iFAST Corp net profit leaps nearly five times over in Q1

The increase in earnings was driven by contributions from its ePension division, and improvements in its wealth management business.

iFAST Corporation reported a $14.51m net income in the first quarter of the year, a 387.4% year-on-year (YoY) increase backed by higher revenues from its business units.

In a statement, the company said its gross revenue climbed 59.4% YoY to $85.96m, attributable to contributions from the ePension division and improvements in its core wealth management platform business.

The company’s assets under administration also grew 16% YoY to $21.05b as of end-March, which it said was another record high. It attributed this to net inflows of $690m during the quarter.

iFAST Global Bank grew its customer deposit amounts by 43.7% quarter-on-quarter to $515.43m.

Overall, iFast expects robust growth in its revenues and profitability this year compared to 2023.

ALSO READ: iFAST Corp reports 340% YoY net profit surge in 2023

“iFAST Group is steadily increasing its capability and presence as a global digital banking and wealth management group, with iFAST Global Bank as part of its global Fintech ecosystem. The Group expects iFAST Global Bank to become an important growth driver in 2025 and beyond,” it said.

“The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress,” it added.

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