- iFAST (SGX:AIY) reported a 19.2% y-o-y increase in 3Q23 group revenue to S$62.2m. Net profit surged 308% to S$8.5m, as the net margin surged to 13.7%, from 7.0% in 2Q23 and 4.0% in 3Q22.
- The operating expenses/AUA of 0.605% for 9M23 slightly improved from 0.607% as at 1H23. The pace of increase, +19bps from 0.586% in FY22, is also slower than the +130bps seen in FY22, from 0.456% in FY21.
Strong growth from Singapore and Hong Kong markets; maiden contribution from Hong Kong ePension division.
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- The banking operation (iFAST Global Bank) is still in the initial build-up stage, with revenue of S$5.8m (+42.1% y-o-y), and is still expected to be loss-making in the next three quarters.
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- For the nine-month period, group revenue gained 4.6% y-o-y to S$165.2m, while net profit jumped 194%, accounting for 63% and 86% of our forecasts, respectively.
- An interim dividend of S$0.013 was declared, similar to 3Q22. See iFAST's dividend dates.
Record quarter AUA, positive net inflows despite a volatile quarter.
- Read more at SGinvestors.io.
