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

Joseph Dickerson * | Equity Analyst44 (0) 20 7029 8309 | jdickerson@jefferies.comPriya Rathod ^ | Equity Associate+44 (0) 20 7029 8020 | prathod@jefferies.comILS55.31^ILS39.00 | -29%ILS57.54 - ILS32.20FLOAT (%) | ADV MM (USD)93.0% | 53.90ILS74.0B | $20.8B^Prior trading day's closing price unless otherwiseQoQYoY+2%+12%+6%+11%+21%+12%-29%-2%+95%+21%-25%-1,971%+46%+12%+56%+25%+3%+11%-1%+5%+56%+25%-11%+0%+710bps+310bps+60bps+10bps-10bps+20bps-2,460ppts-500ppts-10bps-40bpsExhibit 2 - Lending by segmentsQoQYoY+2%+7%+2%+8%+1%+4%+4%-8%+1%+5%+3%+12%+1%+8%+6%+12%+3%+14%-4%-4%+3%+10%+5%+17%+3%+11%+3%+11%Equity ResearchMay 19, 2025 Exhibit 3 - POLI variance table.POLI Quarterly VariancePnL [stat] (NISm)Net Interest IncomeNon-Interest IncomeTotal incomeSalaries and relatedOther ExpensesTotal OpexPPOPCredit impairmentsPBTAttributable ProfitBalance SheetLoansDepositsRWAsPer ShareEPS [stat]TBVPSDPS (ordinary) [declared]Banking RatiosROTE % [stat]NIM [Lending ex CPI] %Cost of RiskCost Income [stat]CET1 % [transitional]Lending by SegmentHouseholds- Mortgages- Cards- OtherPrivate BankingCorporate Banking- Small- Medium- LargeInstitutionalTotal DomesticInternationalGross LoansBS ProvisionsNet LoansSource: Company reports, JefferiesPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionHapoalimBank Hapoalim engages in the provision of private and corporate banking services to its clients through a network of branches in Israel, direct banking,and online banking.Company Valuation/RisksHapoalimIn terms of valuation methodology, we settle on a Gordon growth framework using ROTE and cost of equity on a 2025E basis, as well as the discountedvalue of dividend payments. The two primary risks for Israeli banks are: 1) any factor that impacts management’s ability to execute on efficiencyimprovement (primarily headcount and digital), and 2) a downturn in the domestic economy. In terms of our constructive ratings, any geopoliticaldisruption could lead investors to demand greater compensation per unit of risk and drive cost of equity higher for these names, dampening theoutlook even in the absence of earnings changes. Potential upside risks include greater rate hikes than expected by the Bank of Israel.Analyst Certification:I, Joseph Dickerson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Priya Rathod, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Joseph Dickerson is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Priya Rathod is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expe