iFast Corporation's net profit increased by 346.1% y-o-y to $16.03 million in 2QFY2024 ended June 30.
Revenue rose 72.9% y-o-y to $93.75 million during the quarter. Net revenue rose by 93% to $61.38 million.
For the first half of 2024, the group’s total net revenue increased 90.2% y-o-y to $119.49 million while net profit increased 364.8% y-o-y to $30.54 million.
Total net revenue for the group’s non-banking operations increased 95.9% y-o-y to $56.79 million in 2Q2024 and grew 94.0% to $110.67 million in 1HFY2024.
Profit before tax for the segment increased 193.2% y-o-y to $21.51 million, while net profit grew 195.6% y-o-y to $17.60 million in 2QFY2024.
In the first half of 2024, profit before tax increased 214.5% y-o-y to $42.17 million, and net profit rose 227.3% y-o-y to $34.39 million.
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iFast Global Bank’s customer deposit amounts grew to $646.62 million as at June 30, up 80.3% year-to-date. This contributed to a 265.3% y-o-y growth in net interest income to $1.85 million in 2QFY2024.
iFast's directors have proposed a second interim dividend of 1.5 cents for 2QFY2024.
