Hapoalim beats expectations.

(From Jerusalem Post)

Byline: ZEV STUB

Bank Hapoalim yesterday said second quarter net profits slid 30.5 percent to NIS 223 million, from NIS 321m. a year earlier.

However, Israel's largest bank's results easily beat analysts' consensus estimate of NIS 180m.

Hapoalim's half-year profits fell at a similar pace, declining 30.9% to NIS 442m., from NIS 640m. in the first half of 2001.

The bank said it wrote off NIS 401m. for doubtful debt in the quarter, 140% more than the NIS 167m. in the second quarter of 2001. For the half, provisions for bad debt reached NIS 724m., an increase of 114.2% from NIS 338m. a year ago. It attributed the rise to the economic slowdown and the …