TEL AVIV, May 15 (Reuters) - Israel Discount Bank reported an almost 70 percent rise in first-quarter net profit on Monday, boosted by growth in credit to households and small businesses.
Discount, Israel’s fourth-largest bank in terms of assets, said its net profit rose to 303 million shekels ($84 million)from 179 million a year earlier and was above the average forecast of 298 million shekels in a Reuters poll of analysts.
Credit loss expenses jumped to 145 million shekels from 46 million a year ago while net interest income rose 11 percent to 1.17 billion shekels.
Discount’s core Tier 1 capital adequacy ratio, which measures equity capital as a percentage of total risk-weighted assets, slipped to 9.7 percent from 9.8 percent at the end of 2016. ($1 = 3.6057 shekels) (Reporting by Tova Cohen, editing by Louise Heavens)