Israel Discount Bank Q4 profit, interest income jump

Kitco Media
By Reuters
Published:
Updated:
Reuters
JERUSALEM, March 13 (Reuters) - Israel Discount Bank reported a 78% jump in fourth-quarter profit, with higher interest rates boosting financing income to more than offset higher loan default provisions. Discount, Israel's fourth-largest bank, said on Monday it earned a net 939 million shekels ($261 million) in the October-December period, up from 529 million a year earlier. Net interest income rose 51% to 2.54 billion shekels, helped by aggressive Bank of Israel rate hikes to fight inflation. Credit loss expenses for the quarter were 230 million shekels compared with income from provisions of 10 million during the same period the previous year. Discount said it would pay a quarterly dividend of 187 million shekels, or 20% of quarterly net income. ($1 = 3.5921 shekels) (Reporting by Steven Scheer Editing by Ari Rabinovitch)

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