iFast Shares Rise as 2024 Net Profit Hits Record High

Profit driven by higher fee income from its assets under administration, digital bank

- Sheila Chiang

Shares of iFast rose this week after it reported its highest profits in 2024 and laid out plans for growth in the next three years, including a goal to quadruple the investments under its care within three to five years.

iFast, a Singapore-headquartered fintech provider with businesses in wealth management, digital banking and online pensions, closed on Feb 14 at $7.89, up by around 5 per cent since reporting its 2024 results on Feb 12.

The firm said net profit surged 135.7 per cent to $66.63 million in the 12 months to Dec 31, 2024, above the mean estimate of $62.97 billion forecast by analysts polled by Bloomberg.

The record profit was mainly driven by higher fee income from its assets under administration (AUA) and its digital bank, iFast Global Bank (iGB), turning profitable in the fourth quarter of 2024.

The group's AUA hit a record $25.01 billion at the end of 2024, up 26.1 per cent from the $19.83 billion recorded a year earlier. Singapore remained iFast's largest AUA market at 70.3 per cent, followed by Hong Kong and Malaysia at roughly about 12 per cent each, the firm said at a results briefing on Feb 13. The rest of its clients are from China and Britain.