iFAST Corporation (AIY) Q4 2024 earnings summary

Executive summary

• FY2024 net profit surged 135.7% year-on-year to SGD 66.63 million, with gross revenue up 49.3% to SGD 382.99 million, driven by strong net inflows, record AUA, and iFAST Global Bank's turnaround to profitability less than three years post-acquisition.

• Q4 2024 net profit rose 46.3% year-on-year to SGD 19.28 million, with gross revenue up 26.7% to SGD 104.14 million.

• Assets under administration (AUA) reached a record SGD 25.01 billion, up 26.2% year-on-year, with SGD 3.3 billion net inflows in 2024.

• iFAST Global Bank achieved its first quarterly profit in Q4 2024, with customer deposits exceeding SGD 1.01 billion.

Financial highlights

• FY2024: Gross revenue SGD 382.99 million (+49.3% YoY), net revenue SGD 248.38 million (+53.6% YoY), net profit SGD 66.63 million (+135.7% YoY), basic EPS 22.39 cents, and operating cash flow SGD 671.28 million.

• Q4 2024: Gross revenue SGD 104.14 million (+26.7% YoY), net revenue SGD 64.9 million (+13.6% YoY), net profit SGD 19.28 million (+46.3% YoY).

• Non-banking operations FY2024: Net revenue SGD 225.79 million (+51.2% YoY), EBITDA SGD 119.77 million (+69.9% YoY).

• iFAST Global Bank Q4 2024: Net profit SGD 0.3 million (vs. loss SGD 2.57 million Q4 2023), customer deposits SGD 1.01 billion (+182.6% YoY).

• Final dividend proposed at 1.60 cents per share for FY2024, with total dividend at 5.9 cents per share (up from 4.8 cents in 2023).

Outlook and guidance

• Management expects robust growth in revenues and profitability in 2025, with iFAST Global Bank targeting its first full year of profitability.

• Hong Kong ePension division expected to see further growth as onboarding and wholesale/ORSO business contributions increase.

• AUA growth target of 26% CAGR could reach SGD 100 billion by 2028-2030, leveraging scalable platform and global digital bank.

• No upward revision to Hong Kong targets despite strong recent performance; management remains conservative.