Slide 1: 4Q2024 & FY2024 Results Presentation
iFAST CORPORATION LTD. 4Q2024 & FY2024 Results Presentation 12 Feb 2025
Slide 2: Disclaimer
Disclaimer This presentation should be read as an overview of iFAST Corporation Ltd.’s (“iFAST Corp” or the “Company”, and together with its subsidiaries, the “Group”) current business activities and operating environment. This presentation should not be solely relied upon by current and potential i
Slide 3: Contents
Contents ▪ Key Summary Pg. 4 ▪ AUA Updates ▪ 4Q2024 (Oct-Dec 2024) & FY2024 (Jan-Dec 2024) Financial Results Pg. 8 Section I Financial Results ▪ Performance by Geographical and Business Segments ▪ Proposed Final Dividend ▪ iFAST Global Bank: Path to Profitability Section II Business Update ▪ 3-Year
Slide 4: Key Summary
Key Summary • In 4Q2024, the Group’s net profit increased by 46.3% YoY to S$19.28 million, on the back of a 26.7% increase YoY in the Group’s gross revenue to S$104.14 million. • The increase in 4Q2024 profitability was driven by continuing growth in the Group’s core wealth management platform busin
Slide 5: Key Summary
Key Summary • Looking forward into 2025, the Group expects to achieve further progress for our various business segments. • The Group expects to continue to grow the AUA of its wealth management platform business, which will drive further growth in revenues and profitability. • In addition, the Grou
Slide 6: Group AUA increased 26.2% YoY to Another Record High
$12,000 $14,000 $18,000 $20,000 $22,000 $24,000 $26,000 $10,000 $16,000 $- $2,000 $6,000 $8,000 $4,000 S$ million Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 B2B Dec-11 Jun-12 Dec-12 Jun-13
Slide 7: AUA Breakdown: Markets & Products
AUA Breakdown: Markets & Products (as at 31 December 2024) AUA Breakdown By Markets AUA Breakdown By Products 5.7% 7.8% 11.9% 22.0% 12.1% 57.6% 70.3% 12.6% Singapore Hong Kong Unit Trusts Bonds Malaysia Others (China & UK) Stocks & ETFs Cash Account & Deposits 7
Slide 8: Section I Financial Results
Section I Financial Results 8
Slide 9: Financial Results for Group (4Q2024 vs 4Q2023)
Financial Results for Group (4Q2024 vs 4Q2023) S$ (Million) 4Q2023 4Q2024 YoY change (%) Total revenue 82.19 104.14 +26.7 Total net revenue 57.13 64.90 +13.6 Other income 0.41 0.51 +22.8 Operating expenses 40.71 40.90 +0.5 Interest expenses on lease liabilities 0.22 0.39 +78.1 Share of results of as
Slide 10: Financial Results for Group (FY2024 vs FY2023)
Financial Results for Group (FY2024 vs FY2023) S$ (Million) FY2023 FY2024 YoY change (%) Total revenue 256.54 382.99 +49.3 Total net revenue 161.66 248.38 +53.6 Other income 1.71 1.86 +8.8 Operating expenses 126.23 165.64 +31.2 Interest expenses on lease liabilities 0.79 1.42 +79.2 Share of results
Slide 11: Results Overview for Group
Results Overview for Group S$ (Million) FY2020 FY2021 FY20221 FY20231 FY20241 Total revenue2 170.76 216.90 208.87 256.54 382.99 Total net revenue2 86.64 113.91 118.24 161.66 248.38 Other income 5.21 0.49 1.72 1.71 1.86 Operating expenses 65.29 77.68 103.84 126.23 165.64 Interest expenses on lease li
Slide 12: Financial Indicators for Non-banking Operations (4Q)
Financial Indicators for Non-banking Operations (4Q2024 vs 4Q2023) S$ (Million) 4Q2023 4Q2024 YoY change (%) Total revenue 75.66 86.92 +14.9 Total net revenue 53.86 57.18 +6.2 Operating expenses 34.59 33.48 -3.2 Profit before tax 19.48 23.84 +22.4 Profit after tax 15.68 18.94 +20.8 Net profit attrib
Slide 13: Financial Indicators for Non-banking Operations (FY)
Financial Indicators for Non-banking Operations (FY2024 vs FY2023) S$ (Million) FY2023 FY2024 YoY change (%) Total revenue 235.96 330.98 +40.3 Total net revenue 149.31 225.79 +51.2 Operating expenses 104.30 138.25 +32.6 Profit before tax 46.16 87.97 +90.6 Profit after tax 36.60 70.77 +93.4 Net profi
Slide 14: PBT Margin for Group
PBT Margin for Group (Based on Total Net Revenue) 40.0% 35.0% 33.5% 31.6% 29.6% 30.0% 25.0% 22.6% 20.0% 15.0% 13.5%1 10.0% 5.0% 0.0% 2020 2021 2022 2023 2024 Notes: 1. Includes the new banking operation for FY2022 and excludes impairment loss of S$5.2 million related to India Business recognised in
Slide 15: Return on Equity
Return on Equity 30.0% 25.8% 25.0% 23.4% 21.8% 20.0% 15.0% 12.2% 10.0% 5.0%1 5.0% 0.0% 2020 2021 20222 2023 2024 Notes: 1. Excluding impairment loss of S$5.2 million related to India Business recognised in 2Q2022. 2. The Group conducted a S$103 million share placement exercise in January 2022. 15
Slide 16: Profit/Loss - Geographical Segment
Profit/Loss - Geographical Segment Profit/Loss YoY Change YoY Change (S$ Million) 4Q2023 4Q2024 (%) FY2023 FY2024 (%) Singapore 7.23 10.13 +40.1 25.20 36.14 +43.5 Hong Kong 13.00 13.14 +1.1 23.82 52.96 +122.3 Malaysia 1.17 1.68 +43.0 4.39 4.96 +12.9 China (1.86) (1.09) -41.4 (7.19) (5.85) -18.6 Othe
Slide 17: Profit/Loss - Geographical Segment
Profit/Loss - Geographical Segment Profit/Loss (S$ Million) FY2020 FY2021 FY2022 FY2023 FY2024 Singapore 21.32 28.43 16.57 25.20 36.14 Hong Kong 5.79 8.39 8.07 23.82 52.96 Malaysia 3.75 5.39 4.25 4.39 4.96 China (4.88) (5.82) (7.12) (7.19) (5.85) Other1 (0.41) (0.35) 0.30 0.22 (0.02) