iFAST Corp reports 340% YoY net profit surge in 2023

Growth was driven by its ePension division and overall core business improvements.

iFAST Corporation recorded a 340% year-on-year (YoY) increase to $28.3m in net profits for the fiscal year 2023 (FY2023). 

The group’s growth was driven by contributions from the ePension division and enhancements in the core wealth management platform business. Total revenue for the group increased by 22.8% to $256.5m.

The company's assets under administration reached a record high of $19.83b as of 31 December 2023, driven by net inflows of $2b during the year.

iFAST Global Bank witnessed growth in customer deposit amounts, surging by 53.4% quarter-on-quarter and 257.9% YoY to GBP213.5m ($358.6m) by 31 December 2023.

"The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. We expect iFAST Global Bank to post a reduced loss in 2024 compared to 2023," iFast said.

The directors proposed a dividend of 1.4 cents per ordinary share for FY2023.