Israel's Bank Hapoalim Q1 profit jumps on reversal of loan loss provision

JERUSALEM, May 13 (Reuters) - Bank Hapoalim, Israel’s largest lender, reported a higher than expected jump in quarterly profit, boosted by a reversal of provisions to protect against loan defaults.

Hapoalim said on Thursday it earned 1.354 billion shekels ($412 million) in the January-March period, compared with a 192 million shekel profit in the first quarter of 2020.

Net interest income gained to 2.23 billion shekels from 2.19 billion a year earlier, while it had income for credit losses of 508 million shekels after posting provisions for loan losses of 809 million in the first three months of 2020.

$1 = 3.2874 shekels Reporting by Steven Scheer; Editing by Jacqueline Wong