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Record results for Discount Bank: Triple profit in 9 months
The bank managed by Uri Levin achieved a profit of NIS 2.2 billion and a return on equity of 15.2% in the first nine months of the year.
Will pay a dividend of NIS 144 million for third quarter profits
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Uri Levin
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Tuesday, 23 November 2021, 08:30 Updated: 08:36
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Discount Bank published its reports for the third quarter of 2021 this morning and presented record profits.
The Bank's net profit in the third quarter amounted to NIS 722 million, compared with NIS 258 million in the third quarter of 2020, an increase of 180%.
In the first nine months of 2021, net profit amounted to NIS 2.24 billion, compared with NIS 711 million in the corresponding period last year, an increase of 216%.
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To the full article
Uri Levin, CEO of the Discount Group: "Uncompromising implementation of the multi-year strategic plan" (Photo: PR)
Dividends will increase from 15% to 20%
The return on equity at Discount reached 14.5% in the third quarter of 2021, compared with 5.5% in the corresponding quarter last year. In the first nine months of 2021, the return on capital reached 15.2%, compared with 5.0% in the corresponding period last year.
Net credit to the public - amounted to NIS 204 billion on September 30, 2021, compared to NIS 189 billion at the end of 2020, an increase of 8.0%. Compared to the end of 2020, credit to medium-sized businesses increased by 11.8% and housing credit (mortgages) increased 18.0%. in the third quarter of 2021. Loans to the public increased
by 2.4%. housing credit (mortgages) grew in this period by 6.8% and medium sized business credit by 1.4%.
the Bank announced it would distribute a dividend and the dividend rate increases to -20% of current profits (compared to 15% in the past). The Bank will now distribute a dividend of NIS 144 million for the profits of the third quarter of 2021.
Uri Levin, CEO of the Discount Group
He said: "The Discount Group is recording record results in the first three quarters of the year, which is reflected in a sharp increase in profitability and return on capital, while strong, focused and responsible growth alongside constant expenditure restraint. The group's performance is a direct result of the uncompromising "And we are committed to continuing on this path."
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