iFast shares up 5.7% after posting rise in Q3 profit

[SINGAPORE] Shares of iFast rose 5.7 per cent on Tuesday (Oct 27) morning, after the digital bank and wealth management platform reported a 24.5 per cent year-on-year rise in net profit for its third quarter ended Sep 30.

As at 9.07 am, the counter rose S$0.46 or 5.7 per cent to S$8.47, with about 440,000 shares changing hands, data on ShareInvestor indicated. This was the highest it has traded since Sep 30.

The counter subsequently pared down to S$8.20 as at 9.58 am, before recovering slightly to S$8.27 at 10.30 am. As at noon, shares were down 1.1 per cent or S$0.09 at S$7.92.

The rise in share price on Tuesday comes a day after iFast posted its Q3 financial results. The company’s net profit rose to S$32.4 million for Q3, from S$26 million in the year-ago period.

The group also reported that revenue was up 23 per cent year on year at S$167 million, driven by growth in its core wealth management platform business, iFast Global Bank and stronger contributions from its ePension division.

Earnings per share stood at S$0.1056, up from S$0.0856 a year earlier.

Its board of directors proposed a dividend of S$0.032 per share for Q3, 39.1 per cent higher than the S$0.023 paid out in the year-ago period.

It also raised its full-year dividend guidance to at least S$0.12 per share, representing an increase of at least 43 per cent from FY2025. This compares with its previous guidance of at least S$0.105 per share.

The group’s assets under administration grew 20 per cent year on year to a record S$36.76 billion as at end-September, supported by strong net inflows and positive financial market performance.

SEE ALSO

Keppel Infrastructure Trust’s 9M distributable income falls 17% to S$140.1 million

CapitaLand Ascott Trust’s same-store operating performance up 4% in Q3

iFast Q3 profit rises 24.5% to S$32 million on overall revenue growth

The company is scheduled to hold an analyst briefing on Tuesday afternoon to discuss its third-quarter results.

The stock had closed at S$8.01 on Monday, down 0.6 per cent, ahead of the earnings announcement.