Israel Discount Bank Ltd. will pay a first-quarter dividend of 2.75 Israeli agorot per ordinary share of 10 agorot par value, marking its return to paying out dividends since 1996.

The bank will pay about 32 million shekels in total dividends, representing about 10% of its first-quarter profit of 319 million shekels. This comes after the bank's board approved a dividend policy in December 2017, which will have it distribute a dividend at a rate of up to 15% of net distributable earnings every quarter.

The unaudited first-quarter profit attributable to shareholders of 319 million shekels was up from the year-ago 303 million shekels. EPS for the period stood at 27 agorot, up year over year from 26 agorot.

As of May 17, US$1 was equivalent to 3.59 Israeli shekels.