The bank said it expects a loss in the fourth quarter of 2008, but estimates that for the full year it will report a profit.
Israel Discount Bank (TASE: DSCT) has become the latest Israeli bank to warn of fourth quarter losses.
In a notice to the Tel Aviv Stock Exchange (TASE), the bank said it expects a loss of NIS 70-120 million in the fourth quarter of 2008. It estimates that for the full year of 2008 it will report a profit of NIS 250-300 milion.
The bank expects to increase its provisions for doubtful debts, and to reduce the value of its real holdings as well as subsidiaries.
Discount Bank's share fell 3.2% in early trading on the TASE today to NIS 2.70, as part of a general market drop.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2009
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