- Improved core wealth management platform performance and iFAST Global Bank's turnaround fuelled revenue growth, resulting in a 53.6% y-o-y increase in iFAST's total revenue to S$ 248.38m and a 135.7% y-o-y surge in net profit to S$66.6m for FY24.
- - Read this at SGinvestors.io -
- Overall, FY24 results exceeded expectations, surpassing revenue projections by 2% and net profit by 10%.
- A final dividend of 1.60 cents (1.40 cents in 4Q23) was declared.
iFAST Global Bank achieved profitability in 4Q24, reporting net profit of S$ 0.3m.
- This was driven by an 182.6% y-o-y surge in customer deposits to S$ 1.01 bn, increased foreign exchange conversion activity, leading to higher fee income, and higher usage of remittance services. This resulted in robust revenue growth, with gross revenue increasing 163.7% y-o-y to S$ 17.2m.
Hong Kong business exceeded projections for FY24; expecting further growth for ePension division.
- - Read this at SGinvestors.io -
- Continued growth is anticipated for the Hong Kong ePension division, driven by ongoing onboarding and the launch of the ORSO business.
Record high AUA of S$25.01bn, +26.2% y-o-y.
- 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/ 2025-02-13
Previous report by DBS:
2024-04-26 iFAST Corporation - ePension Business Progressing Well.
Price targets by other brokers at iFAST Target Prices.
Listing of research reports at iFAST Analyst Reports.
Relevant links:
iFAST Share Price History,
iFAST Announcements,
iFAST Dividend Payout Dates & Corporate Actions,
iFAST News
