December 27, 2017 / 8:10 AM / 3 months ago

Israel Discount Bank to start paying dividend in 2018

TEL AVIV, Dec 27 (Reuters) - Israel Discount Bank, the country’s fourth largest bank by assets, said on Wednesday its board authorised a policy to pay dividends of up to 15 percent of net profit starting in the first quarter of 2018.

The bank’s new dividend policy was adopted after the bank complied with capital adequacy requirements and received approval from the Bank of Israel’s supervisor of banks.

The bank said this new policy was not a commitment to distribute a dividend and each quarterly distribution will require board approval.

Israel’s banks ceased paying dividends six years ago in the wake of the global financial crisis. Discount is the last to renew a dividend policy with the other top banks already distributing dividends. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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