Wealth management fintech platform iFast reported on Friday that second-quarter net profit rose 40.4 percent on-year to S$2.94 million amid growth in its business and asset under administration, or AUA, in both the business-to-consumer (B2C) and business-to-business (B2B) divisions.
AUA rose 22.2 percent on-year to the company’s record S$8.33 billion as of the end of the quarter, it said in a filing to SGX after the market close on Friday.
“The record AUA has been achieved despite generally tough equity and bond market conditions in the first half of 2018. We attribute this to the improvements and progress that the group has made in beefing up its overall capabilities as a wealth management fintech platform,” it said.
Revenue for the second quarter rose 25.4 percent to S$30.92 million, it said.
The company proposed a second interim dividend of 0.75 Singapore cent a share for the second quarter, up from 0.68 Singapore cent in the year-earlier quarter, it said.
For the first half, it reported net profit rose 46.1 percent on-year to S$5.69 million, while revenue increased 32.3 percent on-year to S$61.88 million.
The company said it expected 2018 business performance to show “healthy improvement” over 2017, barring “unforeseen and adverse circumstances,” such as a potential market downturn.
iFast said it recently put in an application to the Hong Kong Monetary Authority (HKMA) for a virtual banking licence in Hong Kong, which, if approved, would “substantially” enhance the capability of its wealth-management platform and its growth potential.
The company offers investment products and services to financial advisory (FA) firms, banks, financial institutions, multinational companies, as well as retail and high net worth (HNW) investors in Asia, it said.