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Israel Discount Bank Reports Higher Third Quarter Profit

JERUSALEM, Nov 23 (Reuters) - Israel Discount Bank on Wednesday reported a 31% jump in third-quarter profit, with higher interest rates boosting financing income.

Discount, Israel's fourth-largest bank by assets, said it earned a net 893 million shekels ($258 million) in the quarter, up from 722 million a year earlier.

Net interest income rose 10% to 2.28 billion shekels, helped by aggressive Bank of Israel rate hikes to fight inflation. Credit loss expenses for the quarter were 106 million shekels compared with income from provisions of 126 million during the same period the previous year.

($1 = 3.4598 shekels)

Reporting by Ari Rabinovitch, Editing by Louise Heavens

Source: Reuters

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