(Restates U.S. provision in dollars as originally reported)
TEL AVIV, March 30 Bank Hapoalim,
Israel's largest lender, reported lower fourth-quarter net
profit due to a provision regarding a U.S. tax investigation as
well as sharply higher credit loss charges.
Hapoalim, which issued a profit warning last week, said on
Thursday it earned 138 million shekels ($38 million) in the
quarter, down from 586 million a year earlier.
Last week, Hapoalim said it would set aside a provision of
$68.5 million regarding a U.S. investigation into tax evasion by
the bank's U.S. clients.
Net financing income rose to 2.03 billion shekels from 1.95
billion, while it had credit loss expenses of 469 million
shekels compared with expenses of 147 million a year ago.
Hapoalim's core Tier 1 capital ratio to risk-weighted assets
was 11.01 percent, compared with 9.63 percent at the end of
The bank said it would pay a dividend of 41 million shekels,
or 30 percent of net profit, for the quarter.
($1 = 3.6180 shekels)
(Reporting by Tova Cohen; Editing by Steven Scheer)