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iFast Q4 profit up 14.4% to S$3m

DIGITAL bank hopeful iFast Corporation on Thursday posted a 14.4 per cent rise in net profit to S$3 million for the fourth quarter ended Dec 31, 2019 up from S$2.6 million a year ago. 

Earnings per share for the mainboard-listed fintech group came in at 1.12 Singapore cents for the quarter, versus 0.98 Singapore cent previously.  

Revenue was up 20.8 per cent to S$33.8 million, from S$28 million a year ago, amid higher contributions from two of the group's main business divisions, supported by optimism over the prospects of a US-China trade deal in the quarter, the company said. 

The business-to-customer (B2C) segment saw a 21.5 per cent year-on-year increase in revenue to S$5.5 million, while the business-to-business (B2B) segment posted a 20.7 per cent rise to S$28.4 million. 

Directors of the company have proposed a final dividend of 0.90 Singapore cent per ordinary share, subject to shareholders’ approval at the company’s annual general meeting on April 23. If approved, this final dividend will be paid out on May 19. 

The proposed final dividend brings the total dividend to 3.15 Singapore cents per ordinary share for FY2019, unchanged from the the total dividend for FY2018. 

In a press statement on Thursday, iFast noted that while the outbreak of Covid-19 has caused substantial concerns of a potential negative impact on the overall business environment, the group has not seen any substantial adverse impact on its overall business as at Feb 19, 2020. 

Overall, the group believes that growth opportunities in Asia's wealth management industry remain substantial, and that it is well-positioned to benefit from these opportunities in the medium to long term.

For the full year, net profit slipped 12.8 per cent to S$9.5 million, from S$10.9 million a year earlier. 

iFast shares closed at S$1.03 on Wednesday, down S$0.01 or 1 per cent.