iFast Q1 net profit rises 31.2% to S$19 million on continued growth in UK bank, wealth management platform business
[SINGAPORE] Digital bank and wealth management platform iFast said its net profit rose 31.2 per cent year on year to S$19 million for the first quarter ended Mar 31, driven by a turnaround in its UK bank. Continuing growth in the group's core wealth management platform business also contributed.
Revenue gained 24.4 per cent to S$106.9 million, and the group's assets under administration grew 22 per cent to a record high of S$25.7 billion as at the end of Q1, from net inflows of S$938 million, iFast said on Friday (Apr 25).
The company also declared an interim dividend of S$0.016 a share, compared with S$0.013 in Q1 2024.
The iFast Global Bank (iGB), a licensed UK bank that aims to provide global banking connectivity, has continued to grow after reporting its first quarterly profit in the last three months of 2024. Net profit for Q1 hit S$1 million, compared with a loss of S$2.3 million in the same quarter of 2024, the company added.
iGB's revenue surged 104.9 per cent year on year to S$19.5 million, thanks to growth in customer deposits and its cross-currency transfer service EzRemit.
iFast's Hong Kong business logged a 12.8 per cent growth in revenue to S$35.3 million, due to the continued expansion of its wealth management segment. Pre-tax profit however fell 6.8 per cent to S$12.3 million due to higher investments in the ePension division ahead of onboarding.
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'The group expects the revenues and profitability of the ePension division to be higher in the second half of 2025 as the overall onboarding of the eMPF platform progress to a substantially higher level,' iFast said. MPF refers to Hong Kong's retirement savings scheme, the Mandatory Provident Fund.
The company's target is for double-digit growth in revenue and profit in its Hong Kong business next year.
'Looking forward into the year of 2025 and barring unforeseen circumstances, the group expects to achieve healthy progress for its various business segments,' iFast added.
Shares of iFast gained S$0.07, or nearly 1 per cent, to close at S$7.19 on Friday, before the company announced its results.
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