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Bank Hapoalim Announces 2012 Financial Results

The Bank Hapoalim Group includes Isracard Ltd, Israel's leading credit card company as well as financial companies involved in investment banking, trust services and portfolio management.

Internationally, Bank Hapoalim operates through branches, subsidiaries and representative offices, in North and Latin America, Europe, the Far East, Turkey and Australia. Bank Hapoalim is the only Israeli Bank listed on both the Tel Aviv and London Stock Exchange.  In addition, a Level-1 ADR is traded "over-the-counter" in New York.

For more information about Bank Hapoalim, please visit us online at www.bankhapoalim.com .

Principal Data of the Bank Hapoalim Group
           
        (NIS millions)
 
Profit and Profitability
  For the year ended December 31 Change vs.
  2012 2011 2010 2011 2010
 Net financing income****  8,415 7,884* 7,496* 6.7% 12.3%
 Fees and other income  5,222 5,204* 5,347* 0.3% (2.3%)
 Total income  13,637 13,088* 12,843* 4.2% 6.2%
 Provision for credit losses  987 1,202 1,030 (17.9%) (4.2%)
 Operating and other expenses  8,825 8,365 8,291 5.5% 6.4%
 Net profit attributed to shareholders of the Bank  2,543 2,746 2,201 (7.4%) 15.5%
 
 Balance Sheet – Principal Data 
  December 31 Change vs.
  2012 2011 2010 2011 2010
 Total balance sheet  376,388 356,662** 321,063** 5.5% 17.2%
 Net credit to the public  249,182 246,495 225,288 1.1% 10.6%
 Securities  52,070 34,411 31,604 51.3% 64.8%
 Deposits from the public  271,411 256,417 233,965 5.8% 16.0%
 Bonds and subordinated notes  35,677 32,933 27,608 8.3% 29.2%
 Shareholders' equity  26,755 23,819** 22,535** 12.3% 18.7%
 Total problematic credit risk***  13,284 12,354 14,269 7.5% (6.9%)
 Of which: impaired balance sheet debts***  6,701 7,044 8,032 (4.9%) (16.6%)
 
 Main Financial Ratios 
      2012 2011 2010
Net loan to deposit ratio     91.8% 96.1% 96.3%
Net loan to deposit ratio including bonds and subordinated notes     81.1% 85.2% 86.1%
Shareholders' equity to total assets      7.1% 6.7% 7.0%
Core Tier I capital to risk-adjusted assets      8.9% 7.9% 8.0%
Tier I capital to risk-adjusted assets     9.7% 8.7% 8.9%
Total capital to risk-adjusted assets     15.7% 14.1% 13.9%
Financing margin from regular activity (a)     2.22% 2.39%* 2.49%*
Cost-income ratio      64.7% 63.9%* 64.6%*
Provision for credit losses as a percentage of the average recorded balance of credit to the public (b)     0.39% 0.50% 0.49%
Net return of profit attributed to shareholders of the Bank on equity      10.1% 12.0% 10.4%
Basic net earnings per share in NIS attributed to shareholders of the Bank      1.92 2.07 1.66
Diluted net earnings per share in NIS attributed to shareholders of the Bank      1.91 2.05 1.65
 
* The Bank adopted the directive of the Supervisor of Banks concerning the format for statements of profit and loss of banking corporations for the first time on January 1, 2012. The directives were adopted by retroactive implementation, with the exception of the cancellation of unpaid accrued CPI linkage differentials on principal in respect of debts classified as impaired prior to the initial implementation. Accordingly, the data included in the statements of profit and loss for the years 2010 and 2011 were reclassified for adjustment to the new definition, item headings, and presentation method of the current reporting period. For details, see Note 1(C)(5) to the Financial Statements. 
** Restated, due to the initial implementation of International Accounting Standard 12, Income Taxes; see Note 1(E)(21) to the Financial Statements.
*** Net of the individual allowance and the allowance according to the extent of arrears.
**** Net financing income includes net interest income and non-interest income (expenses). Comparison figures for previous years were adjusted to this presentation format.
(a) Calculation: Financing profit from regular activity is divided by monetary assets generating financing income. Financing profit from regular activity includes net interest income and non-interest financing income (expenses).
(b) In 2010, calculated as the specific provision for the period as a percentage of total credit to the public.
           
