|By PR Newswire||
|November 29, 2012 01:18 AM EST||
TEL-AVIV, Israel, November 29, 2012 /PRNewswire/ --
Q3 Net Income - NIS 221 million compared to NIS 121 million in Q3/2011, an increase of 82.6%.
Q3 Net Return on Equity attributable to the Bank's Shareholders - 7.9% compared to 4.7% in Q3/2011.
Net Income for the first nine months of 2012 - NIS 633 million compared to NIS 628 million for the first nine months of 2011, an increase of 0.8%.
Excluding the provision for impairment of the Bank's investment in the shares of the First International Bank, the Net Income for the first nine months of 2012 would have amounted to NIS 706 million, an increase of 12.4% compared to the first nine months of 2011.
Net Return on Equity attributable to the Bank's Shareholders for the first nine months of 2012 - 7.7% compared to 8.2% for both the first nine months of 2011 and for the whole of 2011.
Excluding the provision for impairment of the Bank's investment in the shares of the First International Bank, the Net Return on Equity for the first nine months of 2012 would have reached 8.6%.
Ratio of Capital to Risk Assets- 14.2%, Core Capital Ratio - 8.4%
Israel Discount Bank Limited (TASE:DSCT), one of Israel's leading banks, today reported its Q3/2012 financial results.
The Discount Group's Net Income for the first nine months of 2012 totaled NIS 633 million, compared to NIS 628 million for the first nine months of 2011, an increase of 0.8%.
The Return on Equity attributable to the Bank's Shareholders for the first nine months of 2012 was 7.7%, on an annual basis, compared to 8.2% for the first nine months of 2011.
Main factors affecting the Group's business results for the first nine months of 2012, compared to the first nine months of 2011:
- A decrease of NIS 116 million in net interest income (3.3%).
- A decrease of NIS 52 million in expenses for credit losses (9.9%).
- An increase of NIS 217 million in non-interest income (9.7%), affected mainly by an increase of NIS 183 million in non-interest financing income (181.2%), an increase of NIS 18 million in commissions (0.9%) and an increase of NIS 127 in severance pay fund profits. It should be noted that in the first nine months of 2011, other income included NIS 48 million from the sale of the index-linked notes operation and a receipt of NIS 67 million from an insurance company.
- An increase of NIS 59 million in operating and other expenses (1.3%), affected mainly by an increase of NIS 17 million in salaries and related expenses (0.6%) and an increase of NIS 45 million in maintenance and depreciation of buildings and equipment (5.3%).
- A provision for income taxes of NIS 300 million in the first nine months of 2012, compared to NIS 246 million in the first nine months of 2011, affected, inter alia, by an increase of NIS 25 million in the balance of deferred tax assets, as a result of changes in the tax rates.
- A decrease of NIS 48 million in the Bank's share in the operating income of affiliated companies, net of tax effect. This decrease was caused by a provision for impairment of the Bank's investment in the shares of the First International Bank in a net amount of NIS 73 million.
Main Balance Sheet Developments as at September 30, 2012:
- Total Assets increased by 1.4%, amounting to NIS 205.2 billion, compared to NIS 202.5 billion at the end of 2011.
- Net Credit granted to the public increased by 2.3%, amounting to NIS 119.0 billion, compared to NIS 116.4 billion at the end of 2011.
- Deposits from the public increased by 0.9%, amounting to NIS 154.7 billion, compared to NIS 153.4 billion at the end of 2011.
- The Equity attributable to the Bank's Shareholders increased by 8.5%, amounting to NIS 11.6 billion, compared to NIS 10.7 billion at the end of 2011.
- Total Equity increased by 8.4%, amounting to NIS 11.9 billion, compared to NIS 11.0 billion at the end of 2011.
