iFast Q2 earnings surge 346% on ePension contribution
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The ePension division in Hong Kong will be an important growth driver for iFast for 2024 and 2025.
PHOTO: IFAST
Benjamin Cher
SINGAPORE - Digital bank and wealth management platform iFast Corporation reported a 346.1 per cent rise in second-quarter 2024 earnings to $16 million, from $3.6 million in the second quarter of 2023.
In a bourse filing on July 25, the company also reported that revenue for the same period rose in tandem, up 63.2 per cent to $84 million from $51.5 million a year prior.
Earnings for the first half of 2024 saw a 364.8 per cent surge to $30.5 million, from $6.6 million in the same period in 2023.
Revenue rose in tandem for the same period, up 58.1 per cent to $162.8 million from $102.9 million a year prior.
This was mainly driven by contributions from the e-Pension division in Hong Kong, as well as improvements across iFast’s wealth management platform business.
The directors of iFast have proposed a dividend of $0.015 per share.
The books will close on Aug 7 and the dividend will be paid out on Aug 21.
Net inflows of $1.5 billion for the first half of 2024 helped to grow iFast’s assets under administration to a record high of $22.4 billion as at June 30, an 18.9 per cent year-on-year increase. Deposits for iFast Global Bank grew to $642.6 million as at June 30.
The company maintains regulatory ratios above the minimum requirement.
The liquidity coverage ratio for the bank stood at 792 per cent, the net stable funding ratio was at 315 per cent, and the total capital ratio stood at 31 per cent as at June 30.
Revenue for non-banking operations in the first half of 2024 rose 59 per cent to $158.8 million from $99.9 million in the first half of 2023, comprising the bulk of revenue contribution for iFAST.
The ePension division in Hong Kong will be an important growth driver for iFast for 2024 and 2025, with Hong Kong overtaking Singapore in earnings and revenue contribution for the first half this year. The company also expects iFast Global Bank to become an important growth driver in 2025 and beyond.
Shares of iFast closed 2.2 per cent or $0.16 lower at $7.11 on July 25.
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