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DISCOVERY LIMITED

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End-of-day quote Johannesburg Stock Exchange  -  2022-08-10
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Discovery : Bank hits 1 million accounts, expands banking and lifestyle benefits

06/20/2022 | 03:34am EDT

Johannesburg, 20 June 2022 - Over the past year, Discovery Bank has seen strong deposit growth and considerable traction of its shared-value banking model amongst its client base; the appeal of a full service, shared value, digital bank is reflected in Discovery Bank's strong growth to over 1 million accounts since its public launch in 2020.

Today, as the Bank announced the milestone of reaching one million accounts it revealed exciting new products, including Vitality Pay as you Gym, the introduction of the Discovery Account - available to clients of the Discovery group and enhanced travel benefits like access to The Lounge, a strategic partnership between Discovery and SAA providing airport lounge access for the Bank's clients.

Hylton Kallner, CEO of Discovery Bank, says: "The Bank has scaled quickly and built a uniquely powerful digital banking and technology capability. This is now being deployed as the de facto operating system for the Discovery Group in South Africa. Discovery Bank's digital payments technology, advanced security features and shared value rewards capabilities represent a unique opportunity to deliver new products and digital services to all of our clients."

Discovery Bank has firmly established itself as the leading digital bank in South Africa, operating a full-service branchless bank through its banking app that caters for the full spectrum of the retail market, driving high levels of client engagement, utilisation and value. This value is reflected in the one million accounts being held by over 450 000 clients, with over R11 billion in deposits and R4.5 billion in credit advances today.

At its product update briefing with financial advisers today, the Bank announced its latest product enhancements:

  1. A more rewarding travel experience with Vitality Travel

Vitality Travel was launched in March of this year, offering a single and convenient booking platform that incorporates travel partners, discounts, and other travel services through Discovery Bank. Since its launch, in the short space of four months, Discovery Bank clients are saving on average31% per flight. With the complete rewards and personalised experiences that Vitality Travel offers, Discovery Bank makes travel as convenient and relaxing as possible for all Discovery clients.

The following new benefits are now available for Discovery Bank clients:

  • Access to The Lounge, a partnership between Discovery Bank and SAA, which offers clients an elevated pre-flight experience with upgraded comforts to refuel body and mind, such as premium coffee and drinks, and healthy dining options. The Lounge provides a restful, ambient space where guests can connect, or get connected, ahead of their beautiful adventures. As an introductory offer, clients with Platinum, Black or Purple Discovery Cards can enjoy unlimited use of The Lounge until the end of 2022 at OR Tambo (domestic and international departures), Cape Town and King Shaka airports.
  • In addition to domestic departures at OR Tambo and Cape Town airports, Priority Fast Track is now also available at international arrivals at OR Tambo International airport for Discovery Bank Purple Card holders.
  • SAA and CemAir will also join the Vitality Travel flight partner network, complementing Safair, Airlink and LIFT to complete a full offering of discounted flights on all SA domestic and regional flights.
  • The Vitality Travel platform accommodation listings now also gives access to properties listed on Booking.com at their best available rates.

2. Vitality Pay as you Gym

Making physical activity more accessible for all Discovery clients, Discovery Bank will offer Vitality Pay as you Gym to all clients, including those with a Discovery Account. It's easy to use and clients can access more than 170 Virgin Active and Planet Fitness clubs nationwide. Clients simply go to a club, scan the QR code at the entrance, seamlessly pay the access fee of between R75 and R100 (depending on the facility) from either a Discovery Bank transaction account, credit card or using Discovery Miles, and enjoy their workout.

As an introductory special offer, Discovery clients can make unlimited use of Vitality Pay as you Gym for free between 20 June and 31 July 2022 and get a free smoothie after their first visit.

3. Discovery Account

Discovery clients who don't already have a Bank account, now have exclusive access to the Discovery Account. It is a fully digital banking account at zero monthly fees, that is easy to activate; clients can access their full Discovery product portfolio in the app and also have access to these benefits:

  • The Vitality Travel booking platform and its unique rewards with a 10% saving on local and international flights (up to 35% for Vitality Health members) on all domestic and regional flights - including Airlink, FlySafair, LIFT, South African Airways and CemAir - as well as on accommodation and car hire. The platform also includes access to properties and the best available rates on Booking.com so that clients can book everything in one place, with the option of paying with Discovery Miles and using the benefits of Vitality Travel servicing.
  • A Discovery Miles Account where clients can track and save the Discovery Miles that they earn across their Discovery products (including their Vitality Health and Vitality Drive benefits). Clients can convert their Miles into cash and they automatically qualify for up to 15% off when they spend Discovery Miles - doubling to up to 30% off on Miles Ð-Day (on the 15th of every month).
  • Discovery Pay, the digital payments capability for real time payments. This includes Health Pay whereby Discovery Health Medical Scheme members can integrate payments for out-of-pocket medical expenses. Members can instantly settle any out-of-pocket expenses at participating GPs, pharmacies, hospitals, pathologists, radiologists, and other healthcare providers directly from a linked Discovery Bank account.

"Our first million accounts is an endorsement of our shared-value banking model and provides us with a strong foundation to continue to disrupt the market. With all of the new services and capabilities announced today, our goal is to do just this and further enhance our clients' banking, travel and payments journeys, and enable Discovery Bank as the operating system for all Discovery clients and products." Kallner concludes.

Other notable innovations since launching the Bank in 2019 include:

  • Giving clients control of their interest rates with Dynamic Interest Rates.
  • The Vitality Money programme that helps clients manage their money well and rewards them for it.
  • Discovery Miles, the world's first shared-value rewards currency that is worth more than cash. On the 15th of every month clients can get up to 40% off when they spend their Discovery Miles at leading retailers across South Africa.
  • Vitality Money Financial Analyser - a state of the art budgeting tool with smart notifications to keep clients on track to meet their money goals.
  • Vitality Travel - giving clients the most rewarding travel platform with discounts on airline tickets, accommodation and

ENDS

Disclaimer

Discovery Limited published this content on 20 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2022 07:33:04 UTC.


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Financials
Sales 2022 52 826 M 3 250 M 3 250 M
Net income 2022 6 415 M 395 M 395 M
Net Debt 2022 20 299 M 1 249 M 1 249 M
P/E ratio 2022 13,8x
Yield 2022 0,36%
Capitalization 88 892 M 5 469 M 5 469 M
EV / Sales 2022 2,07x
EV / Sales 2023 2,04x
Nbr of Employees -
Free-Float 80,9%
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Number of Analysts 2
Last Close Price 135,32 ZAR
Average target price 188,00 ZAR
Spread / Average Target 38,9%
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Managers and Directors
Adrian Gore Group Chief Executive Officer & Executive Director
Deon Marius Viljoen Chief Financial Officer & Executive Director
Mark Edward Tucker Chairman
Thabane Vincent Maphai Independent Non-Executive Director
Sindiswa Victoria Zilwa Independent Non-Executive Director
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