“Antifragile” refers to things which gain from disorder and iFAST had some big gains in the first quarter of 2020!
- 1Q20 net revenue grew 25% year on year(yoy) and 11% quarter on quarter(qoq)
- Recurring net revenue grew 11% yoy and 2% qoq
- Net client inflows was 224% higher year on year and 119% qoq
- Net profit grew 127% yoy and 21% qoq
- New client accounts grew 35% yoy and 10% qoq. In Singapore, there was a “record number of new account holders” during the quarter.
It may be too early to predict full year 2020 results but the improved results seem sustainable.
- Unit trust inflows jumped 148% yoy during the quarter. Unit trusts are the largest source of recurring revenue for iFAST so this is great news.
- Despite the jump in unit trust inflows, iFAST is becoming a more diversified platform and reducing dependence on unit trusts.
...