www.bethelfinance.com
Israel Discount Bank (TASE: DSCT) became the third bank today to publish a profit warning. Israel's third largest bank estimates that it will report a profit of NIS 100 million for the third quarter.
Mr. Peres Sailam from Bethel Finance ltd. says "Discount Bank attributes the fall in profit to a drop in profits from financing activities caused by derivatives, higher credit losses, and a decline in the bank's share of profits from First International Bank of Israel (TASE: FTIN), in which it owns a 26.45% stake". Discount Bank said that its securities portfolio had no material effect on its profit estimate.
The profit warning follows similar warnings by Bank Leumi (TASE: LUMI) and First International Bank this morning. Bank Leumi said that it would post a net profit of NIS 50-100 million for the third quarter, and First International Bank said that its profit would be negligible.
Discount Bank's share price fell 2.2% today to NIS 5.71, giving a market cap of NIS 6.1 billion.
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