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Bank Hapoalim Q3 net operating profit up 43%

Bank Hapoalim Group has reported a net operating profit of ILS826 million for the third quarter of 2007, up 43.4% when compared to the same quarter last year.

For the period net profit has increased by 7.2% to ILS823 million, compared to ILS768 million in the same quarter a year ago. Net interest income of the bank in the third quarter totaled to ILS2,477 million, as against ILS2,013 million in 2006, an increase of 23.1%.

The bank has recorded a net operating profit of ILS2,232 million, up 20.1% for the first nine months of 2007, compared to ILS1,859 million in the same period last year.

Dani Dankner, chairman of the board of directors at Bank Hapoalim, said: Bank Hapoalim’s net operating profit for the third quarter of 2007 is the highest ever in the history of the bank. This is a noteworthy achievement, which attests to the bank’s strength and ability to increase profits even in relatively volatile times, such as those we experienced during the last quarter.

The bank continues to see business development abroad as a key growth engine in order to increase its overall banking activity. I believe that our efforts in this area will come to fruition in the near future.