iFAST Corporation has reported record earnings of $8.8 million in the 1QFY2021 ended March, representing a 142.5% surge y-o-y compared to earnings of $3.6 million in the 1QFY2020.

Net revenue grew 51.4% y-o-y to $28.5 million, while gross revenue grew 43.8% y-o-y to $55.3 million.

Like 2020, iFAST’s growth in profit was substantially higher than the growth in revenue.

The group’s assets under administration (AUA) grew 68.9% y-o-y to a record $16.11 billion, which was attributable to the quarter’s positive market sentiment, as well as net inflows of client assets, which registered a record $1.28 billion in 1QFY2021.

Gross unit trust subscription increased 66.8% y-o-y to a record $2.21 billion in the 1QFY2021.

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Geographically speaking, iFAST Corporation’s businesses in Singapore, Hong Kong and Malaysia reported net profits, with the exception of China, which netted a loss for the 1QFY2021.

Other income increased by 70.5% y-o-y to $0.96 million in 1QFY2021 mainly due to investment income gained from investments in financial assets at FVTPL.

iFAST Corporation says the robust growth seen in the group was due to its past investments in “building a strong integrated digital wealth management platform”.

The group adds that it expects its business performance for the FY2021 to show “healthy growth” compared to FY2020.

Furthermore, the group expects to increase its dividend per share in 2021 y-o-y.

An interim dividend of 1 cent per share has been declared for the 1QFY2021, compared to the 0.75 cent declared in the 1QFY2020.

As at March 31, cash and cash equivalents stood at $38.6 million.

Shares in iFAST closed 3 cents higher or 0.5% up at $6.18 on April 22.