Uri Levin brings Discount to the highest profit in its history
Discount recorded a net profit of NIS 2.77 billion in 2021 and will continue to distribute dividends.
The bank has set ambitious targets for 2025 and has unveiled for the first time the data usage of the Facebook app
Walla!
Of money
09/03/2022
Wednesday, 09 March 2022, 08:24 Updated: 08:30
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Discount Bank published this morning its financial report for 2021 and presented the largest profit in its history.
The bank under the management of Uri Levin presented a profit of NIS 2.77 billion in the previous year, an increase of 184.4% compared to the profit in 2020. The bank continues to distribute a dividend of 20% of the quarter's profits, in accordance with the policy it set.
The Bank's return on equity reached 13.6% in 2021, compared with 5.1% in 2020. Discount presented a figure according to which expenses for credit losses in 2021 were at rates prevailing before the corona crisis (average rate of 0.37% in 2016-2019), and after deducting sharp expenses Twice, the return on equity in 2021 would have been 10.1%.
Discount Capital - the bank's direct investment and underwriting arm - managed by Hila Chaimi - recorded a net profit of NIS 212 million last year.
This morning, Discount unveiled ambitious targets for 2025 - a return on capital that will exceed 12.5%, a net profit of NIS 3.5 billion and an efficiency ratio of less than 55%.
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Discount CEO, Uri Levin, against the background of the group's logo. Concludes an excellent year (Photo: Jerusalem Post)
Results that reflect the proven ability of the team
Two other interesting data that appear in the report are the first exposure of the users' data on Facebook: Discount finds that the volume of users who added means of payment increased in 2621 by 26% to 1.6 million, that the number of active customers grew by 32% to 1.0 million and that the turnover Mercury jumped by 60% to a total of about NIS 3.2 billion.
Discount also reveals that the number of people joining the bank is 2.4 times greater than the number of customers who left who moved to other banks as part of the transfer of accounts.
Discount's public credit portfolio on December 31, 2021 amounted to NIS 213 billion, compared with NIS 189 billion at the end of 2020, an increase of 12.9%. Credit for housing (mortgages) alone increased by 26.5%.
Shaul Kobrinsky, Chairman Discount Board of Directors
He said: "The Discount Group is today publishing impressive results that reflect its resilience and strength. This year we have continued to work to implement the multi-year strategic plan and implemented a number of important moves.
Uri Levin, CEO of the Discount Group
, said: “Discount's record results in 2021 reflect the proven ability of the Group and its employees to lead extraordinary changes in the banking system, while focusing on the customer and creating real competition.
"The group's impressive performance in recent years gives us full confidence in our ability to further accelerate the growth rate and meet the ambitious targets for 2025, which we are presenting today."
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