New York Discount: 6% Decrease in Revenue – $ 74.9 Million – Capital Market

The subsidiary of a bank

Discount
-1.17%

Base:1,287

opening:1,270

High:1,274

low:1,262

change:12,753,307

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In the US – IDB New York, the largest Israeli bank in the US, published draft financial statements for the fourth quarter of 2020, with a drop in net profit to $ 1.1 million, and a return on equity of approximately 0.4%. Revenue was $ 74.9 million, down 6%.

The Bank’s revenues in the fourth quarter were $ 74.9 million, a decrease of about 6% compared to about $ 79.7 million in the corresponding quarter last year.

Bottom line, net income was about $ 1.1 million, compared to about $ 21.2 million in the same quarter last year. The net profit was affected by a one-time expense related to the transfer of the bank’s headquarters to a new building, excluding this expense, the profit stands at $ 10 million.

During the quarter, the Bank recorded expenses for credit losses of approximately $ 10.1 million, compared with approximately $ 1.5 million in the corresponding quarter last year. Total operating expenses were $ 68.7 million, compared to $ 50.8 million in the same quarter last year. Excluding the one-time expense, total operating expenses were $ 56.3 million.

Ziv Byron, President and CEO of IDB New YorkIDB New York’s strengths have allowed us to successfully navigate the bank in 2020. We have adhered to our guiding principle, “It’s personal”, by demonstrating absolute commitment to our customers and supporting their businesses and investments, in this challenging year. The loan portfolio has proven its strength. .