Digital bank hopeful iFast Corp has reported record high net profit and assets under administration (AUA) in 3Q20 of $6.16 million and $12.59 billion respectively. 

Net profit grew 150.6% y-o-y, achieved on the back of a 35.7% y-o-y increase in net revenue to $22.9 million and a 33.3% y-o-y increase in gross revenue to $45.0 million. 

iFast notes that growth in profit was substantially higher than the growth in revenue. The Group’s profit before tax margin as a percentage of net revenue increased from 17.0% in 2019 to 28.3% in 9M20.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook