- iFAST (SGX:AIY) recorded PATMI of S$16m in 2Q24 (+346% y-o-y; +10% q-o-q), on the back of a 73% y-o-y surge in revenue (+9% q-o-q). 1H24 revenue and PATMI formed 52%/53% of our 2024 estimate, slightly above our expectation.
- - Read this at SGinvestors.io -
- See iFAST's dividends. A higher second interim dividend of 1.5 cents/share was proposed (2Q23: 1.1 cents/share).
AUA hit fourth consecutive record quarterly high since end-21.
- Assets under administration (AUA) for iFAST reached S$22.37b as of 30 Jun 24 (+19% y-o-y; +6% q-o-q), driven by higher net inflows of S$0.79b (+45% y-o-y; +15% q-o-q).
- - Read this at SGinvestors.io -
Stable q-o-q performance from HK operations.
- Net revenue of S$28.5m (+3% q-o-q) and pre-tax profit of S$13.3m (+0.8% q-o-q) from HK were relatively stable q-o-q. HK operation’s AUA increased 9% both q-o-q and y-o-y to S$2.69b as of 30 Jun 24.
- The ePension division continues to be the main revenue driver, contributing its 3rd full quarter of revenue.
Continued but narrowing losses in China and the UK.
- Read more at SGinvestors.io.
