Profit fell in the first quarter to NIS 179 million from NIS 252 million in the corresponding quarter.
Israel Discount Bank (TASE: DSCT) today announced its first quarter results. The bank's net profit totaled NIS 179 million, reflecting a 5.5% return on equity, down nearly 30% compared with a NIS 252 million net profit reflecting an 8.1% return on equity in the corresponding quarter last year.
Excluding NIS 50 million for the reduction in corporate tax, a one-time event, the bank's profit was NIS 229 million, making its first quarter return on equity 7.1%.
Interest revenue grew from NIS 1.02 billion the first quarter of 2015 to NIS 1.057 billion in the first quarter of 2016, a 3.6% increase. Credit to the public was up 6.1% to NIS 129 billion. Retail credit (households and small businesses) rose 9.3%, compared with the corresponding quarter last year.
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2016
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Discount Bank