Discount Bank's Q2 profit declines

Discount Bank CEO Avi Levi  credit: Israel Hadari
Discount Bank CEO Avi Levi credit: Israel Hadari

Israel's fourth largest bank posted a drop of 12.6% in its second quarter profit, in comparison with the second quarter of 2023, to NIS 1.04 billion.

Discount Bank, Israel’s fourth largest bank, reports a drop of 12.6% in its second quarter profit, in comparison with the second quarter of 2023, to NIS 1.04 billion. Return on equity for the quarter was an annualized 14.1%, down from 18.1% in the corresponding quarter.

The bank made provisions for credit losses in the quarter totalling NIS 258 million, down from NIS 312 million in the corresponding quarter. "The provision is more conservative because of the complicated period in which the credit was given. The proportion of the credit loss expense was 0.38% in the second quarter of 2024," the bank said.

Discount Bank has declared a dividend of 30% of its profit for the second quarter, a lower percentage than the distributions of Bank Leumi, Bank Hapoalim, and Mizrahi Tefahot Bank, which are distributing 40% of their profits (in the cases of Leumi and Hapoalim, partly in the form of a share buyback program).

Discount Bank’s net interest income fell by 3% in the second quarter of this year in comparison with the corresponding quarter, to NIS 2.85 billion. Net credit to the public at the end of the second quarter was NIS 268 billion, 6% more than at the end of the corresponding quarter.

Published by Globes, Israel business news - en.globes.co.il - on August 15, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Discount Bank CEO Avi Levi  credit: Israel Hadari
Discount Bank CEO Avi Levi credit: Israel Hadari
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018