Discount Bank posts good results, ups dividend

Lilach Asher-Topilsky

The bank has raised its dividend distribution to 15% of net profit.

Israel Discount Bank (TASE: DSCT), headed by Lilach Asher-Topilsky, released good 2018 financials this morning, showing continued growth in business and restraint in expenses. As a result, the bank's net profit grew 19.5% in 2018to NIS 1.5 billion.

The fourth quarter was, as expected, comparatively weak, with net profit down 12.7% to NIS 324 million.

In view of its improved position, Discount Bank announced that it would raise its dividend distribution from 10% of net profit to 15%.

The bank's accelerated growth was evident in a sharp, 10.8% rise in its credit portfolio to NIS 165 billion. Growth was particularly impressive in the bank's mortgage portfolio, which rose 14% last year.

Discount Bank generally has high provisions for credit losses, but last year it managed to curb this item a little. Provisions for credit losses totaled NIS 540 million, representing 0.34% of the bank's credit portfolio.

Published by Globes, Israel business news - en.globes.co.il - on March 11, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Lilach Asher-Topilsky
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