Israel Discount Bank Rises Most Since 2009 as Profit Jumps

May 31 (Bloomberg) -- Israel Discount Bank Ltd., the country’s third-largest lender by assets, jumped the most in almost two years after first-quarter profit almost doubled as provisions for doubtful debt declined.

The shares advanced 5 percent, the most since September 2009, to 6.859 shekels at the 4:30 p.m. close in Tel Aviv.

Net income rose to 278 million shekels ($81 million) from 143 million shekels a year earlier, the Tel Aviv-based bank said today, topping the 211 million-shekel median estimate of three analysts on Bloomberg.

To contact the reporter on this story: Susan Lerner in Jerusalem at slerner2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net