80OA Qnb Fin 35

    RNS Number : 4033G
  Bank Hapoalim B.M.
  22 October 2008
   

    Head Office
    63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
    Tel: 972-3-5673800; Fax: 972-3-5674576

    Date: October 13, 2008
    Reference: 802/08

 To:    The London Stock Exchange

    Dear Sir or Madam, 

 
RE:    Immediate Report
 
In accordance with the Securities (Periodic and Immediate Reports) Regulations, 5730-1970, Bank Hapoalim B.M. (hereinafter: *the Bank*)
respectfully advises as follows:
 
1.       In the light of the financial crisis which is sweeping across the world and its effect on the financial and economic systems
including in Israel, and in view of the collapse of the investment bank Lehman Brothers (see the Bank*s immediate report of 15th September,
2008) and in view of further actions taken by the Bank in order to reduce exposures, the Bank foresees that it will not realize in the year
2008 the forward-looking forecasts of the return of net profit on equity which was the subject of the immediate report of 21st May, 2008.
 
2.       According to revised assessments of the Bank, on the basis of data presently to hand, the total net profit for the last two
quarters of 2008 is expected to be in the region of over NIS 1 billion.
Therefore, according to the data which the Bank now has, the return of net profit on equity for the year 2008 is expected to be in the
region of between 2% to 0%, and its annual return on current activities, bearing in mind the exceptional losses in the first quarter when
investments in asset-backed securities were written off, is expected to be negative - between (-3)% and (-1)%.
The Bank is the only bank in Israel which in keeping with the policy of the Board of Directors, has for years published at the beginning of
each year its targeted return on equity, with a view to maintaining proper transparency and to providing up-to-date information to the
public in accordance with the data in its possession from time to time. It naturally follows that publication of these forecasts constitutes
forward-looking information.
 
3.       There is a possibility that the actual developments in the financial world, and decisions which the Bank may take in connection
with its business activities, may bring about a different result from that which it presently foresees.
 
4.       In addition it should be taken into account that the work plans of the Bank are based primarily on a number of assumptions
published under the heading *Strategic Plan* of the Board of Directors Report, which forms part of the Annual Report of the Bank for the
year 2007 (pages 36-39 of the Report) and under the heading *Strategic Plan* of the Board of Directors Report, which forms part of the half
yearly financial statements of the Bank as at 30th June, 2008 (pages 71-73 of the Report) and that even the factors mentioned in the
aforesaid Reports may lead to different developments from those presently envisaged.
 
    .


    Yours faithfully,

    Bank Hapoalim B.M.
    ( - )                    ( - )

        Ofer Levy            Yoram Weissbrem
     Chief Accountant         Secretary of
  Senior Deputy Managing        the Bank
         Director          


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