Discovery Bank has seen a massive jump in its customer base, with the bank now making a smaller loss. <\/p>\n\n\n\n
In the Discovery group’s interim financial results for the six months ended 31 December 2023 (H1 2024), Discovery Bank saw strong progress across all the group’s metrics, with the acquisition of quality clients accelerating and the bank reaching monthly operational break-even before acquisition costs over the period. <\/p>\n\n\n\n
Discovery Bank’s operating loss, before new business acquisition costs, improved by 40%, while the overall loss of R339 million was an improvement from the prior year. <\/p>\n\n\n\n
Growth remains high, with the bank’s customer base exceeding 825,000 clients<\/strong> in December 2023, while the total client base grew by 42% from the prior year. <\/p>\n\n\n\n “This momentum is indicative of Discovery Bank\u2019s accelerated pace towards achieving its ambition of one million clients by 2026<\/strong>, which the Bank is well ahead of target to achieve,” the group said. <\/p>\n\n\n\n “In light of challenging macroeconomic conditions, Discovery Bank has remained focused on high-quality growth with the Bank\u2019s shared-value behavioural banking model proving its efficacy.” <\/p>\n\n\n\n Deposits jumped by 31%, showing clients increasingly use Discovery Bank as their primary account. <\/p>\n\n\n\n Advances have also grown by 19% since the prior period, with Discovery saying that its credit loss ratio of 3.7% is far below the market for equivalent products. <\/p>\n\n\n\n