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In a nutshell, it's difficult to overstate what a positive catalyst I think this could be for Redfin, as the only tech-focused brokerage that has been actively looking to disrupt the traditional feestructure. If profitability keeps improving, it could be a big win for investors.
The increase in fee income from the prior year was primarily driven by higher closing fees on new and follow-on investments, partially offset by a decrease from accelerated amortization and an exit prepayment and amendment fees, driven by investment activity. Just on taxes, right? Robert, can you hear us?
Income tax expense rose by 111% year on year to 9.7 billion renminbi, driven by operating profit growth and increased withholding tax provision. On a non-IFRS basis, share of profit increased to 4.5 billion renminbi, up from a profit of 3.1 billion renminbi gained from the disposal of Meituan recognized in the same quarter last year.
Servicing generated 301 million in pre-tax income, although bear in mind the gain from the trust collapse contributed 67 million. I'm going to start on Slide 7 and talk about servicing where we generated a record 301 million in pre-tax operating income this quarter. In this scenario, servicing suffers from higher amortization expense.
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