Israel Discount Bank Q3 profit rises, credit loss expenses dip
JERUSALEM Nov 27 (Reuters) - Israel Discount Bank reported a 25 percent rise in quarterly profit that beat estimates, as lower expenses for credit losses offset a decline in financing income.
Discount, Israel's third-largest lender, said on Wednesday it earned 276 million shekels ($78 million) in the third quarter, compared with 221 million a year earlier.
Net interest income slipped 4.2 percent to 1.094 billion shekels due to lower capital gains on bond sales, while credit loss expenses slid nearly 27 percent to 171 million shekels.
Discount was expected to record a profit of 217 million shekels on net interest income of 1.094 billion shekels and credit loss charges of 154 million.
Its core Tier 1 capital to risk-weighted assets rose to 9.3 percent at the end of September from 8.6 percent at the end of 2012.
Israel's banking regulator has mandated banks to hold core Tier I ratio of at least 9 percent by the start of 2015 as part of a global drive to strengthen the industry and prevent a repeat of the 2008 financial crisis.
Last month, Discount named Lilach Asher-Topilsky as its new chief executive pending regulatory approval. She would replace Reuven Spiegel, who in August said he planned to step down in March 2014 for personal reasons.
($1 = 3.5410 Israeli shekels) (Reporting by Steven Scheer)
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