Bank Hapoalim profits leap by nearly 13 percent in 2023

7 March 2024, 9:01 am

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Illustrative: View of the Bank Hapoalim offices in the center of Tel Aviv. August 4, 2015. (Miriam Alster/Flash90)

Despite business woes stemming first from unrest around judicial overhaul plans and then the outbreak of war, Bank Hapoalim’s profits jumped by nearly 13 percent in 2023, Israel’s largest bank says.

Hapoalim reports that it netted over NIS 7.3 billion (nearly $2.1 billion at the current exchange rate) last year, up from NIS 6.5 billion ($1.8 billion) last year.

According to the bank, most of the profit was the result of higher interest rates, though it was also helped by other factors. Revenue from bank fees rose to over NIS 4 billion ($1.1 billion), up over NIS 150 million ($41 million) from a year earlier.