Shares of iFast soars 7.5% on positive Q3 results

The counter jumped S$0.69 to an intra-day high of S$9.92, the highest price in more than a year

Shares of digital wealth management platform iFast soared nearly 7.5 per cent on Monday (Oct 27) morning, the first trading day after it posted a 54.7 per cent rise in net profit.

Its net profit jumped to S$26 million for its third quarter ended Sep 30, from S$16.8 million in the previous corresponding period.

The counter jumped S$0.69 to an intra-day high of S$9.92 at 9.07am, shortly after the market opened, the highest price in more than a year.

Last Friday (Oct 24), the company posted that their earnings per share stood at S$0.0856 for the quarter, up from S$0.0564 the previous year.

Meanwhile, revenue was up 37 per cent year on year at S$135.8 million, from S$99.1 million.

The company said that its increased profitability was driven by growth in its Hong Kong ePension business, continued improvement in its core wealth management platform business, and the turnaround of iFast Global Bank.

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The iFast Global Bank segment recorded net profit of S$310,000 in Q3, reversing from a loss of S$820,000 in the previous corresponding period.