[LISTEN] How Discovery Vitality made R603m profit from unused member perks
Business Insider's reporting that Discovery Vitality’s profits increased by 13-times over to 603-million rand, because Vitality members failed to use their perks.
Business Insider Associate Editor Phillip De Wet explains how the major profit made this year was a strange once-off occurrence.
Discovery has something called Discovery card that was actually operated by FNB, that card is now moving into the Discovery Bank. So Discovery Vitality through a transaction selling off its interest in that card, made about a R500 million profit so a great deal of this massive profit was from that once off piece of accounting.Phillip De Wet, Business Insider Associate Editor
What we saw was a broad set of accounts specific to vitality but it does not go into the detail of how exactly this profit was made.Phillip De Wet, Business Insider Associate Editor
Click on the link below to hear more from De Wet...
This article first appeared on 702 : [LISTEN] How Discovery Vitality made R603m profit from unused member perks
The Solidarity Research Institute's Monica Mynhardt gives insight into the union's tenth annual Bank Charges Report.Read More
Sharing networks, tax incentives and new tech are some of the ways to bring rural SA online, argues Premeshin Naidoo (Absa CIB).Read More
A business rescue practitioner will be appointed in the next 24 hours to find out if there is a reasonable prospect of saving SAA.Read More
MTN and Vodacom may not be as “strong”, but they remain South Africa’s most valuable brands.Read More
The ANC in Johannesburg is not going to be as beholden to the EFF as the DA was, says local government expert Dr Crispian Olver.Read More
Daily Maverick's Sasha Planting says the new wage agreement sees ordinary construction workers earning about R300 a day.Read More
Despite extensive plans, we may find ourselves in big trouble with a disease x outbreakRead More
Fana Hlongwane appeared before the state capture inquiry on Wednesday and denied claims that a bribe was made in his presence.Read More
More than 1000 buyers have registered, great interest in late CEO Gavin Watson's luxury cars reports EWN's Veronica Mokhoali.Read More
There are 142 countries with cheaper data than South Africa. Bruce Whitfield interviews Alan Knott-Craig (Jnr) of HeroTel.Read More