Discount Bank tripled its profit in the first nine months of the year

Discount Bank, managed by Uri Levin, tripled its profit in the first nine months of the year and will distribute a dividend of NIS 144 million for the third quarter of 2021.
 According to the reports published by the bank, the net profit in the first nine months of the year amounted to NIS 2.2 billion, compared with NIS 711 million in the corresponding period last year. The return on capital in the first nine months of the year reached 15.2%, compared with 5.0% in the corresponding period last year. Net income in the third quarter of 2021 jumped 2.8 times compared to the corresponding quarter in 2020 and stood at NIS 722 million.
  The Bank's results were supported by the increase in the sale of mortgages and credit to businesses. The bank reported this morning an 8% increase in the volume of credit granted to the public since the beginning of the year, which amounted to NIS 204 billion at the end of the third quarter compared to NIS 189 billion at the end of 2020.
The increase in the credit portfolio was mainly due to housing loans and mortgages to the public. Discount's mortgage portfolio amounted to NIS 50.3 billion at the end of the third quarter, compared with NIS 42.6 billion at the beginning of the year, an increase of 18%. The increase in credit is also reflected in an increase in credit to medium-sized businesses, which amounted to NIS 1.5 billion, an increase of 12%. Credit to large businesses grew to NIS 3.5 billion, an increase of 7.7%. In the quarterly calculation, Discount's mortgage portfolio grew by 6.7%.