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    DSCT   IL0006912120

ISRAEL DISCOUNT BANK LIMITED

(DSCT)
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Israel Discount Bank Q2 profit rises, ready to resume dividends

08/16/2021 | 02:35am EDT

JERUSALEM, Aug 16 (Reuters) - Israel Discount Bank reported a higher-than-expected gain in quarterly profit as the country's economy continued to recover from the coronavirus crisis, allowing it to gradually unwind large loan default provisions made last year.

Israel's fourth-largest bank by assets said on Monday it earned 860 million shekels ($267.5 million) in the second quarter, compared with 174 million a year earlier and above a forecast of 651 million shekels in a Reuters poll of analysts.

Discount posted income for credit losses of 410 million shekels, up from 147 million shekels in the first quarter, when a successful vaccination campaign allowed Israel to begin to emerge from lockdowns, and versus second quarter 2020 credit loss expenses of 532 million shekels.

Net interest income grew 15.2% to 1.69 billion shekels from a year earlier.

Discount said it planned to resume a 20% dividend payment on ongoing profits when the country's banking regulator lifts restrictions on payouts, presuming no further limitations will be set.

The ban on dividends, which came at the outset of the pandemic, is set to expire at the end of September, although it could be extended.

On the back of improved capital ratios, the Bank of Israel has allowed one-time dividends of up to 30% of 2020 net profit.

Larger rivals Hapoalim and Leumi have announced plans to pay a special dividend but Discount has so far opted against one.

Discount's gross credit balance surpassed 200 billion shekels for the first time, driven mainly by its core banking business and with loan book growth of 8.3% over the past year.

Its Tier 1 capital ratio rose to 10.28% at the end of June from 10.08% at the end of the second quarter of 2020. ($1 = 3.2149 shekels) (Reporting by Steven Scheer; Editing by Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK HAPOALIM B.M. -0.46% 3019 Delayed Quote.37.93%
BANK LEUMI LE- ISRAEL B.M. -0.14% 2896 Delayed Quote.53.44%
ISRAEL DISCOUNT BANK LIMITED -0.54% 1841 Delayed Quote.49.76%
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Financials
Sales 2021 10 088 M 3 142 M 3 142 M
Net income 2021 2 580 M 803 M 803 M
Net Debt 2021 - - -
P/E ratio 2021 8,19x
Yield 2021 0,81%
Capitalization 21 546 M 6 690 M 6 710 M
Capi. / Sales 2021 2,14x
Capi. / Sales 2022 2,01x
Nbr of Employees 8 027
Free-Float 100,0%
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Number of Analysts 5
Last Close Price 18,51 ILS
Average target price 20,46 ILS
Spread / Average Target 10,5%
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Managers and Directors
Uri Levin Chief Executive Officer
Barak Nardi Chief Financial Officer & Executive Vice President
Shaul Kobrinsky Chairman
Adi Kaplan Deputy Chief Executive Officer & Head-Technology
Assaf Eldar Executive Vice President, Head-Operations & Assets