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Discount Bank concludes a strong year with a 24.2% increase in revenues and a jump of almost 20% in the annual net profit, including an increase in revenues in the fourth quarter when the war took place.
The bank's revenues totaled NIS 16.1 billion in 2023 compared to NIS 12.9 billion in 2022, an increase of 24.2%.
In the fourth quarter of 2023, revenues totaled NIS 3.8 billion compared to NIS 3.7 billion in the corresponding quarter last year - an increase of 3.7%.
The bank distributed a dividend at the rate of 20% of the profits of the fourth quarter of 2023, in the amount of NIS 184 million.
In the fourth quarter of 2023, the net profit amounted to NIS 919 million compared to NIS 939 million in the corresponding quarter last year, a decrease of 2.1%.
The net profit registered a sharp increase of 19.9% in 2023 and amounted to NIS 4.2 billion compared to NIS 3.5 billion in 2022. The rate of return on capital was 15.7% compared to 15.1% in 2022.
Discount Bank.
Nek estimates its expenditure for supporting customers and the community against the backdrop of the war at NIS 276 million/ShutterStock
Due to the war, the bank was forced to increase expenses for credit losses, and they stood at NIS 1.5 billion compared to NIS 407 million in 2022, an increase resulting mostly from the consequences of the war on the group provision which amounted to NIS 1.2 billion.
The scope of credit to the public increased, but mainly to businesses.
According to the bank's data, credit to the public amounted to NIS 259 billion compared to NIS 241 billion in December 2022, an increase of 7.3%.
Credit for medium businesses increased by 16.4%, credit for large businesses increased by 15.5% and credit for housing (mortgages) increased by 6.4% since the beginning of the year.
On the other hand, the credit for households without housing loans decreased by 0.3%.
The bank estimates that it will be spent for supporting customers and the community against the background of the war, and further to the Bank of Israel's outline that required the banks to waive commissions and postpone loan repayments to customers of the first circle (evacuees, reservists, the victims of the war, the wounded, abductees and their families) at approximately NIS 276 million.
The bank increased its capital by 14.8% in 2023 when the total capital in the bank at the end of the year amounted to 29.2 billion shekels compared to 25.5 billion shekels at the end of 2022. The total assets of the bank at the end of the year amounted to 396 billion shekels compared to 377 billion shekels in December 2022, an increase of of 5%.
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