- iFAST (SGX:AIY) reported 1Q23 revenue of S$51.5m, down 2% y-o-y, but +8.5% q-o-q.
- Pre-tax profit of S$4.2m plunged 43.2% y-o-y, mainly dragged down by start-up losses and high operating expenses. Excluding the UK-based iFAST Global Bank (iGB), pre-tax profit was down 17.1% y-o-y to S$6.1m.
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- Net margin eased to 5.8% from 10.9% in 1Q22, based on higher costs as iFAST continues to build its ePension project in Hong Kong, and integrate iFAST Global Bank (iGB) into the overall Fintech ecosystem.
- Overall, iFAST's 1Q23 revenue and net profit accounted for 20% and 14% of our forecasts respectively, below expectations.
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Launch of digital personal banking in the UK enables the group to be a global fintech player.
- Targeting the mass market, iFAST launched its iGB digital personal banking (DPB) platform on 24 April 2023, integrating personal banking services into the group’s wealth management platforms. This will enable consumers and investors access to different investment and financial services and manage payment and deposits seamlessly across borders in various currencies.
Cut earnings on weaker margins.
- Read more at SGinvestors.io.
