Hapoalim tops Leumi as largest real estate lender

Bank Hapoalim has overtaken Bank Leumi as the largest lender to real estate in the first half of the year. At the same time, banks faced increasing competition as lenders and real estate companies turned to the stock market for money, issuing bonds at better terms than the banks were offering for credit. The banks also saw a sharp drop in doubtful debts in the real estate sector. Bank Hapoalim posted a profit of NIS 119 million on real estate activity in the first half of 2007, up nearly six-fold on the NIS 20 million posted in the first half of 2006. The bank’s revenue from real estate activity rose 13% to NIS 359 million in the first half from NIS 317 million in the corresponding period.