Bank Hapoalim BM (BKHPF) Q3 2024 Earnings Call Highlights: Strong Returns Amid Economic Challenges [Yahoo! Finance]
BANK HAPOALIM B.M. S/ADR (BKHYY)
NASDAQ:AMEX Investor Relations:
bankhapoalim.com/wps/portal/int/lobbyir
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Source: Yahoo! Finance
Bank Hapoalim BM ( BKHPF ) reported a strong return on equity of 13.6% for the quarter and 14.9% for the nine-month period. The bank achieved a 3.4% credit growth in the quarter, translating to a 6.4% year-on-year growth across all segments. The NPL ratio decreased to 0.71%, with an NPL coverage ratio of 224%, indicating improved credit quality. The bank maintained a strong capital position with a CT1 ratio of 11.9%, exceeding the minimum internal target. A 40% distribution of net profit was achieved through cash dividends and buybacks, reflecting strong shareholder returns. The Israeli economy's business sector GDP is down 2.8% from Q3 2023, indicating economic challenges. Inflation rose by 3.5% over the last 12 months, driven by wage pressures and expansionary fiscal policy. The budget deficit stands at 7.9% of GDP, overshadowed by the costs of ongoing conflict. Credit card revenues decreased significantly, attributed to reduced travel and tourism activities. The
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