Discount Bank earned NIS 4.2 billion in 2023, a growth of 19.9% compared to the same period. The profit represents a return of 15.7% on equity. In the last quarter of 2023, the bank made a profit of NIS 919 million, a growth rate of 2.1% compared to the last quarter of 2023.
The operational efficiency ratio improved and decreased to 49.6%. Public credit increased by 7.6%. Revenues soared by 24.2% to NIS 16.1 billion, mainly due to an increase in interest rates.
In the shadow of the war and the subsequent economic slowdown, the bank recorded expenses of NIS 1.5 billion in credit losses, compared to NIS 407 million in 2022. Due to Bank of Israel's instructions, Discount will reduce its dividend distribution to 20% of the profit in the fourth quarter, totaling NIS 184 million.
How Discount is supporting its customers during the war
According to data published on Monday, Discount's support for customers and the community during the war is estimated at NIS 276 million. Discount Bank is managed by Avi Levy, with Danny Yemin serving as chairman of the board. The bank's shares are widely held by the public.