Israel Discount Bank Announces 2011 Financial Results
TEL-AVIV, Israel, March 28, 2012 /PRNewswire/ --
Net Income - NIS 852 million compared to NIS 704 million in 2010, an increase of 21.0%
Return on Equity attributable to the Bank's shareholders - 8.2% compared to 7.0% in 2010
Net Operating Income - NIS 791 million compared to NIS 668 million in 2010, an increase of 18.4%
Q4 Net Income - NIS 222 million compared to NIS 131 million in Q4/2010
Fourth Quarter Return on Shareholders' Equity - 8.7% compared to 5.1%in the fourth quarter of 2010
Tier I Capital Ratio - 8.8%. Core Capital Ratio - 8.1%
Ratio of Capital to Risk Assets (according to Basel II guidelines) - 14.1%
The Discount Group's Net Income in 2011 totaled NIS 852 million, compared to NIS 704 million in 2010. The Return on Shareholders' Equity in 2011 reached 8.2%, compared to 7.0% in 2010.
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Israel Discount Bank Limited (TASE:DSCT), one of Israel's leading banks, today reported its Q4 and 2011 financial results.
Main factors affecting the Group's business results in 2011, compared to 2010:
- A decrease of 0.9% in income from financing activities before expenses for credit losses.
- A decrease of 5.2% in expenses for credit losses.
- An increase of 1.1% in operating and other income.
- An increase of 3.2% in operating and other expenses, impacted by a 7.5% increase in salaries and related expenses.
- A decrease of 81% in the provision for taxes on operating income, primarily with respect to an increase in the balance of deferred tax assets that were recalculated as a result of the legislative amendments that were passed pursuant to the recommendations of the Trachtenberg Committee.
- A decrease of 44.6% in the Bank's share in operating income of affiliated companies, net of tax effect.
Main Balance Sheet Developments for 2011, compared to 2010:
- Total Assets of the Discount Group increased by 9.1%, amounting to NIS 202.5 billion, compared to NIS 185.6 billion at the end of 2010.
- Net Credit granted to the public, decreased by 1.9%, amounting to NIS 116.4 billion, compared to NIS 118.7 billion at the end of 2010.
- Deposits from the public increased by 11.1%, amounting to NIS 153.4 billion, compared to NIS 138.0 billion at the end of 2010.
- Total Equity decreased by 0.3%, amounting to NIS 11.1 billion, compared to NIS 11.2 billion at the end of 2010.
Data Regarding Subsidiaries
2011
Return on Capital
Net Shareholders' Adequacy
Income Equity Ratio
Discount Bancorp Inc. USD 46 M 5.9% *16.5%
Mercantile Discount Bank NIS 162 M 9.6% 13.2%
Discount Mortgage Bank NIS 45.3 M 4.0% 13.9%
Israel Credit Cards (ICC) (the Bank
holds 71.83% of the equity) NIS 230 M 20.6% 16.7%
2010
Return on Capital
Net Shareholders' Adequacy
income Equity Ratio
Discount Bancorp Inc. USD 51 M 6.9% *14.7%
Mercantile Discount Bank NIS 141 M 8.1% 13.1%
Discount Mortgage Bank NIS 30.4 M 2.8% 18.3%
Israel Credit Cards (ICC) (the Bank
holds 71.83% of the equity) NIS 215 M 18.3% 16.2%
* In conformity with mandatory rules in the U.S.A.
Discount Group - Principal Data from the Financial Statements
Income and Profitability (in NIS millions)
Annual Quarterly - Q4
% %
2011 2010 change 2011 2010 change
Income from financing
activities before
expenses for credit losses 4,785 4,830 (0.9) 1,140 1,293 (11.8)
Expenses for credit losses 778 821 (5.2) 252 274 (8.0)
Total operating and other income 2,690 2,660 1.1 658 703 (6.4)
Total operating and other expenses 5,838 5,659 3.2 1,461 1,566 (6.7)
Operating income before taxes 859 1,010 (15.0) 85 156 (45.5)
Operating income after taxes 772 552 39.9 219 52 321.2
Net income attributed to the
Bank's shareholders 852 704 21.0 222 131 69.5
Net return on equity attributed
to the Bank's shareholders in % 8.2 7.0 8.7 5.1
Development of Assets and Liabilities (in NIS millions)
December 31 December 31 %
2011 2010 change
Total Assets 202,491 185,576 9.1
Net Credit granted to the public 116,383 118,666 (1.9)
Securities 42,898 37,176 15.4
Deposits from the public 153,368 138,011 11.1
Equity attributed to the Bank's
shareholders 10,745 10,824 (0.7)
Total Equity 11,115 11,152 (0.3)
Principal Financial Ratios (in percentages)
December 31 December 31
2011 2010
Total Equity to Total Assets 5.5 6.0
Ratio of capital to risk assets (Basel II) 14.1 13.2
Core Capital ratio 8.1 7.6
Expenses for credit losses to credit granted
to the public 0.65 0.66
Net Credit granted to the public, to total
assets 57.5 63.9
Net Credit granted to the public, to deposits
from the public 75.9 86.0
Deposits from the public to total assets 75.7 74.4
Operating Income to Operating Expenses 46.1 47.0
Operating Expenses to Total Income 78.1 75.6
Adjusted Return on Risk Assets 8.1 6.7
Israel Discount Bank Ltd.
Head Office:
Discount Tower
23 Yehuda Halevi Street, Tel Aviv, Israel
Tel: +972-3-5145555
Mobile: +972-52-2461151
Website: http://www.discountbank.co.il
For additional details please contact:
Sarit Weiss
Spokesperson
Tel: +972-3-5145516
Mobile: +972-52-2461151
E-mail: [email protected]
SOURCE Israel Discount Bank Ltd
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