iFAST delivered a solid 2QFY25, with net profit surging 37.9% y-o-y to S$22.1mil with a 28.3% rise in total revenue to S$120.2mil.
Profit growth was driven by continued expansion in its core wealth management platform, strong performance from the Hong Kong ePension business, and a turnaround at iFAST Global Bank, which achieved its third consecutive quarterly profit, with a net profit of S$0.70mil.
For 1H FY25, net profit rose 34.7% y-o-y to S$41.3mil, while revenue increased 19.7% to S$194.9mil. These figures represent 49% and 37% of our full-year forecasts, respectively, and are broadly in line with expectations.
Looking ahead, stronger momentum is expected in 2H FY25, with the gradual onboarding of more trustees (especially the two bigger trustees) towards the end of the year.
Dividend payout ratio of 25%-30%.
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Record AUA, up 21.6% y-o-y.
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
