iFast Q1 net profit rises to record S$8.82m on revenue growth

Singapore

WEALTH management platform iFast Corporation posted a record net profit of S$8.82 million in the first quarter, almost 2.5 times the S$3.64 million in the year-ago period.

This comes on the back of a 51.4 per cent increase in net revenue, and a 43.8 per cent rise in gross revenue, iFast said in a quarterly financial update on Thursday. Net revenue went up to S$28.5 million for the three months ended March 31, 2021.