iFAST Corp Reports Net Profit Improved By +59.3% in 3Q2016

28th October 2016, iFAST Corporation Ltd

iFAST Corporation Ltd. (“iFAST Corp” and together with its subsidiaries, the “Group”) reported its financial results for the third quarter (3Q2016) and first nine months of 2016 (9M2016).

Highlights:

• Following a difficult 1H2016, the Group (excluding its recently-launched China operation) reported a 59.3% increase to S$2.97 million in 3Q2016 net profit from S$1.87 million in 2Q2016
• The Group (ex-China) saw its net revenue increase by 10.3% QoQ, while AUA increased 6.6% QoQ to a record S$6.00 billion as at 30 September 2016
• Compared to a year ago, the Group’s net profit (ex-China) declined 8.4% YoY in 3Q2016, as its efforts to improve the range of investment products and services continued
• After the launch of stockbroking capabilities on the Hong Kong B2B platform and insurance products on the Malaysia B2C platform, the Singapore operation is targeting to launch its stockbroking capabilities in end-2016 /early-2017
• The contribution from the relatively newer investment product categories (Bonds/ETFs/Stocks) stood at a combined 6.8% of the Group’s AUA as at 30 September 2016
• The Directors believe that the Group has a strong balance sheet. Total Cash and other investments stood at S$57.01 million as at 30 September 2016
• The Directors have proposed a third interim dividend of 0.68 cents per ordinary share for 3Q2016 (3Q2015: 0.68 cents per ordinary share)

To view the full announcement, please click on the button below.