iFAST Corporation Limited (SGX: AIY) started the year 2021 on a strong note.
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.
Here are five highlights from its latest set of earnings.
1. Strong growth and positive operating leverage
For the quarter, iFAST reported a 51.4% year on year increase in net revenue and a 43.8% year on year (YoY) increase in gross revenue. The increase was driven by positive market sentiment and higher net inflows of client assets as the group expanded the range and depth of products and services being offered.
By comparison, operating profit more than doubled from S$4.3 million in 1Q2020 to S$10.3 million in 1Q2021. Net profit in 1Q2021 also soared to a record S$8.8 million, an increase of 142.5% compared to 1Q2020.
The significant jump in operating profit and net profit shows positive operating leverage in