Israel Discount Bank (TASE: DSCT), headed by CEO Lilach Asher-Topilsky, reported its second quarter 2017 results this morning. The bank posted a net profit of NIS 276 million for the quarter, representing a rise of 14% in comparison with the second quarter of 2016. The bank's return on equity was 7.6%, which compares with 7.4% in the corresponding quarter.
These results are after excluding one-time events: profit from the sale of shares in Visa Europe, a legal expense in Cal Israel Credit Cards Ltd. (in which Discount Bank has a 72% stake), and the effects of changes in taxation. Including these items, second quarter net profit was NIS 272 million.
Net interest income in the quarter was NIS 1.3 billion, which compares with NIS 1.15 billion in the corresponding quarter, representing a rise of 13%. The credit loss expense shot up to NIS 211 million, 2.6 times the NIS 58 million for this item in the corresponding quarter.
Net credit to the public grew 8.4% to NIS 144 billion. The bank's efficiency ratio improved to 67.9% from 76.5% at the end of the second quarter of 2016.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2017
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