Israel Discount Bank (TASE: DSCT), headed by Lilach Asher-Topilsky,reported impressive second quarter results this morning. The bank posted a net profit of NIS 393 million for the quarter, which compares with NIS 270 million in the corresponding quarter of 2015, representing a rise of 45.6%.
The bank's net return on equity in the quarter was 12.3%. Excluding the effect of the profit on the sale of Discount Bank's rights in Visa Europe and a provision at credit card unit Cal-Israel Credit Cards Ltd., return on equity was 7.4%.
Credit to the public at the end of the second quarter of 2016 was up 10.7% in comparison with the end of the second quarter of 2015. Retail credit (to households and small businesses) was up 11.4% in comparison with the end of the second quarter of 2015.
Housing loans rose 13% compared with the corresponding quarter. Net interest income in the second quarter of 2016 was up 5.5% in comparison with the corresponding quarter.
Operating expenses were down 1% in comparison with the corresponding quarter. The bank's capital totaled NIS 14.2 billion at the end of the second quarter of 2016, up 5.4% in comparison with the corresponding quarter.
Discount Bank's tier one capital adequacy ratio was 9.5% at the end of the second quarter of 2016. Its liquidity coverage ratio was 133.9% and its leverage ratio was 6.5%.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016