2025-05-19-Jefferies-哈波阿利姆银行（POLI）_2025年第一季度强劲的成本控制与40_的派息率_8页_133kb

Hapoalim Bank Q1 2025 Summary

Financial Performance Highlights

• Quarterly ROTE: 16.4%, driven by stronger-than-expected CPI-linked net interest income and loan growth.
• Net Interest Income (QoQ): Increase of +2% QoQ (+12% YoY), supported by asset portfolio extensions despite credit spread narrowing.
• Loan Growth: Total lending up +3% QoQ and +11% YoY, with notable strength in mortgages and medium-sized corporate loans.
• Cost Control: Opex reduced by -29% QoQ (adjusted for one-off early retirement cost), resulting in a 35% cost-income ratio.
• Asset Quality: NPL ratio down to 0.52%, with improved coverage levels.

Key Metrics and Payout

• One-time dividend and share buyback totaling NIS 250m completed, leading to a 40% payout.
• Current stock price stands at ILS55.31 per share, with a price target of ILS39.00.
• Book Value per Share remains flat YoY at approx. NIS45.
• Capital ratio CET1 dropped to 11.7%, up from preceding quarters, while operating net interest margin rose by +10bps YoY.

Outlook and Ratings

• Jefferies assigns a HOLD rating, reflecting confidence in cost management but highlighting risks tied to economic and geopolitical instability.
• Valuation based on Gordon growth model, forecasting potential stock dilution.
• Potential upside noted from unexpected interest rate hikes, but vulnerabilities include elevated risk in the volatile Israel market.