Latest news with #iGB
Business Times
25-04-2025
- Business
- Business Times
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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up '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.
Yahoo
17-02-2025
- Business
- Yahoo
Weekly Round up: Singapore Sees Minor Decline, US Tech Leads, and Europe Celebrates Earnings
Last week, global markets experienced mixed results as investor sentiment shifted from early optimism to cautious realism. In Singapore, the Straits Times Index (SGX: ^STI) saw a slight decline, while Wall Street posted a modest rally amid fluctuating economic signals and strong corporate earnings. Singapore's benchmark STI slid by 0.1%, closing at 3,877.50 on Friday. Although the index hit record highs earlier in the week, selling pressure in key sectors eventually dampened the initial enthusiasm. The Singapore Exchange emerged as the week's biggest decliner, dropping 5.8% to S$12.69. The decline came after the exchange traded ex-dividend. Hongkong Land turned the tide by rising 4.1% to US$4.35, making it the top gainer on the STI. Investors remain optimistic about the property developer's expansion plans and long-term prospects. With 51.9 million shares traded on Friday, Seatrium was the most actively traded stock, climbing 1.2% to S$2.58. Its performance reflects growing investor interest in Singapore's offshore and marine industries. iFast Corporation reported on Wednesday that it posted an impressive 46.3% increase in Q4 net profit to S$19.3 million, supported by record-high assets under administration of S$25 billion. The group's wealth management platform and turnaround of its banking arm, iFast Global Bank (iGB), played a pivotal role in these results. Notably, iGB achieved profitability for the first time. iFast's share price ended the week at S$7.890 on Friday, up 0.25%. In the United States, market sentiment was mixed as investors juggled optimistic gains with caution over recent economic data. The S&P 500 recorded a modest weekly gain of 1.5%, while the Nasdaq advanced 2.6% thanks to robust performances in the tech sector. The Dow Jones managed a smaller increase of 0.5%. Investor caution was heightened by data indicating a 0.9% decline in US retail sales for January 2025—a reversal from the previous month's revised increase of 0.7%. Meanwhile, falling Treasury yields and concerns over potential new tariffs fueled uncertainty, prompting traders to consider the possibility of interest rate cuts later in the year. Nvidia's stock surged 2.6%, contributing to the Nasdaq's positive close. The company's strong position in the AI and semiconductor industries continues to attract investor confidence. Airbnb jumped 14% after posting higher-than-expected quarterly revenue, showcasing its resilience and adaptability in the competitive travel industry. By contrast, DaVita underperformed, falling 11% after missing fourth-quarter profit estimates. Further dampening the stock's performance was news that Berkshire Hathaway had reduced its stake in the company, signalling diminishing investor confidence. European markets maintained a strong performance over the past eight weeks. Despite a 0.2% dip on Friday, the pan-European Stoxx 600 closed at record levels, marking its longest winning streak since Q1 2024. On an annual basis, the index has surged over 8%, outperforming major US indices. This robust performance was credited to better-than-expected earnings from key sectors like financials, technology, and consumer goods. Strong corporate results have bolstered investor confidence across the region. Our FREE report, '7 Singapore Blue-Chip Stocks That Can Pay You for Life', reveals stable, dividend-paying stocks with a history of strong returns—even in uncertain markets. Get insights on Singapore's most dependable blue-chips and see how they can offer you steady income. Download it today to start building your portfolio with confidence. Follow us on Facebook and Telegram for the latest investing news and analyses! Disclosure: Joanna Sng owns shares of SGX, iFast, and Nvidia. The post Weekly Round up: Singapore Sees Minor Decline, US Tech Leads, and Europe Celebrates Earnings appeared first on The Smart Investor.
