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Summarizes the year 2020 with good results. These results were written on the wall and we have explained this over and over again over the past year. Conversations with analysts, with bank managers themselves and with the Treasury, led us to estimate that the Corona’s impact on banks would not be fatal. We wrote this even when the banks’ shares were sold without a break, even when the capital multiplier fell to 0.6 (the market value of the shares of equity). No one will predict, but it’s a matter of probability, and the odds were in favor of bank shares. Since then these stocks have jumped 40% -50% from the low within 4-5 months. Banks have been hit by the corona, but at the same time they have become more efficient than expected (including accelerating layoffs / departures) and becoming more digital. They are prepared to go back and increase profits. There are no small threats – the superpowers of technology and digital banking are competitors that can be tough. But when the Supervisor of Banks oversees that the profitability of the banks is high, it is likely that the banks can sleep peacefully (relatively). However, after the jump in stocks, investing in them is no longer a crazy opportunity.
And back to the workers, The Bank reports a net profit of NIS 915 million in the fourth quarter of 2020, compared with a profit of NIS 359 million in the corresponding quarter last year (excluding the provision due to US investigations) and concludes the year with a net profit of NIS 2.06 billion, compared to NIS 1.8 billion in 2019, reflecting a return on equity of 5.3% (Compared to 4.6% in the previous year). According to the Bank, the increase in profit was mainly due to the recording of extraordinary expenses in the previous year due to the provision in connection with the investigation of the Bank Group’s business with American customers and the legal expenses involved. But in addition, the reason is no less also because of efficiency and reduction of employees.
The provision rate for credit losses from credit to the public amounted to 2% in 2020, compared with 1.58% in 2019. Expenditure amounted to NIS 1.94 billion, compared with NIS 1.28 billion in 2019.
Total credit to the public amounted to NIS 301.8 billion, compared with NIS 292.9 billion at the end of 2019, an increase of 3%. Of this, housing credit granted by the Bank to mortgage borrowers increased by 10.5% to NIS 98.7 billion, commercial credit increased by 5.4% to NIS 42.3 billion, and public credit increased by 3%.
Excluding the extraordinary expenses due to the US authorities’ investigation, the bank’s profit amounted to NIS 2.2 billion, compared with NIS 2.8 billion in 2019. The decrease in profit was mainly due to an increase in expenses for group credit losses following the corona.
The public’s “cash rush” can be seen following the corona, with public deposits rising to NIS 435 billion compared to NIS 362 billion in 2019, an increase of 20.3%Of all these deposits, most of the increase (approximately NIS 40 billion) came from private customers, with deposits of private customers in Israel totaling NIS 218.5 billion, compared with NIS 188.8 billion at the end of 2019, an increase of 15.7%. The problem is that the public always runs away from falls and returns to investing only after the ‘situation has calmed down’ and the stock markets have already climbed by tens of percent. Then there will be falls again, again the public will run away and lose their money. Thus in effect the public loses the rises again and again and does not realize that it is difficult to impossible to time the market.
Financing income from the Bank’s current operations amounted to NIS 9.4 billion, compared with NIS 9.76 billion last year. Commissions and other income in 2020 amounted to NIS 3.291 billion, a decrease of 1.2% compared to the previous year, due to a decrease in income from account management fees and income from credit cards.
The Bank’s CEO, Dov Kotler: “Despite the challenging year, we continued to show high financial soundness, we increased our credit portfolio in leading credit for housing and commercial credit while adapting to the latest developments, we continued to promote the bank’s efficiency program, entered the digital wallet world and developed new partnerships.” And in Bahrain. At the organizational level, we streamlined and shortened processes, we were goal-oriented and we adopted a new organizational culture that is suitable for the challenges of today’s banking world. ”
As you may recall, Poalim entered the world of digital wallets last month using a bit wallet, for customers of all banks so that you can pay directly from your mobile, even when making a purchase transaction at businesses without the need to present the credit card, and the bitcard credit card.
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10.
Do everything they will not lose ..
one
11/03/2021 20:45
0
0Protecting banks as if they were gatekeepers … robbing customers as if there is no tomorrow and they are afraid of losing as if tomorrow will be a crisis that will break them down
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9.
It’s because they got under the stretcher
Virtual Tycoon
11/03/2021 16:09
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0They went under the stretcher of money and did not see the little citizen from the rain, since the corona the pigs’ banks have grown even more
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8.
Enjoy at the expense of the junior employee
Breast
11/03/2021 12:02
2
0Who wants to make a decent living and is not given
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7.
A bank that earns about NIS 1 billion in one quarter?
Earn
11/03/2021 12:00
2
0How does it sound normative in our country that a bank earns no less a net profit of about a billion NIS in one quarter !!!? Unimaginable … Where do the profits come from? A net profit for one quarter (fucking 3 months) is completely above and beyond a company like a bank … beyond that … a wild exaggeration
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6.
Banks oppress customers
Michael
11/03/2021 11:19
2
0The position of PKM will receive interest of less than 0: 1 percent. The borrower will pay Prime Plus 2 another 3 percent. Is this a robbery given by the government to the banks?
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5.
Banks are good business
The veteran investor
11/03/2021 10:48
2
0Despite the corona giving good reports, it was only a matter of time before the banks came back to themselves. These businesses know on average to produce about 10% return on capital in a zero interest rate environment, a business that knows how to do that is a good business. Banks are working hard for digital, there seems to be a further reduction in employees and efficiency. Are still in good pricing.
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4.
The abusers
anonymous
11/03/2021 09:08
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0Banks’ abuse of citizens. (It’s factories) that produce nothing and nothing but huge profits over the years. Abusers of people close branches in large neighborhoods. Older people and the hardships of the day are directed to take buses or taxis to city centers for service. And all their efficiencies citizens do not enjoy it. The opposite is just huge profits. There is no factory or company in the country that earns 10 percent of what these robbers sweep every quarter. Not even in relation to banks abroad
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3.
The abusers
Probably earning. Closing and closing branches are abusing people
11/03/2021 08:56
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0Probably earning. Closing and closing branches are abusing people. Closing the branches in the big neighborhoods directs older people to get to city centers if it is in a mono
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The abusers (LT)
anonymous
11/03/2021 08:54
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1.
Banks it bites bite
Suckers will wake up
11/03/2021 08:44
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0Profit on capital 5.4 Your deposit -4 … This is how the bank robs you of your money. Keep cash Buy gold Money Oil shares Do not let the bank make a profit.
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