Discovery Bank hits first profit as it aims at R3bn by 2029
Headline earnings for the six months to December were up 34% at R4.27bn
Discovery Bank turned profitable for the first time in the first half with R1bn in start-up costs to spare in a milestone that gave the parent company, one of SA’s largest financial services conglomerates, and CEO Adrian Gore the confidence to aim for tripling its profits to R3bn in the next five years.
Inspired by a desire to branch out of insurance, Discovery’s digital-only full-fledged banking division entered the R7-trillion-plus banking industry in 2019, blending health and financial wellbeing and pitting it against established legacy banks that have been scrambling to adapt in a fast-changing financial ecosystem. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.