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Israel Discount Bank Q2 profit rises 28.8% YOY to 545M shekels

Israel Discount Bank Ltd. reported a second-quarter net profit attributable to shareholders of 545 million shekels, up from 423 million shekels in the same period in 2018.

EPS for the period amounted to 47 agorot, compared to 36 agorot a year earlier.

Net interest income rose on a yearly basis to 1.60 billion shekels from 1.42 billion shekels. Commissions income also grew year over year to 729 million shekels from a reclassified 697 million shekels.

Credit loss expenses came in at 136 million shekels for the quarter, up from the year-ago 129 million shekels, while total operating and other expenses increased on a yearly basis to 1.57 billion shekels from 1.49 billion shekels.

The Israeli bank reported a first-half net profit attributable to shareholders of 950 million shekels, up from 742 million shekels in the same period in 2018.

First-half EPS was 82 agorot, compared to the year-ago 64 agorot. Return on equity for the first half was 11.1%, compared to 9.6% a year earlier.

As of June 30, the lender's common equity Tier 1 ratio stood at 10.37%, compared to 10.24% at the end of 2018 and 9.82% a year earlier. The bank's total capital ratio was 13.31% at the end of June, compared to 13.67% at 2018-end and 13.31% a year ago.

In addition, the lender's board of directors decided to distribute a dividend at the rate of 15% of its profit for the second quarter, corresponding to around 81.8 million shekels, or approximately 7.02 agorot per ordinary share.

As of Aug. 13, US$1 was equivalent to 3.48 Israeli shekels.