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)
Messaging: steven.scheer.thomsonreuters.com@reuters.net;
Twitter: @StevenMScheer))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.