JOHANNESBURG - Financial services group Discovery said on Friday it would invest a further R270 million on building its new bank to be rolled out to the public in March.
The company said its earnings for the six months ended 31 December would decline by 21 percent as it increased investment into five key new businesses, most notably Discovery Bank, which it launched in November for beta testing.
Discovery said the cost incurred in the build, test and run phases of the bank had largely been in line with expectations.
"Discovery estimates a further R90 million to be spent on build until the public roll out and a further R180 million on test and run. Other important new businesses include Vitality Invest, Vitality1, Umbrella Funds and Discovery for Business - all with pleasing early receptivity," it said.
"The spend on new businesses is in line with budget and is fully provided for in the group's capital plan."