TEL-AVIV, Israel, May 30, 2013 /PRNewswire/ --
Q1 Net Income - NIS 263 million compared to NIS 247 million in Q1/2012, an increase of 6.5%
Q1 Net Return on Equity attributable to the Bank's Shareholders - 9.2% compared to 9.5% in Q1/2012
Ratio of Capital to Risk Assets - 14.2%. Core Capital Ratio - 8.9%
Israel Discount Bank Limited (TASE:DSCT), one of Israel's leading banks, today reported its Q1/2013 financial results.
The Discount Group's Net Income in the first quarter of 2013 totaled NIS 263 million, compared to NIS 247 million in the first quarter of 2012, an increase of 6.5%.
The Return on Equity attributable to the Bank's Shareholders' in the first quarter of 2013 was 9.2%, compared to 9.5% in the first quarter of 2012.
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Main factors affecting the Group's business results in Q1/2013, compared to Q1/2012:
- A decrease of NIS 54 million in net interest income (4.9%).
- An increase of NIS 22 million in expenses for credit losses (17.9%).
- An increase of NIS 26 million in non-interest income (3.0%), affected by an increase of NIS 28 million in non-interest financing income (17.3%), an increase of NIS 9 million in commissions (1.4%) and a decrease of NIS 11 million in other income (22.9%).
- A decrease of NIS 28 million in operating and other expenses (1.9%), affected mainly by a decrease of NIS 24 million in salaries and related expenses (2.7%).
- A provision for income taxes of NIS 118 million in Q1/2013, compared to NIS 115 million in Q1/2012.
- An increase of NIS 36 million in the Bank's share in the income of affiliated companies, net of tax effect, which was affected by a revision to the computation of the tax provision on the Bank's share of First International Bank's income.
Main Balance Sheet Developments as of March 31, 2013:
- Total Assets decreased by 0.4%, amounting to NIS 200.1 billion, compared to NIS 201.0 billion at the end of 2012.
- Net Credit to the public decreased by 1.2%, amounting to NIS 116.2 billion, compared to NIS 117.6 billion at the end of 2012.
- Securities increased by 4.6%, amounting to NIS 48.1 billion, compared to NIS 46.0 billion at the end of 2012.
- Deposits from the public amounted to NIS 151.9 billion, the same as at the end of 2012.
- Equity attributable to the Bank's Shareholders increased by 0.9%, amounting to NIS 11.9 billion, compared to NIS 11.8 billion at the end of 2012.
- Total Equity increased by 1.0%, amounting to NIS 12.3 billion, compared to NIS 12.1 billion at the end of 2012.
Data Regarding Subsidiaries
Q1/2013
Capital
Net Return on Adequacy
Income Equity Ratio
Discount Bancorp Inc. USD 10 M 5.1% *15.6%
Mercantile Discount Bank NIS 53 M 11.6% 14.6%
Israel Credit Cards (ICC) (the Bank holds
71.8% of the equity) NIS 33 M 12.9% 16.8%
* In conformity with mandatory rules in the U.S.A.
Q1/2012
Capital
Net Return on Adequacy
income Equity Ratio
Discount Bancorp Inc. USD 7 M 3.7% *15.7%
Mercantile Discount Bank NIS 39 M 9.1% 14.0%
Israel Credit Cards (ICC) (the Bank holds
71.8% of the equity) NIS 50 M 18.5% 17.3%
* In conformity with mandatory rules in the U.S.A.
2012
Capital
Net Return on Adequacy
Income Equity Ratio
Discount Bancorp Inc. USD 43 M 5.3% *15.4%
Mercantile Discount Bank NIS 191 M 10.8% 15.0%
Israel Credit Cards (ICC) (the Bank holds
71.8% of the equity) NIS 209 M 17.8% 16.8%
* In conformity with mandatory rules in the U.S.A.
Discount Group - Principal Data from the CONSOLIDATED
Financial Statements
Income and Profitability (in NIS millions)
For the three months
ended March 31 Annual
2013 2012 % change 2012
Net interest income 1,044 1,098 (4.9) 4,459
Expenses for credit losses 145 123 17.9 726
Total non-interest income 895 869 3.0 3,257
Total operating and other
expenses 1,472 1,500 (1.9) 5,826
Income before taxes 322 344 (6.4) 1,164
Income after taxes 204 229 (10.9) 757
Net income attributable to the
Bank's shareholders 263 247 6.5 802
Net return on equity
attributable to the Bank's
shareholders in % 9.2 9.5
Development of Assets and Liabilities (in NIS millions)
March 31 December 31
2013 2012 % change 2012 % change
Total Assets 200,135 199,315 0.4 201,012 (0.4)
Net Credit to the
public 116,155 115,080 0.9 117,611 (1.2)
Securities 48,140 45,240 6.4 46,001 4.6
Deposits from the public 151,933 149,811 1.4 151,935 -
Equity attributable to the
Bank's shareholders 11,948 10,920 9.4 11,838 0.9
Total Equity 12,253 11,244 9.0 12,134 1.0
Principal Financial Ratios (in percentages)
31.3.13 31.3.12 31.12.12
Total Equity to Total Assets 6.1 5.6 6.0
Ratio of capital to risk assets 14.2 14.1 14.3
Core Capital ratio 8.9 8.2 8.6
Expenses for credit losses to average balance of
credit to the public 0.49 0.42 0.61
Net Credit to the public, to total assets 58.0 57.7 58.5
Net Credit to the public, to deposits
from the public 76.5 76.8 77.4
Deposits from the public to total assets 75.9 75.2 75.6
Total Non-Interest Income to Operating Expenses 60.8 57.9 55.9
Operating Expenses to Total Income 75.9 76.3 75.5
Adjusted Return on Risk Assets 10.0 10.1 7.8
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
Mobile: 972-52-2461151
http://www.discountbank.co.il
For additional details please contact:
Sarit Weiss
Spokesperson
Tel: 972-3-5145516
Mobile: 972-52-2461151
spokes@discountbank.net
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