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Covid-19, streamlining costs cut Discount Bank profit 42%


Covid-19, streamlining costs cut Discount Bank profit 42%
Net profit for 2020 was NIS 975 million, which compares with NIS 1.7 billion for 2019.
Israel Discount Bank (TASE: DSCT) reported its results this morning for the fourth quarter of 2020 and for the year as a whole.
Net profit for 2020 was NIS 975 million, which compares with NIS 1.7 billion for 2019. Return on equity last year was 5.1%. The 42% decline in net profit was mainly due to the effects of the coronavirus pandemic and the bank s streamlining program. Excluding one-time items, net profit in 2020 was NIS 1.28 billion and return on equity was 6.7%.
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Net profit for the fourth quarter of 2020 fell 18.8% in comparison with the fourth quarter of 2019, to NIS 264 million. Excluding one-time items, net profit for the quarter was NIS 421 million, 16.6% higher than in the fourth quarter of 2019, and annualized return on equity in the quarter was 9.1%. Among the one-time items (post-tax) was ....

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