iFAST profit soars 93% to $2.2m on Q2

The company's assets in three countries hit a record $6.81b.

Internet-based investment products distribution platform iFAST Corporation Ltd. (iFAST) continues its growth after it reported a 93% profit increase to $2.2m for Q2.

According to iFAST's financial statement, company revenue surged 27.3% YoY to $24.7m

iFAST's Asset Under Administration (AUA) grew 21.1% to a record-high $6.81b and mainly contributed to the company's gains, iFAST said.

AUA increased 15.9% in Singapore, 27.2% in Hong Kong, and 46.6% in Malaysia. Singapore remained the company's largest contributor to revenue at $4.73b.

However, gross revenue from China fell 57.9% YoY, because of regulatory measures that pulled down their institutional business in 2016.

In a press release, iFAST said, "Sales came from the investment products distributed via both the B2C business division (via the new FSMOne account, which offers access to unit trusts, bonds,
stocks, ETFs and robo-advisory portfolios), and B2B business division."