TEL AVIV, March 20 (Reuters) - Israel Discount Bank , Israel’s third-largest lender reported a 23 percent drop in quarterly profit that missed estimates, hurt by lower financing income.
Discount earned 169 million shekels ($46 million) in the fourth-quarter, down from 219 million a year earlier and below 188 million forecast in a Reuters poll of analysts.
Net interest income slipped 3.8 percent to 1.07 billion shekels, while the expense for credit losses was unchanged at 252 million, it said on Wednesday.
Discount’s core Tier 1 ratio of capital to risk assets rose to 8.6 percent in 2012 from 8.1 percent in 2011.
$1 = 3.69 shekels Reporting by Steven Scheer