Discovery’s normalised operating profit increased by 24% in the year to June 2023.
- The company reported solid growth in operating revenue, premium income, and asset management.
- Despite suffering a loss of R767 million, Discovery Bank experienced a 60% uptick in its client base.
- Credit applications increased by 56% compared to the previous year, leading to a steady increase in advances.
- Discovery Bank’s share of new credit issued rose to 15.7% (by value) of credit card facilities in Q2 2023.
- The South African market remains the most important for the group, contributing R9.1 billion to the company’s normalised operating profit.
- Discovery Life and Discovery Health were the largest contributors to the company’s profit in South Africa, with both reporting significant increases.