iFAST Corporation (AIY) Q4 2024 earnings summary

Executive summary

• Net profit for FY2024 surged 135.7% year-on-year to S$66.63 million, with Q4 2024 net profit up 46.3% to S$19.28 million, driven by core wealth management and iFAST Global Bank's turnaround to profitability less than three years post-acquisition.

• Gross revenue for FY2024 rose 49.3% to S$382.99 million, with net revenue up 53.6% to S$248.38 million.

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

• iFAST Global Bank achieved profitability in Q4 2024, with customer deposits exceeding S$1.01 billion.

Financial highlights

• Q4 2024: Gross revenue S$104.14 million (+26.7% YoY), net revenue S$64.90 million (+13.6% YoY), net profit S$19.28 million (+46.3% YoY).

• FY2024: Gross revenue S$382.99 million (+49.3% YoY), net revenue S$248.38 million (+53.6% YoY), net profit S$66.63 million (+135.7% YoY).

• Non-banking operations FY2024: Net profit S$71.01 million (+92.5% YoY), EBITDA S$119.77 million (+69.9% YoY).

• iFAST Global Bank Q4 2024: Net profit S$0.30 million (vs. loss S$2.57 million Q4 2023), gross revenue S$17.22 million (+163% YoY), customer deposits S$1.01 billion (+182.6% YoY).

• Operating cashflows reached S$671.28 million in FY2024, up from S$273.45 million in FY2023.

Outlook and guidance

• 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 S$100 billion by 2028-2030.

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