Last Friday, iFAST Corporation Limited (SGX: AIY) released its third-quarter 2020 earnings report.
There is good reason to pop the champagne as the financial technology (fintech) company reported a stellar set of numbers.
To recap, iFAST is a wealth management fintech platform that allows its clients to buy and sell a variety of financial securities such as unit trusts, bonds and equities.
The group was incorporated in 2000 and as at end-September 2020, offers access to 11,000 investment products. It operates in five countries: Singapore, Malaysia, Hong Kong, China and India.
Here are five things you should know about iFAST’s latest record quarter.
For the third quarter, iFAST reported a 35.7% year on year jump in net revenue.
Meanwhile, operating profit soared 164% year on year from S$2.8 million a year ago to S$7.4 million in the reporting quarter.
Net profit attributable to shareholders more than doubled from S$2.5 million to S$6.2 million.