- iFAST (SGX:AIY)'s net profit for 1Q24 surged 387% y-o-y (+10.1% q-o-q) to $14.5m, on the back of a 59.4% increase (+1.8% q-o-q) in gross revenue to $86.0m, driven by contributions from the ePension division, as well as improvements in the group’s core wealth management platform business.
- - Read this at SGinvestors.io -
- An interim dividend of S$0.013 was proposed, vs S$0.010 for 1Q23.
China and UK bank still loss making.
- China continues to incur pretax loss of S$1.71m in 1Q24 (vs S$1.75m in 1Q23) while its UK banking operation’s pretax loss widened to S$2.28m as compared to S$1.71m in 1Q23.
Further improvement in net margins, moving towards obtaining operational leverage.
- Net margin for the group improved to 18.4% in 1Q24 from 17.0% in 4Q23 and 11.0% in FY23, as iFAST moves towards obtaining operational leverage with higher revenue.
Increasing recurring revenue boosted by higher AUA and contribution from ePension division.
- - Read this at SGinvestors.io -
- In addition, iFAST’s ePension division also contributed significantly to the total recurring net revenue in 1Q24.
Record high AUA of S$21.05bn, +16.0% y-o-y, outperformed the 4.3% gain for the broader market.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Lee Keng LING DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-04-26
Previous report by DBS:
2024-02-22 iFAST Corporation - Margins Trending Higher.
Price targets by 2 other brokers at iFAST Target Prices.
Listing of research reports at iFAST Analyst Reports.
Relevant links:
iFAST Share Price History,
iFAST Announcements,
iFAST Dividends & Corporate Actions,
iFAST News Articles
