Discount Bank profit increased in 2018 by 19.5% to NIS 1.5 billion

Discount Bank published its reports for 2018, which indicate continued growth in activity and restraint of expenses. Net profit increased last year by 19.5% to NIS 1.5 billion. The fourth quarter was relatively weak, posting a 12.7% drop in profit compared to the corresponding period last year, which totaled NIS 324 million.
Against the background of the improvement in the Bank's situation, Discount Bank announced that it would increase the dividend to be paid to shareholders from 10% to 15% of the net profit.
The Bank's accelerated growth was also reflected in a sharp increase of 10.8% in the credit portfolio to approximately NIS 165 billion. Growth was prominent in the mortgage sector. The bank's mortgage portfolio grew by 14% within a year.
Discount Bank managed to somewhat restrain the provisions for credit losses to NIS 540 million, constituting 0.34% of the Bank's credit portfolio.