November 15, 2017 / 7:26 AM / a year ago

Israel Discount Bank Q3 net profit jumps 66 pct

TEL AVIV, Nov 15 (Reuters) - Israel Discount Bank reported a 66 percent rise in third quarter net profit on Wednesday, boosted by bond sales, higher commissions and lower expenses.

Israel’s fourth-largest bank by assets said it had a net profit of 313 million shekels, up from 188 million a year earlier.

It had been forecast to earn 251 million shekels, according to Thomson Reuters I/B/E/S.

Net interest income rose 1.7 percent to 1.207 billion shekels, while operating expenses dipped 4.1 percent. The bank had credit loss expenses of 187 million shekels, compared with 141 million a year earlier.

The bank’s tier 1 capital adequacy ratio, which measures equity capital as a percentage of total risk-weighted assets, was steady at 9.8 percent. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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