Bank Hapoalim notes NIS 2.74B profit

Bank's profits soar 25% in 2011; gross Q4 revenues come to NIS 672 million
Elitsafan Rosenberg|
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Bank Hapoalim released its 2011 performance report Thursday, presented the highest gross revenue in Israel 'sbanking 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."
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