2020 was a watershed year for iFAST Corporation Limited (SGX: AIY).
The financial technology (fintech) company saw its revenue, net profit and assets under administration (AUA) surge as the pandemic pushed more people to open brokerage accounts and transact digitally.
Despite the group not managing to clinch a coveted Singapore digital banking licence, organic growth still propelled the group’s revenue and net profit to a record high.
On this note, iFAST had just released its fiscal 2021 first-quarter earnings (1Q2021).
It turned out to be yet another strong performance from the fintech group.
Here are five highlights from its latest set of earnings.
1. Strong financials and operating leverage
For the quarter, iFAST reported a 51.4% year on year jump in net revenue.
The increase was driven by higher net inflows of client assets as the group expanded the range and depth of products and services being offered.
Operating profit more than doubled from S$4.3 million in 1Q2020 to S$10.3 million in 1Q2021....