Financial Digest

Discovery Bank sees 42% jump in customers – narrows loss to R339 million

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Discovery says its Banking operation is ahead of targets, as it looks to secure a base of one million customers by 2026.

Discovery Bank has seen a massive jump in its customer base, with the bank now making a smaller loss.

Discovery Bank is expanding its lending suite by launching a Revolving Credit Facility in December 2023, which will offer clients more flexibility. Normalised headline earnings jumped 11% to R3.3 billion, while headline earnings are essentially unchanged at R3.2 billion. Notably, earnings for the period are under the new IFRS 17 Insurance Contracts accounting standard, with earnings in the prior period restated.

 

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