Discount Bank’s Q2 profit declines

Discount Bank, Israel’s fourth-largest bank, reported a 12.6% drop in second-quarter profits compared to the second quarter of 2023, to NIS 1.04 billion. Return on equity for the quarter was 14.1% year-on-year, down from 18.1% in the corresponding quarter.

The bank allocated provisions for credit losses in the second quarter of 2024 of NIS 258 million, down from NIS 312 million in the corresponding quarter. The bank said, “The provision is more conservative due to the complex period in which the credit was granted. The credit loss expense ratio was 0.38% in the second quarter of 2024.”







Discount Bank announced a dividend distribution of 30% of its second-quarter profits, a lower percentage than the dividends of Bank Leumi, Bank Hapoalim and Mizrahi Tefahot, which distribute 40% of their profits (in the case of Leumi and Hapoalim, partly in the form of a share buyback program).

Discount Bank’s net interest income decreased by 3% in the second quarter of this year compared to the previous quarter, to NIS 2.85 billion. Net credit to the public at the end of the second quarter amounted to NIS 268 billion, an increase of 6% compared to the end of the previous quarter.

This article was published in Globes, Israeli Business News – en.globes.co.il – on August 15, 2024.

© Copyright Globes Publisher Itonut (1983) Ltd., 2024.


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