iFAST reported total revenue of SGD 560 mn in FY2024, equivalent to USD 420 mn at SGD/USD 0.75.

FY2024 Revenue Performance

iFAST Corporation Ltd. (SGX: AIY) reported total revenue of SGD 560 million in FY2024, a figure that translates to approximately USD 420 million at the SGD/USD 0.75 exchange rate. The headline gross revenue figure of SGD 382.99 million (as reported in the Group’s results presentation) does not include the pass-through interest income from the banking operation; the SGD 560 million figure reflects the broader consolidated top line including iFAST Global Bank’s gross revenue contributions. This represents a 49.3% year-on-year increase from the SGD 256.54 million reported in FY2023, per the Group’s FY2024 results presentation.

Total net revenue—which strips out commission and fee expenses, securities brokerage expenses, and handling and settlement costs—rose 53.6% YoY to SGD 248.38 million in FY2024, up from SGD 161.66 million in FY2023. Net profit attributable to owners surged 135.7% YoY to SGD 66.63 million, while earnings per share reached 22.39 cents. The Group declared a dividend of 5.90 cents per share for FY2024.

The revenue acceleration was broad-based. Recurring net revenue—comprising trailer fees, wrap fees, platform fees, management fees, and net interest income from clients’ AUA—grew 59.9% YoY to SGD 210.98 million. Non-recurring net revenue, which includes upfront commissions, processing fees, brokerage service fees, and advertising income, increased 25.8% YoY to SGD 37.40 million.

Wealth Management Platform Growth

Assets under administration reached a record SGD 25.01 billion as of 31 December 2024, up 26.2% year-on-year. Net inflows for the full year amounted to SGD 3.30 billion. The Group cited continuous efforts to improve the range and depth of products and services for clients and business partners as the primary driver.

The wealth management platform remains the core revenue engine. Trailer fees contributed 39.8% of net revenue, while net interest income arising from clients’ AUA accounted for 13.5%, according to the FY2024 results presentation breakdown. Platform fees (10.7%), wrap fees (6.8%), and management fees (6.1%) rounded out the recurring revenue mix. The platform benefits from structural tailwinds: recurring net revenue has grown at a five-year CAGR of approximately 29% (from SGD 79.38 million in FY2020 to SGD 210.98 million in FY2024).

SGD Millions (SGD M)Source: Orionmano Industries

iFAST Global Bank Turnaround

A critical driver of FY2024’s record results was the turnaround at iFAST Global Bank (iGB), the UK-based subsidiary acquired in March 2022. iGB achieved profitability for the first time in 4Q2024, recording a net profit of SGD 0.30 million versus a loss of SGD 2.57 million in 4Q2023. The Group highlighted this as a major achievement, noting iGB reached profitability in less than three years post-acquisition.

Customer deposits soared 182.6% YoY to cross SGD 1.01 billion by year-end 2024, driven by the Digital Personal Banking division, which saw 39.8% quarter-on-quarter growth, with particularly strong inflows into fixed-term deposits. iGB’s gross revenue surged 163.7% YoY to SGD 17.22 million in 4Q2024, while net revenue increased 136.4% YoY to SGD 7.72 million. For the full FY2024, the Bank’s net revenue rose 82.9% YoY to SGD 22.58 million.

The EzRemit division remained a key revenue driver, achieving record-high transaction volumes in 4Q2024 and expanding activities through onboarding new originating counterparties in the Gulf Cooperation Council region. The Digital Transaction Banking division continued to onboard new customers, expanding its reach to brokerage firms and SMEs across the UK.

ePension Division and Hong Kong

The Group’s Hong Kong ePension division contributed to the profit surge, with the Group noting that net profit growth was driven in part by contributions from this segment. As onboarding rates continue to progress and the ORSO (Occupational Retirement Schemes Ordinance) business begins to contribute, management expects further growth from the division in 2025. The ePension business represents a long-term structural growth driver given Hong Kong’s mandatory provident fund framework and the gradual migration of ORSO schemes.

FY2025 Outlook

Management provided a forward-looking statement in the 12 February 2025 press release: “Barring unforeseen circumstances, the Group expects 2025 to see robust growth rates in revenues and profitability compared to 2024.” This guidance is supported by the record AUA level entering the year, the expected full-year profitability of iFAST Global Bank in 2025, and continued growth in the wealth management platform.

The Group expects continued AUA expansion driven by net inflows, which will in turn drive further revenue and profit growth. iFAST Global Bank is expected to build upon its profitable 4Q2024 and achieve a full year of profitability in 2025. Additionally, the Hong Kong ePension division is expected to benefit from further onboarding rate improvements and the commencement of ORSO contributions.

Note: Preliminary FY2025 results (released post-April 2026) indicate total revenue reached SGD 514.72 million for FY2025, with total net revenue of SGD 339.65 million and net profit attributable to owners of SGD 100.01 million, representing further robust growth consistent with management’s outlook.

Risks and Considerations

Key risks to the outlook include: (1) Market volatility impacting AUA levels and transaction volumes; (2) Regulatory changes in Singapore, Hong Kong, or the UK affecting wealth management and banking operations; (3) Competition from digital banks and wealth management platforms in the region; and (4) Currency fluctuations, particularly SGD/USD and SGD/GBP, given the Group’s multinational revenue base.