In iFast Corporation, A Financial Services Company Increased In Net Profit

iFast Corporation, a financial services company, saw a significant increase in net profit for the fourth quarter, with a surge of 917.1 percent driven by higher revenue and initial contributions from its ePension division. The net profit increased to $13.2 million for the three months ending on Dec 31, up from $1.3 million in the corresponding period of the previous year. Earnings per share also saw a substantial increase, rising to 4.46 cents from 0.44 cents a year ago.

The proposed final dividend remains unchanged at 1.4 cents per share, the same as the previous year. Total revenue for the quarter increased by 69.3 percent compared to the previous year, reaching $82.2 million due to the growth in assets under administration (AUA).

iFast said its AUA rose 13.8 percent on-year to record $19.8 billion as of end-2023, driven by net inflows of $ 2 billion during the year. There were also positive net inflows in the fourth quarter, totaling $334 million. For the full year, net profit increased by 340 percent on-year to $28.3 million, on the back of a 22.8 percent increase in total revenue to $256.5 million.

“The rise in profitability was attributed to the early contributions from the ePension division of the company, along with enhancements in the company’s fundamental wealth management platform business,” iFast stated. “Overall, and unless unexpected events occur, the company anticipates strong growth in both revenues and profitability in 2024 compared to 2023.”

iFast reported that the Digital Personal Banking division has made promising strides since its launch in Q2 2023. Approximately 30 percent of the deposits originate from UK residents, with the remaining amount coming from individuals in over 60 countries globally.

Mamta

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