JERUSALEM, May 30 (Reuters) - Israel Discount Bank reported a 6.5 percent rise in quarterly net profit that beat estimates, helped by lower expenses and higher non-interest income.
Discount, Israel’s third-largest lender, said on Thursday it earned 263 million shekels ($71 million) in the first quarter, compared with 247 million a year earlier, overcoming a decline in net interest income and higher expenses for credit losses.
It was expected to record a profit of 179 million shekels, according to a Reuters poll of analysts.
Discount said its profit was also helped by an increase of 36 million shekels in the bank’s share of affiliated companies.
Net interest income slipped 4.9 percent to 1.04 billion shekels while credit loss expenses rose 17.9 percent to 145 million.
Discount’s core Tier 1 capital ratio to risk-weighted assets rose to 8.9 percent at the end of the quarter from 8.6 percent at the end of 2012.
($1 = 3.69 shekels)
Reporting by Steven Scheer