#Israel Discount Bank Q2 profit rises, ready to resume dividends | Reuters

Israel Discount Bank Q2 profit rises, ready to resume dividends | Reuters

Israel Discount Bank (DSCT.TA) reported a higher-than-expected gain in quarterly profit as the country's economy continued to recover from the coronavirus crisis, allowing it to gradually unwind large loan default provisions made last year.

Israel's fourth-largest bank by assets said on Monday it earned 860 million shekels ($267.5 million) in the second quarter, compared with 174 million a year earlier and above a forecast of 651 million shekels in a Reuters poll of analysts.

Discount posted income for credit losses of 410 million shekels, up from 147 million shekels in the first quarter, when a successful vaccination campaign allowed Israel to begin to emerge from lockdowns, and versus second quarter 2020 credit loss expenses of 532 million shekels.

Net interest income grew 15.2% to 1.69 billion shekels from a year earlier.