DIGITAL bank and wealth management platform iFast recorded a 97.3% rise in net profit to S$16.8 million for its third quarter ended September 30, 2024, from S$8.5 million for the previous corresponding period.

Third-quarter revenue rose 49.7 per cent to S$99.1 million, from S$66.2 million a year earlier.

The increase in profitability was driven by contributions from its ePension division, as well as improvements to its core wealth management platform business, which includes its banking operations, iFast said on Friday (October 25).

During the quarter, investor confidence further improved amid falling interest rates in the United States and easing inflationary fears. The recovery in equity and fixed income markets benefited its wealth management platform business, the company said.

Earnings per share stood at S$0.0564 for the quarter, up from S$0.0288 a year earlier.

A third interim dividend of S$0.015 per share was declared for the third quarter, up from S$0.013 the previous year. The dividend will be paid on November 19, after the record date of November 6.

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The company noted that revenue from its non-banking operations rose 41.1 percent year-on-year to S$85.3 million, while the segment’s net profit rose 66 percent to S$17. 6 million Singapore dollars.

Meanwhile, its iFast Global Bank (iGB) division saw revenue rise 139.9 per cent year-on-year to S$13.9 million, while losses narrowed 61 per cent to S$0.8 million. Singaporeans.

Looking ahead, the company expects robust revenue and profitability growth rates in 2024 compared to 2023, on an overall basis and barring unforeseen circumstances.

Its ePension division in Hong Kong will likely be a significant growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress, iFast said.

At the same time, iGB will likely be a major contributor to growth in 2025 and beyond, the company added.

Shares of iFast closed at S$7.75 on Friday, ahead of the results release.