JOHANNESBURG - Discovery Bank has reported its first profit, posting earnings of R370-million.
This helped the financial services group -- which still includes South Africa’s largest health-insurance administrator, but now also offers insurance and banking -- deliver another year of strong growth.
Discovery Group achieved 17 percent growth in normalised operating profit, reaching R17.7-billion for the year ended June.
Normalised headline earnings per share grew by 20 percent.
Both Discovery’s local and international operations saw solid growth.
Discovery has expanded into Africa, the UK, Europe, Asia, Canada, and the US, and its Vitality unit operates in more than 40 international markets.
The company’s share price closed up almost three percent on the JSE.