FINANCIAL services company iFast Corp : AIY 0% on Thursday (Apr 25) posted a 387.4 per cent spike in net profit to S$14.5 million for its first quarter ended Mar 31, 2024, up from S$3 million previously.
This was driven by contributions from iFast’s ePension business unit, as well as improvements in its core wealth management platform business, the group said in a bourse filing.
Revenue for the quarter rose 53.1 per cent to S$78.8 million, from S$51.5 million a year earlier.
Earnings per share stood at 4.89 Singapore cents for the quarter, up from 1.02 cents previously.
An interim dividend of 1.3 Singapore cents per ordinary share was declared for the quarter, up from one cent the year before. The dividend will be paid on Jun 7, 2024.
The group’s assets under administration also rose to a record high of S$21.1 billion at the end of Q1 FY2024. This was driven by net inflows of S$690 million during the quarter.
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Barring unforeseen circumstances, iFast said it expects to see “robust” growth rates in revenues and profitability overall in 2024, as compared to 2023.
The group noted that it has been “steadily increasing” its capability and presence as a global digital banking and wealth management group, now that United Kingdom-based subsidiary iFast Global Bank is part of its fintech ecosystem.
iFast Global Bank arose from iFast’s acquisition of an 85 per cent stake in UK-based BFC Bank for £40 million (S$73.4 million). The acquisition was completed in April 2023.
The group expects the ePension division in Hong Kong as well as iFast Global Bank to be important growth drivers in 2024 and 2025, and also expects its overall wealth management platform “to continue to show healthy progress”.
Shares of iFast on Thursday closed at S$6.94, down S$0.09 or 1.3 per cent, before the results were announced.
