Israel’s major banks published their financial statements for the second quarter of 2023 on Monday, and it’s good news all over the place: thanks to the sharp interest rate increases by the Bank of Israel, Bank Hapoalim earned NIS 1.992 billion ($530 million) in the second quarter, a jump of about 43% compared to the same quarter last year.
The bank’s income from interest in the second quarter of this year reached approximately NIS 4.3 billion ($1.15 billion), a jump of approximately 35% in interest income compared to the same quarter last year. The bank will distribute a dividend to its shareholders in the amount of NIS 769 million ($206 million).
Bank Discount earned about NIS 1.2 billion ($320 million) in the second quarter of this year, a jump of 75% compared to the same quarter last year. The bank’s income from interest in the second quarter reached approximately NIS 2.9 billion ($780 million), a 41% jump compared to the same period last year. The bank will distribute a dividend of NIS 356 million ($95.3 million).
It appears that the profits of Israel’s entire banking system will amount to NIS 7 billion ($1.87 billion) this quarter. It’s an increase compared to the first quarter, and a dizzying jump compared to the second quarter of 2022. As a result, the banks’ profits for the first half of 2023 will amount to about NIS 13 billion ($3.48 billion), the highest profit ever recorded.
The reports are affected first and foremost by the jump in interest profits, as well as by adjusting the results to the rising inflation.
They get you coming and going.
