TEL AVIV, March 28 Israel Discount Bank
reported a 142 percent rise in quarterly profit but
fell slightly short of expectations on a jump in credit loss
Discount, Israel's fourth-largest bank in terms of assets,
said on Tuesday it earned 145 million shekels ($40 million) in
the fourth quarter, up from 60 million a year earlier but below
a forecast of 148 million shekels in a Reuters poll of analysts.
Credit loss expenses were 224 million shekels in the quarter
versus 98 million a year earlier. Net interest income increased
12 percent to 1.17 billion shekels.
The bank said it was continuing an efficiency plan in which
it seeks to reduce its workforce by 1,000 by 2021. In 2016, 350
workers took advantage of a voluntary retirement programme.
Discount's core Tier 1 capital adequacy ratio, which
measures equity capital as a percentage of total risk-weighted
assets, edged up to 9.8 percent from 9.5 percent at the end of
($1 = 3.6099 shekels)
(Reporting by Steven Scheer)