Discount does not stop: a record profit of NIS 1.6 billion in six months

The bank's credit portfolio grew by NIS 14.8 billion in the second quarter of the year.

CEO Uri Levin: "The strong results in the second quarter testify to the power of Discount and the ability to regularly generate a double-digit return on capital"

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Of money

11/08/2022

Thursday, August 11, 2022, 11:33 Updated: 11:38

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Record profits for the first half of 2022 (Photo: Jerusalem Post)

Discount Bank recorded a record profit of NIS 1.6 billion in the first half of 2022, according to the financial statements published by the bank this morning.

The net profit in the first half increased by 9.3% compared to the corresponding period last year.

The return on equity in the first half reached a rate of 14.9% compared to 15.5% in the corresponding period last year.

The net profit in the second quarter of this year amounted to NIS 680 million, a decrease of 20.9% compared to the corresponding quarter last year, in which abnormal income from credit losses was recorded in the amount of NIS 410 million.

The return on equity reached 11.8% in the second quarter compared to 17.2% in the corresponding quarter last year.

In accordance with the policy, the bank will distribute a dividend at the rate of 20% of the second quarter's profits amounting to NIS 136 million.

Net credit to the public amounted to NIS 232,465 million on June 30, 2022 compared to NIS 213,156 million at the end of 2021. This is an increase of NIS 14.8 billion compared to net credit at the end of the first quarter of 2022. This increase reflects a 9.1% increase in net credit to the public since the beginning of the year and an increase of 6.7% in the second quarter of the year. The increase in credit to the public in 2022 is due, among other things, to leverage in exchange for the capital issue, amounting to 1.4 billion shekels that the bank carried out a few months ago.

Uri Levin, CEO of the Discount Group (Photo: Mark Israel Salem and Abshalom Sassooni)

Uri Levin, CEO of the Discount Group

: "The strong results in the second quarter testify to the strength of Discount and the ability to regularly generate a double-digit return on capital, while constantly and responsibly growing in the areas of focus that we have set for ourselves.

This, in changing market conditions that present us with challenges, but also many opportunities, which we will continue to leverage in order to realize the goals of the multi-year strategic plan, promote a winning customer experience and create surplus value for the shareholders."

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