 
Profit and Profitability
  For the three months ended 
  December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
  NIS millions
 Net financing income****  2,111 2,115 2,041 2,148 1,963*
 Fees and other income  1,314 1,335 1,266 1,307 1,272*
 Total income  3,425 3,450 3,307 3,455 3,235*
 Provision for credit losses  54 286 344 303 363
 Operating and other expenses  2,354 2,249 2,118 2,104 2,197
 Net profit attributed to shareholders of the Bank  652 625 607 659 672
 
 Balance Sheet – Principal Data 
  December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
   NIS millions
 Total balance sheet  376,388 367,365 362,105 350,350 356,662**
 Net credit to the public  249,182 249,904 248,614 244,804 246,495
 Securities  52,070 53,076 40,728 36,903 34,411
 Deposits from the public  271,411 264,490 259,668 251,576 256,417
 Bonds and subordinated notes  35,677 36,051 35,679 34,422 32,933
 Shareholders' equity  26,755 25,759 24,907 24,440 23,819**
 Total problematic credit risk***  13,284 14,187 13,398 13,993 12,354
 Of which: impaired balance sheet debts***  6,701 6,493 6,685 6,356 7,044
 
 Main Financial Ratios 
  For the three months ended 
  December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
 Net loan to deposit ratio  91.8% 94.5% 95.7% 97.3% 96.1%
 Net loan to deposit ratio including bonds and subordinated notes  81.1% 83.2% 84.2% 85.6% 85.2%
 Shareholders' equity to total assets  7.1% 7.0% 6.9% 7.0% 6.7%
 Core Tier I capital to risk-adjusted assets  8.9% 8.5% 8.3% 8.2% 7.9%
 Tier I capital to risk-adjusted assets  9.7% 9.3% 9.1% 9.0% 8.7%
 Total capital to risk-adjusted assets  15.7% 15.1% 14.8% 14.7% 14.1%
 Financing margin from regular activity(a)(b)  2.00% 2.30% 2.38% 2.29% 2.28%*
 Cost-income ratio  68.7% 65.2% 64.0% 60.9% 67.9%*
 Provision for credit losses as a percentage of the average recorded balance of credit to the public(a)  0.09% 0.45% 0.55% 0.49% 0.61%
 Net return of profit attributed to shareholders of the Bank on equity(a)  10.3% 10.2% 10.2% 11.3% 11.9%
 Basic net earnings per share in NIS attributed to shareholders of the Bank  0.49 0.47 0.46 0.50 0.51
 Diluted net earnings per share in NIS attributed to shareholders of the Bank  0.49 0.47 0.46 0.49 0.50
 
* The Bank adopted the directive of the Supervisor of Banks concerning the format for statements of profit and loss of banking corporations for the first time on January 1, 2012. The directives were adopted by retroactive implementation, with the exception of the cancellation of unpaid accrued CPI linkage differentials on principal in respect of debts classified as impaired prior to the initial implementation. Accordingly, the data included in the statements of profit and loss for the years 2010 and 2011 were reclassified for adjustment to the new definition, item headings, and presentation method of the current reporting period. For details, see Note 1(C)(5) to the Financial Statements. 
** Restated, due to the initial implementation of International Accounting Standard 12, Income Taxes; see Note 1(E)(21) to the Financial Statements.
*** Net of the individual allowance and the allowance according to the extent of arrears.
**** Net financing income includes net interest income and non-interest income (expenses). Comparison figures for periods in 2011 were adjusted to this presentation format.
(a) Calculated on an annualized basis.
(b) Calculation: Financing profit from regular activity is divided by monetary assets generating financing income. Financing profit from regular activity includes net interest income and non-interest financing income (expenses).
CONTACT: For further information please contact:
         
         Press: Ofra Preuss, Bank's Spokesperson
         Tel: +972-3-567-3635; Fax: +972-3-567-3500
         spokesperson@ mailpoalim.co.il
         
         Investors: Effie Werber, Head of Investor Relations
         Tel. +972-3-567-3440; Fax: +972-3-5673470
         effie.werber@mailpoalim.co.il

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