Record full-year net profit of SGD 66.63 million reported for FY2024, representing 135.7% year-on-year growth; PAT margin of 10.6% reflects improving operational leverage as iFAST Global Bank achieved its first profitable quarter in 4Q2024.

Financial Performance

iFAST Corporation Ltd (SGX: AIY) delivered a record net profit of SGD 66.63 million for the financial year ended 31 December 2024, a 135.7% increase from SGD 28.27 million in FY2023, according to the company's audited financial statements. Net profit attributable to owners of the company stood at SGD 59.4 million for FY2024, yielding a profit-after-tax (PAT) margin of 10.6% on total net revenue of SGD 248.38 million. Net revenue grew 53.6% year-on-year from SGD 161.68 million in FY2023, driven by higher transaction volumes, rising assets under administration (AUA), and an expanding contribution from the group's digital banking subsidiary.

Fourth-quarter 2024 net profit rose 46.3% year-on-year to SGD 19.28 million, supported by gross revenue of SGD 104.14 million, up 26.7% from 4Q2023. Group net revenue in the quarter increased 13.6% to SGD 64.90 million. The sequential improvement in margins was powered by a growing share of recurring net revenue and the first-time profitability of iFAST Global Bank, which recorded a profit of SGD 0.30 million in 4Q2024 versus a loss of SGD 2.57 million in the year-ago period.

Net Profit (SGD million) (SGD million)Source: Orionmano Industries

Revenue and Margin Analysis

Total net revenue for FY2024 reached SGD 248.38 million, up from SGD 161.68 million in FY2023. The group's profit before tax margin widened to 34.8% in FY2024 from 32.0% a year earlier, as reported in iFAST's official financial performance table. Non-recurring net revenue—which includes performance fees, one-time commissions, and other variable income—rose to SGD 46.99 million for FY2024, compared with SGD 12.46 million in FY2023.

Recurring net revenue, which the group defines as platform fees, bank net interest income, and subscription-based revenue, formed the bulk of the revenue base. The improving revenue mix reflects iFAST's strategic pivot toward higher-margin platform and banking services. For FY2024, the profit before tax margin for non-banking operations reached 22.1% year-on-year growth in 4Q2024 profit before tax to SGD 23.88 million.

AUA and Asset Growth

Group AUA closed FY2024 at a record SGD 25.01 billion, a 26.2% increase from SGD 19.82 billion at end-FY2023. Net inflows for the full year totalled SGD 3.30 billion, with SGD 1.00 billion contributed in the fourth quarter alone. The AUA growth trajectory reflects sustained organic inflows across iFAST's core wealth management platforms in Singapore, Hong Kong, Malaysia, and China, as well as the expanding balance sheet of iFAST Global Bank.

Gross unit trust subscription volumes continued to scale during the year, supported by higher client engagement on the group's digital wealth management ecosystem. The company's interim AUA guidance suggests further growth in FY2025, underpinned by net inflows and positive market effects.

iFAST Global Bank Performance

iFAST Global Bank (iGB), the group's UK-based digital banking subsidiary, turned profitable in 4Q2024—a key milestone in its development. Customer deposits crossed SGD 1.01 billion at end-2024, a 182.6% increase during the year. For 4Q2024, iGB's gross revenue rose 163.7% year-on-year to SGD 17.22 million, while net revenue increased 136.4% to SGD 7.72 million.

In FY2025, iFAST Global Bank achieved its first full year of profitability, reporting a profit before tax of SGD 3.11 million for the year ended 31 December 2025, compared with a loss of SGD 4.36 million in FY2024. Fourth-quarter 2025 profit before tax stood at SGD 1.10 million, representing 263.9% year-on-year growth. Management expects the bank to build on this achievement with continued strong growth in 2026 and beyond, targeting further enhancements to its Digital Personal Banking services.

Outlook and Strategic Direction

iFAST management has outlined a three-year growth plan (2025–2027) focusing on scaling AUA, expanding iFAST Global Bank's deposit base and lending book, and deepening cross-border wealth management capabilities. The group expects iGB to contribute a full year of profitability in FY2025—a target it has now achieved—and to drive incremental earnings growth from FY2026 onward.

Key headwinds include interest rate trajectory uncertainty, competitive pressure in digital wealth management fees, and regulatory costs across multiple jurisdictions. However, the group's diversified geographic footprint, high proportion of recurring revenue, and integrated digital bank–wealth management model provide structural support for margin sustainability.

Return on equity (ROE) for FY2024 stood at 26.8%, compared with 5.0% in FY2020 (excluding impairment charges). The improvement in ROE reflects both higher profitability and the capital injection from the SGD 100 million fixed-rate note issuance in June 2024 and the subsequent SGD 120 million note issuance in March 2026.

For FY2025 and FY2026, consensus expectations among sell-side analysts covering the stock point to continued net profit growth, albeit at a more moderate pace than the exceptionally strong FY2024 base. The group's ability to sustain PAT margins above 10% will depend on iGB's scaling economics, cost discipline in non-banking operations, and the trajectory of net interest income.