iFast Corp posted its fifth consecutive quarter of record assets under administration (AUA), with net profit increasing 94.0% y-o-y in 1HFY2021 ended June.
The Group’s net profit grew 55.0% y-o-y to $7.02 million in 2QFY2021 and 94.0% y-o-y to $15.84 million in 1HFY2021.
The Group’s AUA registered a growth of 57.3% y-o-y and 21.4% YTD to reach a record high of $17.54 billion as at June 30.
Supported by increasing AUA, the Group’s recurring net revenue continued to grow, increasing 39.2% y-o-y in 2QFY2021 and 34.3% y-o-y in 1H2021.
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Although trading activities were generally more subdued in 2QFY2021 compared to 1QFY2021 as the general financial market conditions were more cautious, net inflows of client assets remained healthy at $0.84 billion in 2QFY2021 and stood at $2.12 billion in 1HFY2021, says iFast.
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For the second interim dividend for 2QFY2021, the Directors declared a dividend of 1.10 cents per ordinary share, an increase of 46.7% y-o-y compared to the second interim dividend for 2QFY2020 of 0.75 cents per ordinary share.
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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 expects to increase its dividend per share in 2021 compared to 2020.
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iFast Corp has led a consortium in the submission of an application for a digital bank licence in Malaysia. This continues the Group’s efforts in seeking to tap into the global digital banking and Fintech opportunities.
In Hong Kong, discussions with industry players have been ongoing as part of the Group’s preparatory work for the eMPF Platform project. By the end of this year, the Group targets to be able to give some guidance on the potential growth of its overall Hong Kong business for 2023/2024 and beyond.
Incorporated in the year 2000 in Singapore and listed on the Singapore Exchange in December 2014, the Group is also present in Hong Kong, Malaysia, China and India.
Shares in iFast closed 8 cents higher, or 0.879% up, at $9.18 on July 23.
