iFast shares end slightly lower after posting rise in Q3 profit
The counter’s decline comes after a jump of 5.7% in early trade to hit a near-month high
[SINGAPORE] Shares of iFast rose 5.7 per cent in early trade before falling to close slightly lower on Tuesday (Oct 27).
This came a day 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 to S$32.4 million.
The counter was trading at S$8.47 at 9.07 am on Tuesday, up S$0.46 from its Monday closing price, with about 440,000 shares changing hands, data from ShareInvestor showed.
This was the highest level it had traded at since Sep 30. However, it later pared those gains, ending the day down 0.1 per cent or S$0.01 at S$8.
The group reported on Monday 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 a 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 a share, representing an increase of at least 43 per cent from FY2025. This compares with its previous guidance of at least S$0.105 a 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.
Group CEO Lim Chung Chun said at a results briefing on Tuesday that iFast is eyeing significant potential in serving and banking mass-affluent and retail customers.
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