TEL AVIV, May 30 (Reuters) - Bank Hapoalim, Israel’s largest lender, reported a decline in quarterly net profit due to a drop in financing income and fees as well as slightly higher expenses.
Hapoalim said on Thursday its first-quarter net profit fell to 621 million shekels ($168 million) from 659 million a year earlier, slightly below expectations of 629 million shekels in a Reuters poll of analysts.
Net financing income fell to 2.06 billion shekels from 2.15 billion, while credit loss charges declined to 257 million shekels from 303 million. The bank was expected by analysts to post net financing income of 2.02 billion shekels and credit loss charges of 274 million.
Operating expenses edged up to 2.14 billion shekels from 2.1 billion.
Hapoalim’s core Tier 1 capital ratio to risk-weighted assets rose to 9.1 percent at the end of the quarter from 8.9 percent at the end of 2012.
$1 = 3.69 shekels Reporting by Tova Cohen