Exterior view of the new global headquarters of Discovery in Sandton. Photo: Supplied

JOHANNESBURG -  Financial services group Discovery Limited said on Tuesday normalised headline earnings per share increased by 16 percent to 836.9 cents in the year ended June.

Discovery declared a final gross cash dividend of 114 cents or a net 91.2 cents after withholding tax, per ordinary share. 

Normalised profit from operations was up 17 percent to R8.266 billion.

Over the period, seven percent of earnings was invested in new initiatives including Umbrella Funds, VitalityInvest, Discovery Insure Commercial Insurance and Discovery Bank.

"Discovery is well positioned for growth," the group said. 

"Setting apart the effect of the Bank, Discovery expects continued growth without recourse to additional capital. The investment in Bank will impact earnings for the 2019 year, as post launch the amortisation of the build cost will emerge. Thereafter, the organic growth model is expected to revert to its long-term average."

- African News Agency (ANA)