Singapore-listed financial services firm iFast Corp has reported record quarterly earnings for 2Q2020, as it collected higher recurring fees from a bigger pool of assets under administration. The company, which is aspiring to be a digital bank, enjoyed a lift from higher trading commissions as well.
For the three months to June 30, 2020, iFast reported net earnings of $4.53 million, up 84.7% y-o-y. Revenue in the same period was $38.6 million, up 25.8% y-o-y. For 1H2020, the company doubled its earnings to $8.16 million, on the back of a 33.2% y-o-y increase in revenue to $77 million. It expects full-year 2020 to show “healthy growth” in net earnings.
“Acceleration of digital adoption in the wealth management industry will continue to be a positive factor underpinning the growth prospects of the group,” said chairman and CEO Lim Chung Chun at a virtual press conference on July 23. “The increase in the pace of digitalisation in the wealth management industry has led to a rise in the group’s business volumes across both the B2C and B2B divisions.”