This is the summary of Thursday, 13 August 2026 earnings. It opened in the morning with the Israeli morning reporters, and was updated during the day with those that filed afterwards and with the Wall Street morning reporter. It will be updated again after the close.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
Bank Discount, and the Fourth Bank Completes the Picture
Hapoalim reported on Monday, Leumi and FIBI on Wednesday, and Discount this morning. Four banks in four days.
| NIS millions, consolidated | The quarter | A year ago | Change |
|---|---|---|---|
| Interest income | 5,683 | 5,692 | -0.2% |
| Interest expense | 3,140 | 3,034 | +3.5% |
| Net interest income | 2,543 | 2,658 | -4.3% |
| Credit loss expense | 70 | 60 | +16.7% |
| Non-interest financing income | 354 | 274 | +29.2% |
| Fees | 567 | 526 | +7.8% |
| Total non-interest income | 923 | 832 | +10.9% |
And for the first half:
| NIS millions | The half | A year ago | Change |
|---|---|---|---|
| Net interest income | 4,852 | 5,075 | -4.4% |
| Credit loss expense | 252 | 112 | +125.0% |
| Fees | 1,156 | 1,044 | +10.7% |
| Operating and other expenses | 1,649 | 1,755 | -6.0% |
And this is how the picture looks with all four side by side:
| Quarterly interest income | The bank's answer | |
|---|---|---|
| Hapoalim | Margin eroded from 2.90% to 2.70% | Expenses |
| Leumi | +0.7% - frozen | Non-interest income |
| FIBI | -7.6% | Credit volume |
| Discount | -4.3% | Expenses and fees |
None of the four managed to grow interest income meaningfully. At three of them the line fell or froze, and at the fourth the margin eroded by 20 basis points.
This is no longer a single bank's phenomenon. It is a rate environment.
And what Discount did differently from the other three: it actually cut costs. Operating expenses fell 6.0% for the half - not a slower growth rate, but a decline in absolute terms.
And the efficiency ratio improved accordingly: 46.0% for the half against 47.4% a year ago, and 49.2% for full-year 2025.
And what is worth flagging: the credit loss expense more than doubled for the half - NIS 252 million against NIS 112 million. In the quarter itself it rose only 16.7%, meaning most of the jump originated in the first quarter.
Capital and liquidity ratios: the tier 1 equity ratio stands at 10.27% against 10.53% a year ago, the total capital ratio at 13.21%, and the liquidity coverage ratio at 122.3%. Return on equity for the half: 12.4%, against 13.3%.
And on 12 August the board approved a dividend of 40% of second quarter profits - about NIS 481 million, or roughly 39.33 agorot per share.
A methodological note: from the second quarter of 2025, CAL is presented as a discontinued operation in the bank's accounts, so some of the figures are not directly comparable to earlier periods.
Melisron
| Q2 2026, NIS millions | |
|---|---|
| Revenue | 588 |
| Gross profit | 413 |
| Operating profit | 559 |
| Pre-tax profit | 375 |
| Net profit | 296 |
| Attributable to shareholders | 289 |
| Basic EPS | NIS 6.05 |
| Total assets | 35,426 |
And again the same phenomenon we saw this week at Amot and Afi Properties: operating profit of NIS 559 million is higher than gross profit of NIS 413 million. Investment property is measured at fair value, and the uplift is booked above the operating line.
Gas
| Q2 2026, $ millions | NewMed Energy | Tamar Petroleum |
|---|---|---|
| Revenue | 250.2 | 73.2 |
| Operating profit | 175.0 | 29.2 |
| Pre-tax profit | 137.8 | 20.2 |
| Net profit | 117.5 | 15.6 |
| Basic EPS, $ | 0.10 | 0.17 |
| Total assets | 4,046.7 | 1,187.5 |
Both report in US dollars. NewMed shows an operating margin of 70.0% of revenue, and Tamar 39.9%.
