Business & Economics

Discount Bank Q2 profit jumps 29%

Israel Discount Bank (TASE: DSCT) reported record profit for the second quarter of 2019 in its financial statement today. Second quarter profit was NIS 545 million, up 29% from NIS 423 million in the second quarter of 2018. Profit reflects return on capital of 12.8% compared with 11% in the corresponding quarter of 2018.

Discount will distribute a dividend of 15% of the net profit.

The bank’s revenue from interest in the second quarter was NIS 1.6 billion, up 12.3% from the corresponding quarter of 2018. On the other hand expenses rose 5.3%.

Deposits from the public rose 5.2% compared with the corresponding quarter of 2018. The bank’s credit portfolio continued to grow, totaling NIS 172.2 billion at the end of the second quarter of 2019, up 10.1% compared with the end of the corresponding quarter of 2018.

In June, Discount Bank CEO Lilach Asher-Topilsky unexpectedly announced this that she is stepping down. She is being replaced by Uri Levin.

Published by Globes, Israel business news – en.globes.co.il – on August 14, 2019

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

Article source: https://www.globes.co.il/en/article-1001297202

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