iFast Q4 net profit up 46.3% to S$19.3 million

DIGITAL bank and wealth management platform iFast has reported a 46.3 per cent increase in net profit to S$19.3 million for the fourth quarter ended Dec 31, 2024, from S$13.2 million in the same period a year ago.

Revenue was up 16.4 per cent to S$90 million over the same period, driven by improvement in the group’s core wealth management platform business and turnaround of its banking business iFast Global Bank (iGB).

On a per share basis, earnings increased to S$0.0647 from S$0.0446.

A final dividend of S$0.016 per share was proposed, up from S$0.014 from the previous year.

For the group’s non-banking operations, net revenue increased 6.2 per cent to S$57.2 million in the quarter, and net profit jumped 20.5 per cent to S$19 million.

In the group’s banking business, iGB achieved profitability for the first time with a profit of S$300,000, reversing the S$2.6 million loss of the previous corresponding period.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

The group noted that iGB’s customer deposits increased 182.6 per cent to S$1.01 billion at the end of 2024, with the digital personal banking division a key contributor to that growth. Customer deposits drove a 163.7 per cent increase in gross revenue to S$17.2 million.

For the full year, the group’s net profit increased by 135.7 per cent on-year to S$66.6 million, on the back of a 40 per cent increase in revenue to S$339.5 million, with both figures being record highs.

The group’s core wealth management platform business (including a larger contribution from its banking operation) and the e-Pension division drove revenue growth over the year.

For the full year, non-banking operation net revenue improved 51.2 per cent to S$225.8 million and net profit rose 92.5 per cent to S$71 million. For banking, gross revenue was up 136.4 per cent year on year to S$7.7 million.

iFast noted that its group assets under administration (AUA) expanded by 26.2 per cent for the year to a record high of S$25 billion, attributable to net inflows of S$1 billion during the quarter and S$3.3 billion for the whole of 2024.

Looking ahead, the group expects to grow the AUA of its wealth management platform business, which will drive further revenue and profitability growth, and anticipates a profitable 2025 for iGB.

Shares of iFast closed up 1.5 per cent or S$0.11 at S$7.65 on Wednesday, before the news.