Union Bank profit decline. (Union Bank of Israel)

Profits of the Union Bank of Israel for the first quarter of 1992 have declined by 65 percent from NIS 5.1 million in the first quarter of 1991 to NIS 1.8 million. Management says the decline is due to an overall decline in clearances, accounting distortions caused by differences in CPI indices. This also affected taxable income resulting in an effective tax rate of 77.6 percent and increased provisions for doubtful debts, which tripled from NIS 2 million in the first quarter of 1991 to NIS 6.2 million. The return