iFAST Corporation (AIY) Q1 2025 earnings summary

Executive summary

• Net profit rose 31.2% year-over-year to S$19.04 million in 1Q2025, driven by a 24.4% increase in gross revenue to S$106.92 million and a turnaround at iFAST Global Bank.

• Assets under administration (AUA) reached a record S$25.68 billion, up 22.0% year-over-year as of 31 March 2025, with net inflows of S$938 million despite volatile markets.

• iFAST Global Bank achieved S$1.00 million net profit in 1Q2025, reversing a loss a year ago, with customer deposits up 123.6% to S$1.15 billion.

• Interim dividend for FY2025 declared at 1.60 cents per share, up from 1.30 cents in 1Q2024, payable 9 June 2025.

• Hong Kong gross revenue grew 12.8% YoY to S$35.34 million, but PBT declined 6.8% to S$12.33 million due to higher ePension division expenses.

Financial highlights

• Total revenue for 1Q2025 was S$106.92 million (+24.4% YoY); net revenue S$67.72 million (+16.5% YoY).

• Operating expenses increased 10.8% YoY to S$44.51 million.

• EPS rose 30.3% YoY to 6.37 cents; dividend per share up 23.1% YoY to 1.60 cents.

• EBITDA for 1Q2025 was S$31.50 million; operating cashflows S$95.24 million.

• Profit before tax: S$23.34 million (+28.8% YoY); net asset value per share: 113.39 cents (31 Mar 2025).

Outlook and guidance

• Expects robust growth in revenues and profitability for 2025 compared to 2024, barring unforeseen circumstances.

• AUA growth in core wealth management platform and full-year profitability for iFAST Global Bank anticipated.

• Hong Kong ePension division expected to see higher revenues and profitability in 2H2025 as eMPF onboarding accelerates.

• Updated 2025 PBT target for Hong Kong revised to HK$380 million, with double-digit growth targeted for 2026.

• Management anticipates healthy progress across all business segments.