Corporate News

Discount Group Announced 2023 Year-End Results

IDB Bank is pleased to share that Discount Group has concluded 2023 with a strong year-end performance.

View the Discount Group 2023 Annual Report for full results.

Year-End 2023 Financial Highlights
  • Total income resulted in 16.1B NIS in 2023, compared to 12.9B NIS in 2022, an increase of 24.2%. In Q4 2023, total income amounted to 3.8B NIS, compared to 3.7B NIS in the corresponding quarter last year, an increase of 3.7%.
  • 2023 net profit amounted to 4.2B NIS compared to 3.5B NIS in 2022, an increase of 19.9%.
  • Return on equity stood at 15.7%, compared to 15.1% in 2022.
  • Operational efficiency ratio improved to 49.6%, compared to 55.8% in 2022.
  • Credit volume to the public grew by 7.6%, maintaining responsible credit growth amid economic slowdown.
  • Public credit increased 7.6% year-over-year, while maintaining responsible credit growth consistent with demand. Net public credit amounted to 259B NIS on December 31, 2023, compared to 241B NIS on December 31, 2022, an increase of 7.3%.
  • Tier 1 capital ratio, as of December 31, 2023, achieved a ratio of 10.71%.
  • Credit losses amounted to 1.5B NIS, compared to 407MM NIS in 2022, largely due to the implications of Israel’s war with Hamas, resulting in a credit loss rate of 0.59%.
  • Support provided by the Bank to customers and the community due to the ongoing conflict war amounted to approximately 276 million NIS.
A Message from Discount Group Leadership

Danny Yamin, Chairman of Discount’s Directorate: “The Group’s results for 2023 are published against the backdrop of the Israel’ war against Hamas, which poses one of the most difficult challenges in the history of our country. Within this context, we see our central role to continue serving our customers in the best possible way, with determination and dedication, despite complex conditions imposed by the war. We conclude this year with strong financial results that will fortify our position amid the challenges of the coming year and its impact on macro variables and our commercial and private customers, as well as the entire economy. Business and economic continuity, with the vision to benefit macroeconomic stability and strengthen Israel’s financial system, will continue to be the main motivation for all our actions. Alongside this, we will continue to plan and prepare strategically for a significant long-term planning process towards new goals.”

Avi Levy, CEO of the Discount Group: “We publish Discount Group’s 2023 year-end results with high capital ratios and surplus liquidity, reflecting the Group’s strength and resilience, while achieving continuous and responsible growth consistent with the challenges faced by the State of Israel. Despite the complexity of the year, we improved efficiency metrics, consolidated an experienced and professional management team, and laid the groundwork for our long-term strategic plan that will accelerate innovation and growth within the Group. The Group’s leadership, together with our dedicated employees, remain committed to our customers, and we will continue to act with greater emphasis on driving economic activities and supporting the community.”

IDB Bank is a subsidiary of Discount Group, a global banking group flagshipped in Israel and comprised of several independently operated banking companies, including: Mercantile Discount Bank Ltd., Israel Credit Cards Ltd. (Cal), Discount Capital, Discount Trust Ltd., Tafnit Discount Asset Management Ltd., International Activity, Discount More information regarding Discount Group’s structure and subsidiaries is available here.

View the Discount Group 2023 Annual Report for full results