up from 655 million a year earlier and above expectations of 705 million in a Reuters poll of analysts.

Net financing income rose to 2.32 billion shekels from 2.18 billion, while it had income in its provision for credit losses of 3 million shekels, compared with an expense of 301 million in the second quarter of 2013.

Hapoalim’s core Tier 1 capital ratio to risk-weighted assets was 9.53 percent according to Basel 3, compared with 9.15 percent on Jan. 1.

The bank’s board approved a dividend of 119 million shekels for the second quarter, up from 106 million in the first quarter.

$1 = 3.4766 Israeli shekels Reporting by Steven Scheer; Editing by Matt Driskill

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