_a.jpg "Photo: Yaron Brener")
Euromoney names Hapoalim best bank in Israel
Editor of financial magazine cites bank's strong results from 2011, including 25% rise in net profits, 10% increase in deposits and 12% return on equity
The magazine Euromoney has named Bank Hapoalim as Israel's best banking institution.
At a London ceremony, Euromoney editor-in-chief Clive Horwood said that Hapoalim had won the title of "Israel's best bank" in light of its positive results for 2011. "The bank posted strong results in 2011, including a 25% increase in net profits, a 10% increase in deposits and a 12% return on equity."
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"During the year, the Bank also continued to improve its capital adequacy ratio, which reached 14.1% at the end of the year. Bank Hapoalim improved its performance and demonstrated its renewed leadership in the Israeli banking sector despite operating in a challenging environment," Horwood said.
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Bank Hapoalim Director-General Zion Kenan said in response that "Bank Hapoalim was happy to be recognized by a prestigious global magazine."
"We are very proud of our financial results in recent years, but also of our achievements in serving customers and supporting the Israeli economy," the director continued.
Kenan cited the bank's Internet site and mobile banking services, which have won prizes, its dedicated fund for investing in finance technology companies, and the bank's attempts to "increase customers' financial freedom."
"Our success is due, first and foremost, to the people of Bank Hapoalim," he said.
