iFast Q3 profit up 29.5%, plans to list HK-China operations

Singapore

IFAST Corporation (iFast) has shrugged off volatile market conditions and its loss-making China business to post a 29.5 per cent rise in its third quarter net profit to S$2.6 million.

Earnings per share for the mainboard-listed wealth management fintech platform increased to 0.98 Singapore cent from 0.76 Singapore cent for the three months ended Sept 30. Revenue rose 19.6 per cent to S$31.4 million from a year ago. iFast credited this to the growth in its business and asset under administration (AUA) for its business-to-consumer and business-to-business divisions. AUA had swelled 18.7 per cent year-on-year to reach a new high of S$8.50 billion as at Sept 30.