iFast posts 37.9% rise in Q2 net profit to S$22.1 million
Earnings per share stood at S$0.0731 for Q2, up from S$0.0538 in the previous corresponding period.
In a bourse filing on Friday (Jul 25), the company reported that revenue for the same period rose 23 per cent to S$103.3 million, from S$84 million previously.
Interest revenue rose 74.1 per cent on the year to S$16.9 million in Q2. This brings the total revenue to S$120.2 million, up 28.3 per cent on the year.
The directors of iFast have proposed a dividend of S$0.02 per share, up from S$0.015 per share in the previous corresponding period. The dividend will be paid out on Aug 21, after the record date on Aug 7.
They expect to propose a total dividend of S$0.08 per share for the 2025 financial year, up 35.6 per cent from S$0.059 per share in FY2024.
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Improved performance
Earnings for the first half of 2025 rose 34.7 per cent to S$41.1 million, from S$30.5 million in H1 2024. This translates to an earnings per share of S$0.1368 in H1 2025, up from S$0.1028 previously. Revenue for the half-year period was up 19.7 per cent on the year at S$194.9 million.
Interest revenue for H1 grew 90.7 per cent on the year to S$32.3 million. Total revenue was 26.4 per cent higher at S$227.2 million.
The improvement in the group's bottom line came amid growth in its Hong Kong ePension business, a turnaround in iFast Global Bank, and continuing growth in its core wealth management platform business. The ePension division refers to its pension administration services.
iFast's Hong Kong business saw a 33.4 per cent year-on-year growth in gross revenue to S$45.6 million in Q2. This came amid higher contributions from its ePension business and wealth management business.
Profit before tax for the overall Hong Kong business grew 17.8 per cent on the year to S$15.7 million in the recorded quarter. iFast expects the ePension division to improve as the group continues to onboard the eMPF business.
The eMPF platform aims to standardise, streamline and automate the administration processes of Hong Kong's Mandatory Provident Fund scheme.
The group's global bank segment recorded a net profit of S$700,000 in Q2, compared with a loss of S$1.6 million in the previous year. For H1 2025, profit was at S$1.7 million, reversing from a loss of S$3.9 million in the year-ago period. Customer deposits grew 124.2 per cent on the year to S$1.5 billion as at the end of Q2 2025.
The group's assets under administration grew 21.6 per cent on the year to a record of S$27.2 billion as at end June, as net inflows hit an all-time high of S$2.2 billion.
iFast maintains capital regulatory ratios above the minimum requirement.
The liquidity coverage ratio for the bank stood at 655 per cent, the net stable funding ratio was at 210 per cent, and the total capital ratio was at 24 per cent as at Jun 30.
'Over the long term, the group expects that its diversified mix of fee-based income, net interest income from its banking division, and prudent capital management strategies will support growth in return on equity,' said iFast.
The group's return on equity in H1 was 24.6 per cent. It expects group revenue and profitability to show healthy improvement in the second half of 2025.
Shares of iFast closed 3.4 per cent or S$0.26 lower at S$7.42 on Friday, before the results were released.
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