Peled-Givony reduces Continental to NIS 64m loss for Q2

Continental Bank, a subsidiary of Bank Hapoalim (TASE:POLI), lost NIS 63.8 million in the second quarter, largely due to bad debts to the collapsing Peled-Givony group.

Continental lent the group of companies a total of NIS 180 million.

The group's collapse has forced Continental to set aside NIS 59.8 million for doubtful debt in the second quarter.

Continental also set aside money for the Peled-Givony companies in the first quarter. Altogether its doubtful debt provision totaled NIS 71.9 million for the two quarters, compared with NIS 3.4 million for the parallel half of 2001.

The first-half loss rose to NIS 69.2 million, reducing the bank's capital adequacy ratio to 11.3%, versus 13.1% at the end of 2001.

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