The bank reported a 5% rise in profit in the first quarter of 2018 to NIS 319 million.
Israel Discount Bank (TASE: DSCT) is to recommence regularly distributing dividends to shareholders for the first time in more than 20 years, it said in its report for the first quarter of 2018. The bank says its policy will be to distribute 15% of profits as dividends but in this quarter will suffice with just 10% - NIS 32 million. The bank's CEO is Lilach Asher-Topilsky.
Israel Discount Bank reported a net profit of NIS 319 million for the first quarter of 2018, 5% up on the corresponding quarter of last year. Profit reflects a return on capital of 8.4%. The rise in profit is more impressive than it seems. During the first quarter of 2017, the bank realized assets worth NIS 76 million compared with just NIS 3 million in the first quarter of 2018.
Israel Discount Bank's aggressive growth is seen in the results of its credit operations. Financing revenue climbed 9.2% in the first quarter to NIS 1.3 billion and over the past 12 months the bank's credit portfolio has grown 7% to NIS 153.5 billion. The portfolio grew 3.2% in the first quarter of 2018. Income from fees in the first quarter of 2018 was over NIS 700 million, up 5.6% from the corresponding quarter of 2017 with most of the growth coming from credit card fees.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2018
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Eli Tsipori and Irit Avissar