iFAST posts 46% increase in 4Q earnings to $2.6 mil
SINGAPORE (Feb 20): iFAST Corporation saw its earnings jump 46.0% to $2.6 million for the 4Q18 ended December, from $1.8 million a year ago.
This brings full-year earnings for FY18 to $10.9 million, 41.7% higher than FY17 earnings of $7.7 million.
Net revenue rose 11.4% to $14.8 million in 4Q18, from $13.3 million a year ago. The increase was driven by higher net interest income arising from clients’ assets under administration (AUA) as well as Fintech Solution IT fees.
As at end December, the group’s AUA rose 6.2% to $8.05 billion, despite a sharp sell-down of global financial markets in 4Q18. On average, the group says AUA grew 20.2% in the whole year.
As at Dec 31, 2018, cash and cash equivalents stood at $61.3 million.
Basic earnings per share (EPS) rose to 0.98 cent for 4Q18, from a restated EPS of 0.68 cent for 4Q17.
iFAST has recommended a final dividend of 0.90 cent for the period, unchanged from a year ago.
The proposed final dividend will bring the total dividend to 3.15 cents for FY18, which is 4.7% higher than the total dividend of 3.01 cents for FY2017.
Moving forward, iFAST says its key focus for FY19 will be on scaling up its businesses in existing markets and strengthen its position as a leading wealth management fintech platform.
The group adds that it will continue to work on improving and broadening the iFAST Fintech Ecosystem, including stepping up on efforts to offer a broader range of fintech solutions to its B2B partners and helping to empower them with B2C fintech capabilities.
As at 3.48pm, shares in iFAST are trading 3.5% lower at $1.12.