And the Rest
| Q2 2026 | Currency | Revenue | Net profit | Per share |
|---|---|---|---|---|
| Mimun Yashir | NIS | 886.4m | 127.7m | see note |
| Tadiran Group | NIS | 551.7m | 17.6m | 1.76 |
| Africa Residences | NIS | 493.5m | 66.3m | 4.84 |
| Icon Group | NIS | 451.0m | 12.3m | 0.21 |
| Rav Bariach | NIS | 404.3m | 16.3m | 0.04 |
| Energix | NIS | 277.0m | loss 128.4m | -0.22 |
| Friedenzon | NIS | 126.5m | 3.0m | 1.83 |
| Hyper | $ | 104.2m | 8.1m | 0.16 |
| Peninsula | NIS | 52.4m | 17.4m | 0.08 |
| Reit Aspan | NIS | 40.6m | 3.1m | not reported |
| Giron Development | NIS | 31.8m | 14.8m | not reported |
| Sunflower | NIS | 20.5m | loss 3.2m | -0.07 |
| Shemen Real Estate | NIS | 8.2m | 0.5m | 0.02 |
| Aviv Construction | NIS | 6.3m | loss 2.5m | -0.19 |
A note on Mimun Yashir: earnings per share is deliberately omitted. The filing reports basic earnings per share of 39.51 and diluted earnings per share of 39.92 - the diluted figure is higher than the basic one, which is the reverse of what should happen, since dilution reduces earnings per share. The contradiction is not reconciled in the filing itself, so the number is omitted. The rest of the Mimun Yashir lines do reconcile: tax of NIS 76.3 million on pre-tax profit of NIS 204.1 million is an effective rate of about 37%, consistent with a financial institution that also pays profit tax.
And Energix requires a double reading: the financial statements show a net loss of NIS 128.4 million, and the directors' report shows a profit of NIS 56.6 million - the difference being an impairment loss of about NIS 185 million on the Aran project. And excluding it, revenue rose 11% and EBITDA 12%.
A note on Harel Interests and Deposits, which has been removed from the table: its balance sheet stands at NIS 7.4 billion against shareholders' equity of just NIS 2.3 million. Its revenue line cannot be verified at a company of this kind, so the figure was removed. What is clearly reported: basic earnings per share of zero.
And Isracard and Alpha Tau Medical are not in the table - their filings carry no numerical data.
Wall Street
A scan of SEC filings after the close found 161 companies that filed today. Four of them received a separate piece from us, and three of those four are Israeli.
| The quarter | The central point | |
|---|---|---|
| Ondas | $83.8m | 13-fold in a year, guidance raised to $525-550m |
| Applied Materials | $9.115bn | A record, up 25%, guidance $10.25bn |
| Cellebrite | $131.1m | New CEO, and ARR guidance cut |
| Stratasys | $137.6m | Flat, and the shekel cost $2.9m of EBITDA |
| MediWound | $3.1m | Down from $5.7m, full-year guidance reaffirmed |
And three lines worth noting:
Cellebrite changed CEO in the same release in which it cut guidance. ARR reached $507.8 million, below the $510-513 million range the company itself gave in May, and the full-year ARR target was cut by about $15 million. The adjusted EBITDA target was actually raised.
At Applied Materials, earnings per share rose 43% but pre-tax income rose only 13%. The difference comes from an effective tax rate that fell from 30.6% to 12.7%.
And at Stratasys and MediWound, the same phenomenon from two directions: both present a bottom line better than their operations show. At MediWound the net loss narrowed while the operating loss grew.
And as a reminder: Eltek will publish its second quarter results on 18 August, before the market opens, and will hold a conference call the same day at 8:30 a.m. Eastern Time.
Correction: an earlier version of this line said that Ceragon would also publish its results on 18 August. That was wrong. Ceragon has already reported - on 11 August - and we wrote about its results the following day. The 18 August date belongs to Eltek alone.
