Discount Bank reports Q3 profit up 179%

Discount Bank credit: Cadya Levy

The bank's annualized return on equity in the quarter was 14.5%.

Like Israel's other main banks, Discount Bank posted a vastly improved profit in the third quarter of this year compared with last. Discount Bank reported a NIS 722 million net profit for the third quarter this morning. This compares with a profit of NIS 258 million for the third quarter of 2020, representing a 179% increase.

The bank's annualized return on equity for the third quarter of this year was 14.5%, which compares with 5.5% in the corresponding quarter of 2020.

Interest income in the third quarter this year totaled NIS 1.7 billion, up 12.3% in comparison with the corresponding quarter.

Discount Group CEO Uri Levin said, "In the first three quarters of this year, The Discount Group has posted record results, with sharp rises in profitability and return on equity, amid strong, focused and responsible growth while constantly restraining expenses. The group's performance is a direct result of the uncompromising implementation of the multi-year strategic plan, and we are committed to continuing on this path."

Published by Globes, Israel business news - en.globes.co.il - on November 23, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Discount Bank credit: Cadya Levy
Discount Bank credit: Cadya Levy
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