TEL AVIV, May 16 (Reuters) - Israel Discount Bank said on Thursday its quarterly net profit jumped 27 percent, reporting a rise in net interest income that stemmed from growth in its credit portfolio.
Israel’s fourth-largest bank by assets said it earned 405 million shekels ($113 million) in the first quarter, up from 319 million a year earlier.
Excluding one-time items, net profit was also up 27 percent to 414 million shekels.
Discount said it would pay a dividend of 60.75 million shekels. As of late last year, the bank increased its dividend rate to 15 percent of profit from 10 percent.
Net interest income before credit loss expenses rose 11.5 percent to 1.421 billion shekels while credit loss expenses increased to 141 million shekels from 112.
The bank’s tier 1 capital adequacy ratio, which measures equity capital as a percentage of total risk-weighted assets, edged lower to 10.17 percent from 10.24 percent at the end of 2018.
$1 = 3.5744 shekels Reporting by Ari Rabinovitch Editing by Steven Scheer