The growth is on the back of the group’s ePension business and wealth management platform. It declared a dividend of 1.50 cents per share.

iFast Corporation has reported net profit of $16.81 million for the 3QFY2024 ended Sept 30, up 97.3% y-o-y.

The group’s profit before tax increased by 139.2% y-o-y to $64.31 million in the 9MFY2024 from $26.88 in 9MFY2023. 

This growth in profit is on the back of a 50.9% y-o-y increase in 3Q2024 non-banking net revenue, and a 76.7% y-o-y increase in 9MFY2024 non-banking net revenue, which was driven by a combination of two factors. 

The first is the group’s new ePension division business, and the group’s core wealth management platform business growth. 

iFast’s UK-based banking operations saw narrowed losses to $0.82 million for the period from $2.11 million in the same period a year before. 9MFY2024 losses narrowed to $4.67 million from $6.04 million in 9MFY2023, due to banking operation net revenue growth outpacing the increase in expenses over the corresponding period. 

The group’s revenue rose 49.7% y-o-y to $99.14 million in 3QFY2024, while total revenue for the 9MFY2024 rose 59.9% y-o-y to $278.85 million. 

The group’s assets under administration (AUA) for the 3QFY2024 increased 23.6% y-o-y to a “record high” of $23.6 billion, driven by net inflows of $0.8 billion during the quarter. 

iFAST Global Bank’s customer deposits grew to $805.6 million as at 30 Sept, an increase of 124.6% y-t-d. 

The group has declared an interim dividend or 1.50 cents per ordinary share, which will be paid on Nov 19. 

The group says that its 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. The group expects iFAST Global Bank to become an important growth driver in 2025 and beyond. 

iFast’s liquidity coverage ratio, net stable funding ratio and total capital ratio came in at 1,048%, 272% and 34% respectively as at Sept 30, at levels exceeding the minimum regulatory requirement. 

Shares in iFast closed flat at $7.75 on Oct 25.