WEALTH management fintech firm iFAST on Thursday posted a 126.8 per cent rise in net profit to S$3.6 million for its first quarter ended March 31, 2020, from S$1.6 million a year ago.
Net profit had increased following a 25.3 per cent rise in net revenue and a 41.5 per cent increase in gross revenue, the group said in a bourse filing.Gross revenue rose 41.5 per cent to S$38.5 million, from S$27.2 million in the year-ago period. Significant increases in transaction fees due to more investment subscription from customers in exchange-traded funds and stocks, and service fees for currency conversion services helped to lift revenue, iFAST said.
A higher trade volume of customers' investment subscription in unit trusts and portfolio services in its business-to-business segment also contributed to increased revenue.
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