BREAKING NEWS

Discount Bank posts NIS 288m. third quarter profit

By KOBY YESHAYAHOU/ GLOBES

NOVEMBER 29, 2010 12:24

Israel Discount Bank, headed by Giora Offer, who will leave his post at the end of the year, released its third quarter results Monday morning. The bank posted a net profit of NIS 288 million for the quarter, representing a return on equity of 11.3 percent. In the corresponding quarter of 2009, the bank posted a profit of NIS 299 million.

Quarterly revenue from financing activities rose 0.4% to NIS 1.33 billion, while provisions for doubtful debts fell by 31.3%, to NIS 169 million.

At the end of the third quarter, Discount Bank's shareholders' equity was NIS 10.8 billion, and its overall capital adequacy ratio was 12.93%.

In the first nine months of 2010, the bank's net profit totaled NIS 589 million, representing a return on equity of 7.7%.

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