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Uri Levin with a record quarter for Discount: NIS 860 million profit and return on equity of 18.3%

Discount Bank, managed by Uri Levin, posted a record profit in the second quarter.

The Bank notes that in the environment of provisions for credit losses at rates before the crisis, the return on equity was 10.6% in the first half.

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Monday, 16 August 2021, 09:10 Updated: 09:23

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Uri Levin, CEO of the Discount Group, presented a very strong report this morning for the second quarter of the year. The bank recorded a profit of NIS 860 million compared to the profit in the corresponding quarter last year, which amounted to NIS 174 million. compared with 3.7% last year.

Discount income item recorded credit losses amounting to NIS 410 million in the second quarter, compared with an expense of $ 532 million in the corresponding period last year. Discount presented an analysis which shows that if the provision for credit losses of the Bank in -2021 were accepted before the crisis lessons Corona (average rate of 0.37% in 2016-2019), the return on equity of the net profit would have amounted to 10.1% in the second quarter and 10.6% in the first half of the year.

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Uri Levin, CEO of the Discount Group: "The Bank has also proven this quarter to be a key factor in encouraging competition in the financial system" (Photo: PR)

"Uncompromising Implementation of the Strategic Plan"

At the same time, Discount's credit portfolio continues to grow and recorded an increase of 5.4%.

Compared to the end of 2020, credit to medium-sized businesses increased by 10.2% and the mortgage portfolio increased by 10.5%.

Discount announced that the bank will later return a dividend at a rate of 20% of current profits.

Uri Levin, CEO of the Discount Group,

said: “The Discount Group is showing record profits in the second quarter of 2021.

"The Bank has also demonstrated this quarter that it is a key player in encouraging competition in the financial system and its commitment to the uncompromising implementation of the multi-year strategic plan, while responsible and controlled growth in the credit portfolio, with an emphasis on the Bank's strategic focus areas."

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