Even after special tax and interest rate cut: Bank Hapoalim posts NIS 2.1 billion profit in quarter
Hapoalim's profit shows a 13% erosion compared to a net profit of NIS 2.4 billion in the corresponding period last year, while the return on equity in the past quarter also eroded to 13%. Alongside…
Assessment
Bank Hapoalim's quarterly profit of 2.1 billion shekels, while down 13% from last year, remains very high despite a special tax and falling interest rates. The 3.3% credit portfolio growth suggests the bank is expanding lending even as the economic environment shifts. The key question is whether this profit level is sustainable as interest rate cuts continue to compress margins.