iFast Corporation has posted 46.3% higher net profit of $19.28 million for 4QFY2024 ended Dec 31, 2024, on the back of a 26.7% increase in the gross revenue to $104.14 million.
iFast’s UK-based digital bank, iFast Global Bank (iGB), turned profitable for the first time during the quarter, recording a profit of $0.3 million in 4QFY2024 compared to a loss of $2.57 million in 4QFY2023.
iFast acquired the digital bank in March 2022, and the group calls the turnaround “a major achievement”.
The group’s assets under administration (AUA) grew 26.2% y-o-y to $25.01 billion as at Dec 31, 2024, achieving another record AUA level, which was mainly driven by net inflows of $3.30 billion for the whole of 2024, says the company on Feb 12.
For the full year, iFast achieved a record performance in AUA, gross revenue, net revenue and net profit. In FY2024, iFast’s net revenue increased 53.6% y-o-y to $248.38 million while net profit increased 135.7% y-o-y to $66.63 million.
For the final dividend for FY2024, iFast’s directors have proposed a dividend of 1.6 cents per ordinary share, up from 1.4 cents this time last year.
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The proposed final dividend will be subject to approval by shareholders at the company’s annual general meeting, to be held on April 28.
Looking forward into 2025, the group expects to achieve further progress in its various business segments. “The group expects to continue to grow the AUA of its wealth management platform business, which will drive further growth in revenues and profitability. In addition, the group expects iFast Global Bank to build upon its profitable 4QFY2024 and achieve a full-year of profitability in 2025.”
With regard to the Hong Kong ePension division, the group expects further growth as onboarding rates continue to progress and the Orso business starts to contribute. “Barring unforeseen circumstances, the group expects 2025 to see robust growth rates in revenues and profitability compared to 2024,” says the company.
Management will hold a results briefing on Feb 13.
iFast shares closed 11 cents higher, or 1.46% up, at $7.65 on Feb 12.
