Singapore-based digital bank and wealth management platform iFast has reported a 35% year-on-year increase in net profit for the second quarter, reaching S$29.8 million.
The result underscores the company's continued momentum in the competitive fintech sector, driven by growth in its digital banking and wealth management arms.
Alongside the earnings beat, iFast's board of directors has proposed a dividend of S$0.
Alongside the earnings beat, iFast's board of directors has proposed a dividend of S$0.03 per share for the period.
This represents a 50% increase from the S$0.02 per share paid in the corresponding quarter of the previous year, reflecting management's confidence in the company's cash flow generation and commitment to returning value to shareholders.
The strong performance comes as regional fintech firms navigate a complex regulatory environment and shifting consumer spending habits. iFast's ability to expand margins while increasing shareholder payouts suggests effective cost management and sustained demand for its digital financial services.
The results align with a broader trend of profitability recovery among established fintech players in Southeast Asia.