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Return on Equity of 10.1%Core Tier 1 Capital rose to 8.9%
TEL AVIV, Israel, April 2, 2013 (GLOBE NEWSWIRE) -- Bank Hapoalim (TASE:POLI) (ADR:BKHYY), Israel's leading financial group, today announced financial results for the fourth quarter and full year ended December 31, 2012.
Highlights of the 2012 financial statements:
Net profit totaled NIS 2,543 million in 2012 compared with NIS 2,746 million in 2011.
Return on equity reached 10.1% in 2012, compared with 12.0% in 2011.
Total consolidated assets as at December 31, 2012 totaled NIS 376.4 billion, compared with NIS 356.7 billion at the end of 2011, an increase of 5.5%.
Shareholders' equity totaled NIS 26,755 million as at December 31, 2012, compared with NIS 23,819 million at the end of 2011, an increase of 12.3%.
Core Tier 1 capital ratio continued its trend of improvement and rose to 8.9% at December 31, 2012 compared with 7.9% at the end of 2011.
The Bank's total capital adequacyratio reached 15.7% at the end of 2012, compared with 14.1% at the end of 2011.
Mr. Yair Seroussi, Chairman of the Board of Bank Hapoalim, commented:
In 2012, Bank Hapoalim successfully completed the three-year Strategic Plan that we presented to the market in late 2009. We are proud to report that Bank Hapoalim achieved the goals that we set for ourselves, including:
Positioning Bank Hapoalim as Israel's leading financial institution;
Stabilizing the Bank on a path of growth; and
Achieving attractive returns for shareholders.
Our determined and accurate implementation of the strategic plan served as the foundation of the Bank's success in 2012. During the year, the Bank strengthened its key revenue drivers across all business divisions. At the same time, we conducted a significant streamlining process in order to enhance the Bank's competitive edge and adjust to the increasing level of competition in the banking industry.