Data Regarding Subsidiaries
For the first nine months of 2012 Return on Equity Attributable Capital Net to Adequacy income Shareholders Ratio Discount Bancorp Inc. USD 36 M 5.9% *15.2% Mercantile Discount Bank NIS 128 M 9.8% 14.2% Israel Credit Cards (ICC) (the Bank holds 71.8% of the equity) NIS 162 M 19.1% 16.9%
* In conformity with U.S. Reporting Standards
For the first nine months of 2011 Return on Equity Attributable Capital Net to Adequacy Income Shareholders Ratio Discount Bancorp Inc. USD 39 M 6.6% *15.8% Mercantile Discount Bank NIS 132 M 10.7% 13.7% Israel Credit Cards (ICC) (the Bank holds 71.8% of the equity) NIS 185 M 22.8% 16.2%
* In conformity with U.S. Reporting Standards
2011 Return on Equity Attributable Capital Net to Adequacy Income Shareholders Ratio Discount Bancorp Inc. USD 46 M 5.9% *16.5% Mercantile Discount Bank NIS 162 M 9.6% 13.2% Israel Credit Cards (ICC) (the Bank holds 71.8% of the equity) NIS 229 M 20.6% 16.7%
* In conformity with U.S. Reporting Standards
Discount Group - Principal Data from the Consolidated Financial Statements Income and Profitability (in NIS millions) Third Quarter First Nine Months Annual 2012 2011 % change 2012 2011 % change 2011 Net interest income 1,142 1,151 (0.8) 3,393 3,509 (3.3) 4,617 Expenses for credit losses 233 226 3.1 474 526 (9.9) 778 Total non-interest income 855 629 35.9 2,462 2,245 9.7 2,930 Total operating and other expenses 1,489 1,478 0.7 4,436 4,377 1.3 5,838 Operating income after taxes 197 128 53.9 645 605 6.6 817 Net income attributable to the Bank's shareholders 221 121 82.6 633 628 0.8 848 Net return on equity attributable to the Bank's shareholders in % 7.9 4.7 7.7 8.2 8.2
Development of Assets and Liabilities (in NIS millions) September 30 December 31 2012 2011 % change 2011 % change Total Assets 205,239 198,976 3.1 202,471 1.4 Net Credit granted to the public 119,040 118,516 0.4 116,383 2.3 Securities 45,334 37,774 20.0 42,898 5.7 Deposits from the public 154,688 149,197 3.7 153,368 0.9 Equity attributable to the Bank's shareholders 11,612 10,448 11.1 10,701 8.5 Total Equity 11,942 10,752 11.1 11,020 8.4
Principal Financial Ratios (in percentages) September 30 December 31 2012 2011 2011 Total Equity to Total Assets 5.8 5.4 5.4 Ratio of capital to risk assets 14.2 13.2 14.1 Core Capital ratio 8.4 7.6 8.1 Expenses for credit losses to credit granted to the public 0.53 0.59 0.65 Net Credit granted to the public, to total assets 58.0 59.6 57.5 Net Credit granted to the public, to deposits from the public 77.0 79.4 75.9 Deposits from the public to total assets 75.4 75.0 75.7 Total Non-Interest Income to Operating Expenses 55.5 51.3 50.2 Operating Expenses to Total Income 75.8 76.1 77.4 Adjusted Return on Risk Assets 8.3 8.1 8.1
Israel Discount Bank
Israel Discount Bank is a leading financial group in Israel. With nationwide coverage, Israel Discount Bank provides a full spectrum of corporate and retail financial products and services to its clients, both in Israel and key financial centers around the world. Israel Discount Bank is traded on the Tel-Aviv Stock Exchange under the ticker DSCT.
Israel Discount Bank Ltd.
23 Yehuda Halevi Street, Tel Aviv, Israel
For additional details please contact:
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 26, 2015 04:00 PM EST Reads: 374
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 26, 2015 03:30 PM EST Reads: 519
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 26, 2015 03:30 PM EST Reads: 440
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 26, 2015 03:15 PM EST Reads: 515
We are rapidly moving to a brave new world of interconnected smart homes, cars, offices and factories known as the Internet of Things (IoT). Sensors and monitoring devices will touch every part of our lives. Let's take a closer look at the Internet of Things. The Internet of Things is a worldwide network of objects and devices connected to the Internet. They are electronics, sensors, software and more. These objects connect to the Internet and can be controlled remotely via apps and programs. ...
Nov. 26, 2015 02:15 PM EST Reads: 495
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Nov. 26, 2015 01:00 PM EST Reads: 388
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Nov. 26, 2015 01:00 PM EST Reads: 286
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 26, 2015 12:00 PM EST Reads: 145
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 26, 2015 11:30 AM EST Reads: 118
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 26, 2015 11:00 AM EST Reads: 441
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 26, 2015 11:00 AM EST Reads: 121
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 26, 2015 10:00 AM EST Reads: 283
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 26, 2015 09:45 AM EST Reads: 366
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 26, 2015 09:30 AM EST Reads: 372
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 26, 2015 09:00 AM EST Reads: 475