Zion Keinan
Photo: Sivan Ferj
Bank Hapoalim notes NIS 2.74B profit
Bank's profits soar 25% in 2011; gross Q4 revenues come to NIS 672 million
Bank Hapoalim released its 2011 performance report Thursday, presented the highest gross revenue in Israel's banking system – NIS 2.74 billion (roughly $740 million).
The bank's made NIS 4.7 billion off commissions alone, while wage expenditures came to NIS 4.28 billion.
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Hapoalim's gross profit came to NIS 672 million in Q4. Annualized returns on equity rose by 12% and financing revenues added 5.9%, coming to NIS 8.23 billion.
Bank CEO Zion Keinan's wages in 2011 came to NIS 9.04 million, while Chairman Yair Sarusi earned NIS 9.35 million.
"I'm proud… in Hapoalim's performance in 2011," Keinan said. "More than anything they prove that Bank Hapoalim is the leader of the Israeli banking system, despite the tumultuous times in the global financial market."
