Welcome!

Microsoft Cloud Authors: Lori MacVittie, Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV

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]

SOURCE Israel Discount Bank Ltd

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.

@ThingsExpo Stories
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, discussed key challenges and solutions to powering a ride sharing and/or multimodal model in the age ...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
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...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...