iFast aims to crack 20% ROE through digital banking in 5 years
Singapore
MAINBOARD-LISTED iFast Corporation is targeting an ambitious 20 per cent return on equity (ROE) from its digital banking outfit in the next five years, with the firm "confident" of receiving a wholesale licence come mid-2020, said its top executive.
iFast chief executive Lim Chung Chun's comments come as the fintech group posted on Thursday a 14.4 per cent rise in net profit to S$3 million for the three months ended Dec 31, 2019, on stronger sales. Earnings per share came in at 1.12 Singapore cents for the quarter, versus 0.98 Singapore cent previously.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Universal Music Group reaches new licensing agreement with TikTok
Sumitomo to bolster shareholder returns in new mid-term plan
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform
ST Engineering bags more than S$175 million in contracts to upgrade Singapore’s public bus fleet
ING unveils 2.5 billion euros buyback as profit beats estimates
Prosper Cap halts operations at UK hotel after fire breaks out