Corporate News

New York, NY (February 10, 2025) – IDB Bank, a New York-based private and commercial bank, has announced a strong 2024 financial performance, achieving a Net Income of $89.2MM, signaling year-over-year growth of 39.5%. Additionally, Return on Equity (ROE) increased to 7.1%, compared to 5.5% in 2023.  

Despite a challenging macro environment, the Bank grew its credit portfolio by 14.0% to $9.24B and its Deposits portfolio by 16.9% to $12.07B. 

Continued investment in operational efficiency led to a 2.2% cost reduction despite significant business growth across all lines of business and geographies. 

“2024 has been a challenging year for mid-sized banks in the U.S., with high levels of uncertainty around the presidential election, macroeconomic environment and global geopolitical unrest. Despite these challenges, a disciplined execution of our long-term strategy yielded results and IDB demonstrated strong deposits and loan growth along with higher efficiency and cost management leading to nearly 40% increase in Net Income. I am confident that in 2025 the bank will continue its positive momentum,” said Ziv Biron, President and CEO of IDB Bank.

“Ziv Biron led IDB over the past 5 years, as its president and CEO, during challenging times for the global and local economy. He led the development of critical infrastructure, grew the bank’s balance sheet and set it for accelerated growth in the coming years. I wish to thank Ziv for his stewardship,” said Avi Levi, Discount Group CEO.

The Bank reports a positive year-end performance across all business drivers. 

• Total Assets of $13.86B, signaling a year-over-year increase of 13.4%.
• Net Income of $89.2MM, compared with $64.0MM in 2023, a 39.5% increase.
• ROE of 7.1%, compared with 5.5% in 2023.
• Total Income of $405.4MM, compared with $380.4MM in 2023, a 6.6% increase.
• Provision for credit losses of $2.5MM, compared to $8.4MM in FY2023.
• Net Loan Portfolio reached $9.24B, compared to $8.10B in 2023, a 14.0% increase. 
• Total Deposits reached $12.07 B, compared to $10.32 B, a 16.9% increase.
• Common Equity Tier-1 Capital was 13.9%. 

IDB’s full 2024 financial results are made available in the Bank’s call report published January 31, 2025. View this full report here.  

IDB Bank is a New-York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading Banks. In addition to its Manhattan headquarters, IDB Bank operates full-service offices in California, Florida and the tristate area, including branch locations in Brooklyn, N.Y, Staten Island, N.Y and Short Hills, N.J. The Bank provides a complete range of private banking and commercial banking services to U.S and international clients.

For 75 years, IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.