Hot stock: iFast hits 8-month high after surge in Q3 net profit
The counter rises 4.8% or S$0.37 to S$8.12 after the market opened
SHARES of digital bank and wealth management platform iFast rose in early trading on Monday (Oct 28), after the company released its third-quarter financials last week.
The counter gained 4.8 per cent or S$0.37 to S$8.12 shortly after the market opened. The last time it traded at such levels was in February this year.
No married deals were recorded in early trade, based on ShareInvestor data.
By 9.31 am, iFast was one of the most actively traded counters by value, with 853,600 shares worth S$6.8 million changing hands. Its shares were trading up 1.2 per cent or S$0.09 at S$7.84 at the time.
After the market closed last Friday, iFast announced that its net profit for the third quarter ended Sep 30 rose 97.3 per cent to S$16.8 million, from S$8.5 million in the previous corresponding period.
This translates to an earnings per share of S$0.0564, up from S$0.0288 the previous year.
Revenue for Q3 rose 49.7 per cent to S$99.1 million, from S$66.2 million a year earlier.
The increase in its bottom line was buoyed by contributions from its ePension division, as well as improvements across its core wealth management platform business, which includes its banking operations, said the company.
A third interim dividend of S$0.015 per share was declared for the quarter, up from S$0.013 the year before. The dividend will be paid on Nov 19, after the record date on Nov 6.
