Discovery Bank hits R370m profit, clients near 2m
The digital bank’s growing scale and AI capabilities accelerate profitability, as it targets phase two of its “super bank” ambitions.
Discovery Bank announced a profit of R370 million for the year ending 30 June 2026, following a previous loss of R68 million. The bank's expansion has brought it to profitability as it increases its client base and revenue, while improving its AI-driven capabilities. The digital bank's client numbers grew by 26% to 1.57 million, and revenue rose by 31% to R3.1 billion.
Operating expenses decreased due to economies of scale, leading to significant financial improvements. Discovery Bank aims to reach a R3 billion profit by 2029 and a 15% to 20% annual revenue growth. The bank's CEO, Adrian Gore, describes this as the start of a new strategic phase as Discovery evolves into a "super bank". Seventy percent of new business came from outside the Discovery Group, demonstrating the bank's ability to attract customers beyond its existing ecosystem.
AI-driven technology is integrated into Discovery's shared-value model, which combines behavioural science, data, advanced analytics, and AI-driven personalization. Discovery Bank's profitability growth is supported by a 17% increase in retail deposits to R27.2 billion and a 40% growth in retail advances to R12.9 billion. The bank's overall profit from operations increased 17% to R17.75 billion for the year.
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