Discovery Bank gives an update on the health of the new venture

Discovery, after giving an update on the recently launched Discovery Bank, had to sooth investors' nerves.

This, after a warning earlier this week that it would report a double digits loss amidst its ongoing spending on new projects.

Group profit did fall 11% to a little more than two billion rand.

''Do you find this obligation of reporting a trading update without the benefit of detail, allows distortions in perception - because the markets got a terrible fright earlier this week with your trading update. Then you declared the share price was massively volatile.... it feels a little bit messy,'' Bruce Withfield asked Discovery's chief, Adrian Gore.

We've always sent out a trading update. It's difficult to build an organisation organically in a big listed environment. We try our best to make sure the market is updated. The presentation was as detailed as possible.

Adrian Gore, founder and Group Chief Executive - Discovery Limited

There are about 80-thousand customers on the books - about 180 thousand accounts. The data coming out of it is good - deposit rates, borrowing - not just the account numbers but the qualitative numbers.

Adrian Gore, founder and Group Chief Executive - Discovery Limited

I have to say I think the team is doing really well. We're feeling very good about the bank. We're in budget, it's been a good story we're very proud of. We are very pleased.

Adrian Gore, founder and Group Chief Executive - Discovery Limited
FILE: Discovery Group offices in Sandton. Picture: Abigail Javier/EWN.

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