Discount Bank's profits jumped in the first quarter by 29% to NIS 1.27 billion. This is the highest quarterly profit the bank has ever presented and it was revealed on the eve of Uri Levin's retirement from managing the bank. The profit represents a return of 20.1% on the equity which stands at 26.7 billion shekels.

Excluding the realization of assets and provisions arising from the separation of Visa as Al, the profit amounted to NIS 1.2 billion. The chairman of the board is Shaul Kobrinsky who established a committee to find a new CEO. Following the increase in profit, Discount will increase the dividend to NIS 381 million, which is 30% of the profit. The efficiency ratio improved and dropped to 46.1%.

Moshe Larry (Photo: Avshalom Sashoni)

The subsidiaries Bank Mercantile, Visa Cal, Discount New York and Discount Capital presented an increase in profit. However, with all due respect to Discount, Mizrahi Tefahot, under the management of Moshe Larry, left him in the dust. The profit increased by 18.5% to NIS 1.37 billion. The return on capital, which was NIS 24.8 billion, is 22.4%.

Financing revenues jumped by 43% to NIS 3.2 billion thanks to the increase in interest income. A dividend of NIS 410.1 million will be distributed, which is 30% of the profit for the quarter. The bank announced the activation of several financing routes.

The profits of the International Bank under the management of Samdar Barber Tsadik increased by 96% to NIS 631 million. The profit is a 23.6% return on capital. Yesterday it was unexpectedly announced that the CEO is retiring from her position after 16 years and a date for the end of her term has not yet been set.