Welcome!

News Feed Item

Israel Discount Bank Announces Q3/2012 Financial Results

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.

     (Logo: http://photos.prnewswire.com/prnh/20120820/554838 )

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.

Head Office:

Discount Tower

23 Yehuda Halevi Street, Tel Aviv, Israel

Tel: +972-3-5145555

www.discountbank.co.il

For additional details please contact:
Sarit Weiss
Spokesperson
Tel: +972-3-5145516
Mobile: +972-52-2-461151
[email protected]

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.