Discovery Bank, the digital lender backed by South African businessman Adrian Gore s Discovery Limited, is setting its sights on profit and growth. The Johannesburg-based bank expects to nearly double its customer base while expanding lending as it targets earnings of R3 billion 173 million by 2029.
Its the fastest-growing bank in South Africa today, Chief Executive Officer Hylton Kallner said in an interview. He noted that the bank is aiming to reach 2 million customers by 2029. Discovery Bank, which launched six years ago, broke even in the second half of its fiscal year ended June 30 a milestone that came a year earlier than planned.
The lender also narrowed its full-year loss to R68 million 3.9 million, an 85 percent improvement from R454 million 26.2 million the previous year. With 1.2 million customers already on its books and about 1,000 new signups each day, Kallner said Discovery Bank is counting on steady client growth to drive profitability.