TEL AVIV, Israel, July 11, 2013 (GLOBE NEWSWIRE) -- Bank Hapoalim (TASE:POLI) (ADR:BKHYY), Israel's leading financial group, received regulatory approval from the Supervisor of Banks to reinstate a cash dividend to Bank Hapoalim common stock shareholders based on the Bank's capital plan. The approval enables the bank to pay a dividend on a quarterly basis.
The Bank's Board of Directors approved the first quarterly cash dividend distribution, at a rate of approximately 15% of net profit, from its first quarter 2013 earnings.
The quarterly cash dividend reflects the Bank's commitment to return value to its shareholders. It is a testament to the strength of the core banking activities and the financial performance of the Bank, while also maintaining sufficient capital and a healthy level of liquidity.
The Bank's Board of Directors declared a dividend of 7 agorot per NIS 1 par value share. The total dividend is NIS 92.2 million. The Board declared July 22, 2013 as the date of record and August 5, 2013, as the payment date.
In addition, Bank Hapoalim also announced today that the Board of Directors has revised the Bank's dividend policy. The dividend policy will now be to distribute up to 30% of net operating profit. This policy will remain in effect until the bank successfully reaches the capital targets set by the Supervisor of Banks and adopted by the Board of Directors.
About Bank Hapoalim
Bank Hapoalim is Israel's leading financial group. In Israel, the Bank Hapoalim Group has over 280 branches, regional business centers, a network of 22 business branches and specialized industry relationship managers for major corporate customers.
The Bank Hapoalim Group includes Isracard Ltd, Israel's leading credit card company as well as financial companies involved in investment banking, trust services and portfolio management.
Internationally, Bank Hapoalim operates through branches, subsidiaries and representative offices, in North and Latin America, Europe, the Far East, and Turkey. In these markets, the Bank is engaged in trade, corporate finance, private banking and retail banking.
Bank Hapoalim is the only Israeli Bank listed on both the Tel Aviv and London Stock Exchange. In addition, a Level-1 ADR is traded "over-the-counter" in New York.
For more information about Bank Hapoalim, please visit us online at www.bankhapoalim.com.