The net profit of Discount New York jumped in the second quarter of 2022 by 20%

Posted on Sep 17, 2022 by Ifi Reporter

The net profit of Discount New York jumped in the second quarter of 2022 by 20% compared to the same period last year and amounted to 29.7 million dollars. This is according to the bank reports published yesterday. The profit is a 10.7% return on capital.
The high profitability of the bank in New York will also be reflected in the financial statements of the parent company (Discount Bank) that will be published next week. Reports from additional subsidiaries such as Visa Cal and Mercantile Bank will be reflected in the improved profitability. Discount's core activity, expressed in the increase in credit margins, will also help the profit line. The bank in New York benefited from an increase in the Federal Bank's interest rate, which resulted in a 0.26% increase in the net interest margin and a 26.7% jump in net financing income (and this was even before the 0.75% increase in the daily interest rate last wednesday). The bank continues to maintain liquidity despite the increasing competition for deposits.
Discount New York launched an information systems infrastructure this quarter to simplify operations and support the changing needs of customers. Also, the bank completed the transaction with Lido Advisors LLC to establish the joint venture IDB Lido Wealth. The bank in New York is managed by Ziv Biron and Discount Israel by Uri Levin. Biron: "Despite the uncertainty in the current macro environment, we are well positioned and confident in our ability to continue executing our strategic plans."


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