TEL AVIV, March 28 (Reuters) - Israel Discount Bank reported a 142 percent rise in quarterly profit but fell slightly short of expectations on a jump in credit loss charges.
Discount, Israel’s fourth-largest bank in terms of assets, said on Tuesday it earned 145 million shekels ($40 million) in the fourth quarter, up from 60 million a year earlier but below a forecast of 148 million shekels in a Reuters poll of analysts.
Credit loss expenses were 224 million shekels in the quarter versus 98 million a year earlier. Net interest income increased 12 percent to 1.17 billion shekels.
The bank said it was continuing an efficiency plan in which it seeks to reduce its workforce by 1,000 by 2021. In 2016, 350 workers took advantage of a voluntary retirement programme.
Discount’s core Tier 1 capital adequacy ratio, which measures equity capital as a percentage of total risk-weighted assets, edged up to 9.8 percent from 9.5 percent at the end of 2015. ($1 = 3.6099 shekels) (Reporting by Steven Scheer)