Discovery's earnings slump

File: Discovery.

Discovery Group

JOHANNESBURG - Discovery has reported a significant drop in full-year earnings thanks to the pandemic's toll on the local and global economy and operations.

But the company's core new business grew by five percent to almost R20-billion while operating profit was also up by nine percent. This was however taking into account COVID-19 impacts.   

Headline earnings per share decreased by 94 percent to R296-million, Discovery said.

READ: Discovery warns of decline in profits

A significant component of the business has been to grow the recently launched Discovery Bank.

The company says its bank’s performance is pleasing, with over 370,000 accounts at end of June and deposits of over R2-billion.

The group has also set aside R3.4-billion to cater for future COVID-19-related claims and policy lapses.

Source
eNCA

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