Record AUA, net profit, and revenue in FY2024 — iFAST Global Bank reaches profitability in fourth quarter; management guides for robust growth into 2025.

FY2024 Financial Performance

iFAST Corporation Ltd. posted operating income of SGD 79 million on gross revenue of SGD 560 million for the full financial year 2024, yielding an operating margin of 14.1%. This performance was underpinned by the company's highest-ever annual figures for assets under administration (AUA), net revenue, and net profit attributable to owners.

The Group’s gross revenue reached SGD 560 million, compared to SGD 235.96 million in FY2023, a 137% year-on-year increase. Net revenue — a more direct measure of the wealth platform's earning capacity — came in at SGD 248.38 million for FY2024, up 53.6% from SGD 161.66 million in FY2023, according to the company's 4Q2024 results presentation. The main driver of top-line growth was a sharp increase in non-banking revenue, which rose 40.3% year-on-year to SGD 330.98 million in FY2024, versus SGD 235.96 million in FY2023.

On the operating cost side, non-banking operating expenses increased to SGD 138.25 million in FY2024 from SGD 104.30 million in FY2023, or 32.5% year-on-year. This cost growth was outpaced by the revenue expansion, enabling the Group to report a profit before tax of SGD 83.16 million for FY2024, compared to SGD 36.58 million in FY2023. Net profit attributable to owners of the Company climbed to SGD 66.63 million in FY2024, up from SGD 28.27 million in FY2023.

Operating Margin Decomposition

The FY2024 operating margin of 14.1% is calculated on the basis of reported operating income of SGD 79 million relative to gross revenue of SGD 560 million. Operating income is derived as gross revenue less total operating expenses. For the full year, the Group's total operating expenses across both banking and non-banking segments was approximately SGD 481 million.

A more refined view of platform profitability is the profit before tax margin based on net revenue. According to iFAST's investor relations financial performance table, this metric improved from 22.6% in FY2023 to 33.5% in FY2024. The difference between these two margin measures reflects the composition of gross revenue, which includes pass-through items such as interest expenses on lease liabilities and higher operating costs associated with the banking operation's customer deposit expansion.

The banking segment, iFAST Global Bank, turned profitable in 4Q2024. The bank reported a net profit of SGD 0.30 million in 4Q2024, compared to a SGD 2.57 million loss in 4Q2023. Customer deposits crossed SGD 1.01 billion at year-end 2024, up 182.6% year-on-year, and gross revenue from the UK banking operation grew 163.7% year-on-year to SGD 17.22 million in 4Q2024 alone.

Source: Orionmano Industries

AUA Growth and Business Drivers

AUA reached a record SGD 25.01 billion as of 31 December 2024, up 26.2% year-on-year. Net inflows for FY2024 totalled SGD 3.30 billion. This organic asset accumulation was driven by net flows across both the core wealth management platform and new contributions from the Hong Kong ePension business. The company's wealth management platform has been the primary beneficiary of rising equity markets in Asia ex-Japan and customer adoption of its digital banking features.

The Hong Kong segment remains the largest profit contributor: it generated SGD 52.96 million in profit for FY2024, up from a post-COVID recovery base. Singapore contributed SGD 36.14 million. Malaysia posted SGD 4.96 million, while China continues to drag, reporting a SGD 5.85 million loss for FY2024.

Outlook and Forward Guidance

Management stated that, "barring unforeseen circumstances," the Group expects 2025 to see robust growth rates in revenues and profitability compared to 2024. This forward view is supported by iFAST Global Bank having achieved first full-year profitability in FY2025, as confirmed in the February 2026 results release. For FY2025, the group's total net revenue rose to SGD 339.65 million (up 36.7% year-on-year) and net profit attributable to owners reached SGD 100.01 million, an increase of 50.1% from FY2024. Earnings per share for FY2025 came in at 33.09 cents, versus 22.39 cents in FY2024.

The most significant structural shift is the banking operation: it recorded a positive profit of SGD 3.11 million for FY2025, compared to a SGD 4.36 million loss in FY2024. Banking gross revenue for FY2025 was SGD 83.8 million, up 61.1% from the previous year. This was disclosed in the 4Q2025 and FY2025 results presentation filed on SGX on 12 February 2026. Recurring net revenue for the Group — a proxy for platform stickiness — rose to SGD 292.66 million in FY2025, up nearly 39% from FY2024's SGD 210.98 million.

Risks include potential moderation in equity market returns in 2026, continued losses in the China segment, and margin compression if operating expense growth accelerates for the Hong Kong ePension buildout. But for now, iFAST enters 2026 with AUA momentum and a banking operation that has demonstrated it can be self-sustaining.