iFast Q1 net profit falls 48% to S$3 million on startup losses from banking subsidiary

FINTECH platform iFast Corporation posted a 48.1 per cent fall in net profit to S$3 million for the three months ended Mar 31, 2023, down from S$5.7 million previously.

This was due partly to startup losses in its UK-based subsidiary iFast Global Bank, iFast said in a bourse filing on Tuesday (Apr 25).

Earnings per share for the period stood at 1.02 Singapore cents, compared with 1.97 cents in the year-ago period.

Revenue for Q1 2023 was up 1.9 per cent to S$53.9 million, from S$52.9 million previously.

The gain in revenue during the first quarter came from a S$4 million contribution from iFast’s banking operations; revenue from its non-banking operations fell 5.7 per cent to S$49.9 million, compared to Q1 2022.

The board has proposed a final dividend of one Singapore cent per share, unchanged from the same period a year ago.

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“Going forward, the group expects to enter a period of high growth in revenue and profitability between 2023 and 2025 as it executes its three-year plan,” iFast said.

Shares of iFast closed unchanged at S$4.70 on Tuesday, prior to the announcement.