November 15, 2018 / 6:44 AM / a month ago

Israel Discount Bank Q3 profit up 40 percent

JERUSALEM, Nov 15 (Reuters) - Israel Discount Bank reported a higher-than-expected 40 percent rise in quarterly net profit, boosted by a jump in interest income and a drop in credit loss provisions.

Israel’s fourth-largest bank by assets said on Thursday it earned 439 million shekels ($119 million) in the third quarter, up from 313 million a year earlier. Analysts on average forecast a net profit of 369 million shekels, according to a Reuters poll.

Discount said it would pay a dividend of 44 million shekels, equal to 10 percent of third-quarter net profit.

Net interest income before credit loss expenses rose 17 percent to 1.41 billion shekels while credit loss expenses decreased 34 percent to 123 million shekels.

The bank’s tier 1 capital adequacy ratio, which measures equity capital as a percentage of total risk-weighted assets, edged higher to 10.02 percent from 10.0 percent at the end of 2017.

$1 = 3.6876 shekels Reporting by Steven Scheer; Editing by Tova Cohen

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