Wealth management platform iFAST reported Friday its second quarter net profit increased 55 percent on-year to S$7.02 million as assets under administration (AUA) climbed.
AUA reached a record S$17.54 billion at end-June, up 57.3 percent on-year and 24.4 percent year-to-date, boosting recurring net revenue by 39.2 percent on-year for the quarter, the company said in a filing to SGX.
“The strong growth in the group’s AUA was on the back of significant net inflows of client assets into the group’s platforms during the period. This benefits from the group’s continuous efforts in improving the range and depths of products and services brought to
clients and business partners in recent years,” iFAST said.
Growth in non-recurring net revenue moderated to 15.3 percent on-year in the quarter, compared with 59.8 percent on-year for the first half, iFAST said.
The company declared a second interim dividend of 1.10 Singapore cents for the quarter, up 46.7 percent on-year from the year-earlier period’s 0.75 cent.
“iFAST Corp. believes that the robust growth seen by the group in recent times has resulted from its past investments in building up a strong integrated digital wealth management platform. The group will continue to work hard on various initiatives in all existing markets that the group operates in to ensure that its medium to long term growth prospects remain strong,” the company said in the statement.
“Barring unforeseen circumstances, the group expects its business performance for the full year 2021 to show a healthy growth compared to 2020. In addition, the group expect to increase its dividend per share in 2021 compared to 2020,” iFAST added.