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(From Israel Business Arena)
Byline: Dafna Zucker
Israel Discount Bank's (TASE: DSCT) consolidated net profit for the first quarter of 2005 soared 39.6% to NIS 116 million. This profit reflects an annualized return on equity of 10.5%, compared with 8.1% for the first quarter of 2004 and 9.3% for 2004 as a whole. This was the first quarter in many years that Discount Bank's return on equity has exceeded 10%.
Discount Bank itself posted a profit of NIS 16 million for the first quarter, compared with a loss of NIS 73 million for the corresponding quarter of last year.
The main reasons for the substantial improvement in Discount Bank's profit …