Discount with a record profit of NIS 1 billion - will continue to distribute dividends
The bank showed an increase in key business parameters.
The sale of a real estate property in Tel Aviv helped him increase his profit.
CEO Uri Levin: "We have a quality credit portfolio that can demonstrate strength even in challenging times"
Monday, 23 May 2022, 08:40 Updated: 08:44
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Discount Bank, managed by Uri Levin, published its financial statements this morning and presented a net profit of NIS 983 million for the first quarter of 2022. This is an increase of 48.5% compared to the corresponding period last year.
What contributed to the profit apart from the increase in business parameters was the sale of a real estate property in Tel Aviv for which the profit was recognized in this quarter.
Without neutralizing the recognition of the property, the bank would have earned NIS 668 million in the quarter.
The Bank has announced that it will continue to distribute a dividend at a rate of 20% of the first quarter's profits in the amount of NIS 197 million.
Discount's net credit portfolio to the public - amounted to NIS 217 billion at the end of the first quarter of 2022, compared with NIS 213,156 million at the end of 2021, an increase of 2.2% from the beginning of the year and an increase of 12.7% compared to the end of the corresponding quarter last year. 5.2% since the beginning of the year and 28.0% compared to the corresponding quarter last year.
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Uri Levin, CEO of the Discount Group (Photo: PR)
"Emphasis on significant and responsible growth"
Uri Levin, CEO of the Discount Group
, said: “We conclude another strong quarter, with an emphasis on significant and responsible growth in the strategic focus areas, and the establishment of a quality credit portfolio that can demonstrate strength even in challenging periods.
I feel very confident in our ability to meet the perennial goals we have set for ourselves, even in the changing macro environment, while continuing to create significant value for our customers and shareholders and increase competition in the banking and financial system. "