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Israel's Bank Hapoalim Q2 profit misses estimates as loan provision spikes


Reuters


JERUSALEM, Aug 15 (Reuters) - Israel's Bank Hapoalim reported on Thursday a steeper-than-expected decline in its quarterly profit, weighed down by a jump in provision to protect the lender against loan defaults.

Hapoalim, Israel's largest lender, said the company earned 871 million shekels ($248 million) in the second quarter, down from 920 million a year earlier.

Reuters poll of analysts had forecast second-quarter earnings of 1.12 billion shekels.

A provision for credit losses rose to 319 million shekels in April-June from 90 million a year earlier, while net interest income before the provision climbed to 2.47 billion shekels from 2.30 billion.

($1 = 3.5156 shekels)









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