The group announced a 35% year on year fall in net profit to S$5.7 million while AUA saw a 2% decline to S$18.63 billion, dipping from last quarter’s record-high of S$19 million.A weaker set of financials
Operating profit thus came in 29% lower year on year at S$7.3 million while net profit fell by 34.9% year on year to S$5.7 million. Along with the new forecast, its PBT targets for these three years have been updated to over HKD 100 million, 250 million, and 500 million, respectively. Management believes that this is the future of wealth management and a fully-licensed digital bank domiciled in the UK can help the group achieve its global banking ambition.
With these collaborations, the division is well-poised to deliver stronger results when market sentiment strengthens again.