Israel Discount Bank (TASE: DSCT) reported a sharp rise in net profit to NIS 313 million in its financial results for the third quarter of 2017, up from NIS 188 million in the corresponding quarter of 2016. Return on equity was 8.6% at the end of the third quarter compared with 7.5% in the preceding quarter and 5.5% in the corresponding quarter of 2016.
Revenue for the third quarter of 2017 was NIS 2.107 billion of which NIS 1.207 billion was from interest.
Credit to the public at the end of the quarter was NIS 148.94 billion, up 6.9% from the corresponding quarter of 2016. Deposits by the public totaled NIS 173.35 billion.
Discount Bank CEO Lilach Asher-Topilsky said, "Our subsidiaries continue to grow and present a major contribution to our profit line while focusing on core activities and adjusting to the development in Israel's financial sector. CAL recently signed new agreements that will allow it to continue growing and consolidating its competitive position in the credit card market Discount Capital continues to present high results, influence mainly by the maturity of its investments and the constant development of underwriting activities."
She added, "We are currently working on our plans for the coming year, which will focus on developing and implementing tools and services that aim to further upgrade the service experience with an emphasis on improving the availability and connection with our customers in a range of channels. Alongside this, we will continue to develop innovative banking services in collaboration with fintech companies."
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2017
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