Discount Bank posts NIS 4.3b profit for 2024
Israel Low cost Financial institution (TASE: DSCT) offered a internet revenue of NIS 4.3 billion for 2024 this morning, 3% greater than the revenue for 2023. The group’s return on fairness was 14.2% final yr, down from 15.7% in 2023. The return on fairness from banking exercise in Israel was greater, at 16.9%.
Credit score to the general public rose 8% final yr, with credit score to massive companies rising by 11.9%. Credit score to small and really small companies grew by 4.2%; credit score to households excluding dwelling loans grew by 9.1%; and residential loans (mortgages) grew by 6.1%.
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Low cost Financial institution’s credit score loss expense in 2024 was NIS 702 million, half the NIS 1.5 billion expense within the earlier yr. The financial institution stated that the sharp fall mirrored the restoration of the economic system after 2023, when the banks made massive normal provisions towards credit score losses on the directions of the Supervisor of Banks. The credit score loss expense in 2024 represented 0.26% of the credit score portfolio, which compares with 0.59% in 2023.
The financial institution has selected a dividend distribution of 30% of its fourth quarter 2024 revenue. As well as, it is going to purchase again shares, which can deliver the whole dividend to 40% of revenue, in step with the opposite banks.
Printed by Globes, Israel enterprise information – en.globes.co.il – on March 11, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
