Discount Bank profit jumps

Net profit rose 59% to NIS 263 million for the second quarter from NIS 165 million for the corresponding quarter.

Israel Discount Bank (TASE: DSCT) today reported double-digit net profit growth on higher revenue for the second quarter of 2013.

Although net interest income fell 10% to NIS 1.04 billion for the second quarter from NIS 1.15 billion for the corresponding quarter of 2012, due to a 19.5% increase in the expense for credit losses to NIS 141 million from NIS 118 million, non-interest income rose 24% to NIS 924 million from NIS 744 million.

Net profit attributable to shareholders rose 59% to NIS 263 million for the second quarter from NIS 165 million for the corresponding quarter. The return on equity rose to an annualized 9.1% for the second quarter from 6.1% for the corresponding quarter.

The capital adequacy ratio rose to 14.4% for the second quarter from 14.1% for the corresponding quarter and the core capital adequacy ratio rose to 9.1% from 8.3%.

Deposits from the public fell 1% to NIS 149.5 billion at the end of June from NIS 150.9 billion a year earlier, and credit to the public fell 3.6% to NIS 115.1 billion from NIS 119.4 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on August 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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