iFast Q4 net profit rises more than 70% to S$32.9 million as banking operations turn profitable

[SINGAPORE] Digital bank and wealth management platform iFast posted a 70.4 per cent rise in net profit to S$32.9 million for the fourth quarter ended Dec 31, 2025, up from S$19.3 million in the corresponding period a year earlier.

“The fourth quarter of 2025 saw continued strength in financial market performance, with Asia ex-Japan equities delivering a 4.3 per cent return, bringing returns to 33 per cent for the year,” said iFast in a bourse filing on Thursday (Feb 12).

Total revenue for Q4 rose 45.7 per cent year on year to S$151.7 million. This growth was driven by stronger contributions from the ePension division, improved performance across the group’s core wealth management platform, and a larger contribution from its banking operations.

The banking segment recorded a 61.1 per cent year-on-year increase in gross revenue for the 2025 financial year.

On a per share basis, earnings increased to S$0.1082 from S$0.0647.

iFast’s board proposed a final dividend of S$0.025 per share, up 56.3 per cent from S$0.016 a year earlier.

For the company’s non-banking operations, net revenue rose 63.3 per cent to S$93.4 million in the quarter, while profit before tax climbed 47.6 per cent to S$35.3 million.

In its banking business, iFast Global Bank (iGB) posted a profit before tax of S$1.1 million for Q4. Profitability was supported by growth in net interest income as deposits expanded, alongside higher non-interest income driven primarily by its remittance arm, EzRemit.

Increased profitability

For the full year, iFast’s net profit was up 50.1 per cent on-year at S$100 million, on the back of a 34.4 per cent increase in revenue to S$500 million.

“The increase in profitability was driven by expansion of the Hong Kong ePension business, continued growth in the group’s core wealth management platform business, as well as iFast Global Bank achieving its first full year of profitability,” said iFast.

For the full year, non-banking operation net revenue improved 34 per cent to S$302.5 million and profit before tax increased 30.6 per cent to S$115.18 million.

In its banking operations, gross revenue rose by 61.1 per cent year-on-year to S$83.81 million, compared to S$52.01 million in FY2024.

For FY2025, the bank posted a profit before tax of S$3.1 million, marking its first full year of profitability and in line with earlier guidance that it would achieve full-year profitability in 2025.

Group assets under administration (AUA) reached a new record high of S$31.98 billion, up 27.9 per cent year on year. Growth was supported by record levels across all existing markets, with Singapore remaining the largest contributor, posting a 27.8 per cent increase.

The company is targeting S$100 billion in AUA by 2030, implying a compound annual growth rate of at least 25.6 per cent over the next five years.

Excluding its banking operations, total operating expenses rose 69.7 per cent to S$56.8 million in Q4 and 35.1 per cent to S$186.7 million for FY2025. The increase was attributed to continued investments in enhancing its wealth management platform, including its Hong Kong-based ePension division, as well as expanding the range and depth of investment products and services across its markets.

Looking ahead, and barring unforeseen circumstances, iFast expects 2026 to deliver healthy growth in revenue and profitability.

The company said earlier this month that it has conditionally agreed to acquire a 30 per cent stake in financial advisory firm Financial Alliance Corporation. The deal is expected to provide a strategic bridge between iFast’s wealth management platform and Financial Alliance’s business-to-business financial advisory services.

Shares of iFast closed 0.7 per cent, or S$0.07 lower, at S$9.78 on Thursday, before the results announcement.