iFast shares up 5.7% after posting rise in Q3 profit
The company’s net profit rises to S$32.4 million for Q3, from S$26 million in the year-ago period
iFast's shares climbed 5.7 percent on Tuesday morning, following the digital bank and wealth management platform's announcement of a 24.5 percent increase in net profit for Q3 ended September 30. The company's net profit reached S$32.4 million, up from S$26 million in the same period last year. Revenue also rose 23 percent year-on-year to S$167 million, fueled by a strong performance in its core wealth management platform, iFast Global Bank, and the ePension division.
Earnings per share increased to S$0.1056, while the board of directors proposed a dividend of S$0.032 per share for Q3, up 39.1 percent from S$0.023 in the previous year. The group's assets under administration grew 20 percent year-on-year to S$36.76 billion as of the end of September, driven by strong net inflows and positive financial market performance.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
