Israel Discount Bank 2023 profit up 20%

Israel Discount Bank 2023 profit up 20%

Israel Discount Bank (TASE: DSCT) has reported net profit of NIS 4.2 billion for 2023, up 19.9% from NIS 3.5 billion in 2022.

The bank’s board of directors has decided to distribute a dividend of 20% of the profits in the fourth quarter amounting to NIS 184 million.

Return on equity in 2023 was 15.7% compared with 15.1% in 2022 and return on equity in the fourth quarter of 2023 was 13.2% compared with 15.4% in the corresponding quarter of 2022 and 12% in the preceding quarter.

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Israel Discount Bank’s revenue totaled NIS 16.1 billion in 2023, up 24.2% from NIS 12.9 billion in 2022.

Expenditure related to credit losses in 2023 was NIS 1.5 billion compared with NIs 407 million in 2022 with the proportion of expenditure for credit losses in 2023 standing at 0.59%.

In the fourth quarter of 2023 expenditure related to credit losses was NIS 390 million compared with NIS 230 million in the fourth quarter of 2022 and NIS 596 million in the preceding quarter.

The bank decided to increase the amount set aside in the third and fourth quarters of 2023, in order to reflect the increase in estimated credit losses for the period from borrowers affected by the crisis but who have not yet been identified. The increase stems, mainly, from the consequences of the war, and in particular from an increase in the group provision for credit losses which amounted to NIS 1.2 billion.

In the fourth quarter of 2023, net profit amounted to NIS 919 million, down 2.1% compared with NIS 939 million in the corresponding quarter last year. In the fourth quarter of 2023, revenue amounted to NIS 3.8 billion, up 3.7% compared with NIS 3.7 billion in the corresponding quarter of 2022.

Published by Globes, Israel business news – en.globes.co.il – on March 11, 2024.

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

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