Discovery, which reported annual results, said the digital bank, launched in 2021, narrowed its loss by 41 to R454-million and said customer growth had driven revenue.
Gore said in an interview that he expects the bank to turn a profit next year and generate R400-million in operating profit per year as it works towards a target of R3-billion in operating profit by 2029.
The bank, which serves the mass affluent population between the ages of 25 and 50, said its total client base grew 36 during the year, hitting its goal of one million clients well ahead of a 2026 target.
You cant grow organically unless you have a repeatable, scalable model, so our approach has been to actually grow organically, not to make acquisitions, said Gore.
Discovery Bank , which specialises in personal banking, expanded its product range by launching a revolving credit facility in December 2023 and home loans in May 2024. The company said both had had pleasing initial take-up.
