Published: 05.31.12, 12:50–Israel’s major banks published their first-quarter performance reports on Wednesday and Thursday, with Bank Hapoalim recording the highest profits in Israel’s banking industry for Q1-2012.

Despite seeing its net profit drop 26% compared to the corresponding quarter of 2011, Hapoalim raked in NIS 659 million, compared to NIS 431 million for Bank Leumi and NIS 142 million for the First International Bank of Israel.

Bank Hapoalim extended NIS 244.8 billion in credit during the quarter, a drop of 0.7%. Credit extended to the business sector dropped 2.2% to NIS 102.6 billion.

The bank also saw its total deposits drop 1.9% to NIS 251.6 billion.

Bank Hapoalim’s expenditures due to credit losses jumped from NIS 14 million in Q1 2011 to NIS 303 million for the quarter reported. The bank’s business division marked NIS 205 million in credit losses, compared to the NIS 155 million in debt collection recorded in Q1 2011.

In contrast, Bank Leumi’s net profit of NIS 431 million for Q1 marked a 22% increase compared to the corresponding quarter of 2011…Read More>>

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