iFAST's Dividend Climbs 30% as its Latest Quarter Net Profit Leaps 387%: 5 Things Investors Need to Know

The Smart Investor04-30

Last year, iFAST Corporation Limited reported a strong set of earnings after receiving a huge boost from its Hong Kong ePension contract.For 2024’s first quarter (1Q 2024), the fintech saw its net ...

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Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-30 09:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/ifasts-1q-2024-net-profit-leaps-387-while-dividend-climbs-30-5-things-investors-need-to-know/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last year, iFAST Corporation Limited reported a strong set of earnings after receiving a huge boost from its Hong Kong ePension contract.For 2024’s first quarter (1Q 2024), the fintech saw its net ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/ifasts-1q-2024-net-profit-leaps-387-while-dividend-climbs-30-5-things-investors-need-to-know/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4211","symbol_name":"区域性银行","start_time":0,"source_url":"https://thesmartinvestor.com.sg/ifasts-1q-2024-net-profit-leaps-387-while-dividend-climbs-30-5-things-investors-need-to-know/","article_id":"2431001285","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2431001285","pubTimestamp":1714441798,"sourceInfo":{"source_id":"thesmartinvestor_highlight","name":"The Smart Investor"},"weMediaInfo":null,"summary":"The fintech saw strong growth from its Hong Kong ePension project while its digital bank division attracted higher deposits.","collect":0,"end_time":0,"defaultTopTitle":"thesmartinvestor.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","BK6503":"金融科技概念","BK6052":"资产管理与托管银行","AIY.SI":"奕丰集团"},"translate_title":"iFAST的股息攀升30%，最近一个季度净利润跃升387%：投资者需要知道的5件事","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AIY.SI":1},"content_text":"Last year, iFAST Corporation Limited reported a strong set of earnings after receiving a huge boost from its Hong Kong ePension contract.For 2024’s first quarter (1Q 2024), the fintech saw its net profit jump sharply with continued contributions from its Hong Kong division.More importantly, the group upped its interim dividend by 30% year on year.Here are five things that investors should know about the fintech’s latest results.A sparkling set of resultsRevenue soared by 59.4% year on year to S$86 million.Total operating expenses climbed by 46.8% year on year leading to operating profit leaping by more than four-fold year on year from S$4 million to almost S$18.5 million.As a result, net profit soared 387% year on year to S$14.5 million.The strong increase in profitability was attributed to contributions from the Hong Kong ePension business along with improvements in the group’s core wealth management platform business.iFAST declared an interim dividend of S$0.013, 30% higher than the S$0.01 paid out a year ago.iFAST’s balance sheet held S$452.5 million in cash and investments with just S$44.7 million of debt.AUA hits a record high amid healthy net inflowsThe group’s assets under administration (AUA) have also been steadily climbing in tandem with net inflows.iFAST’s AUA hit a record high of S$21.05 billion, up 16% from the S$18.14 billion reported in the same period last year.Net inflows for the latest quarter came in at S$688 million, more than double the amount recorded a year ago.As for gross unit trust subscriptions, this figure was also higher at S$1.6 billion for 1Q 2024 versus S$1.1 billion in 1Q 2023.Hong Kong ePension contract flowing smoothlyContributions from the ePension contract were significant. The firm’s Hong Kong division’s net revenue jumped by 352% year on year to S$27.7 million.Despite muted investor sentiment in Greater China, the Hong Kong operations still achieved a 1.1% year on year increase in AUA.Net profit for the Hong Kong division did even better, shooting up more than fivefold from less than S$2.3 million in 1Q 2023 to over S$13.2 million in 1Q 2024.Furthermore, the iFAST management team expects the ePension division to be an important growth driver for 2024 and 2025.More digital bank initiativesElsewhere, iFAST’s digital bank, iFAST Global Bank or iGB, saw its customer deposits continue to grow.Deposits soared 475% year on year to around £302.9 million as of 31 March 2024.With a higher level of deposits and activity, the UK division’s revenue grew by 43.8% year on year to more than S$4.2 million in 1Q 2024.That said, the division is still unprofitable, incurring a net loss of almost S$2.3 million, 33.7% higher than the S$1.7 million incurred a year ago.iGB is adopting a conservative stance by placing the majority of these deposits (held as cash) with the Bank of England, short-duration investment-grade bonds, and money market funds.As of 31 March 2024, there was a total of S$598.5 million placed in these securities, with the bulk (S$313.5 million) placed as cash with the central bank.Advancing its three-year planAs we review the quarterly results, it is important not to lose sight of the big picture.iFAST remains focused on executing its three-year plan in which it targets its AUA to grow to S$100 billion by 2028 to 2030.It also plans to accelerate the growth of its Hong Kong business by delivering on its ePension business there while improving on its existing platform capabilities.Finally, the group intends to develop innovative fintech services such as payment-related services and a bond marketplace as complementary platforms to its digital banking and wealth management platforms.How will Generative AI affect your portfolio? It’s changing the way many businesses operate, including 7 of the biggest US tech stocks. And it’s about to reshape the industry forever. Get exclusive insights into how these leading companies are expected to drive massive growth and whether this could be your best investment opportunity. Don’t miss out — register here now for a front-row seat to the discussion.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2431001285"}