Discovery Bank reported a nearly R1-billion loss in the year ended June 2022, though parent Discovery Group said the bank remains on track.
a nearly R1-billion loss in the year ended June 2022, though parent Discovery Group said costs are coming down and the bank remains on track to achieve its targets.
The normalised loss came to R990-million, a 10% reduction from the R1.1-billion loss of a year ago due to reduced spending by Discovery on the digital bank. “The group is emerging from a cycle of intense organic investment into new initiatives, dominated by the investment in Discovery Bank, which has seen excellent, high-quality growth over the period,” it said.The number of active accounts topped a million, from 649 000 before, representing a “significant milestone for the bank”.“The bank has also continued to attract high-quality clients, resulting in high levels of average non-interest revenue and a low credit loss ratio of 1.56%,” it said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Discovery Bank cheers customer growth – but still delivers R990 million lossFinancial services giant Discovery on Wednesday (7 September), pointed to a positive operating performance from its established businesses in a report of its full-year results for the period ended June 2022, while Discovery Bank was singled for achieving the milestone of one million accounts.
Read more »
FNB wins Best Consumer Digital Bank in SA and Best Banking App in AfricaFNB has once again displayed its digital innovation leadership by winning two awards at the the 2022 World's Best Consumer Digital Bank Awards in Africa, hosted by Global Finance.
Read more »
A special a day to keep the bank balance at bay, we got you Cape TownWe know the struggle of trying to keep our bank balances smiling when all we crave is just a little bit of extra splurging. So here's a little 'special a day to keep the bank balance at bay' so we can keep spoiling ourselves without breaking the budget:
Read more »
African Bank launches new loyalty programme for customersAfrican Bank says it has launched a new loyalty programme, Audacious Rewards, with the aim to improve the financial well-being of its customers.
Read more »
New no-fee bank for South Africa that allows saving in dollar and euroBe Mobile Africa offers several benefits, including no fees, no minimum balance requirements, and the ability to send, receive, hold, and save money in euros and US dollars.
Read more »