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 the year before.
Revenue was up 16.4 per cent at 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 in 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 in the previous corresponding period.
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The group noted that iGB’s customer deposits increased 182.6 per cent to S$1 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 rise in gross revenue to S$17.2 million.
For the full year, the group’s net profit was up 135.7 per cent on-year at 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 at 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.
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.
