iFAST (SGX:AIY) reported a significant 54.7% y-o-y jump (+17.6% q-o-q) in 3Q25 net profit to S$26mil. This was achieved on the back of a 35% y-o-y (+13.3% q-o-q) increase in revenue. This strong performance mainly driven by the growth in the Hong Kong ePension business, sustained growth in the group’s core wealth management platform business, as well as the successful turnaround of iFAST Global Bank.
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Improvement in margins.
Margins demonstrated improvement, benefiting from enhanced scale efficiency and a more favourable product mix, particularly stemming from higher-margin ETF and bond flows. These positive factors effectively offset increased staff costs (+64.6% y-o-y), which were associated with platform expansion and IT investments. Net margin (based on total revenue) was 19.4% in 3Q25, representing an improvement from 19% recorded in 2Q25.
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We are expecting a stronger 4Q, driven by the onboarding of the larger trustees for the electronic Mandatory Provident Fund (eMPF) project.
Continued strength in AUA, which surges 29.6% 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/.
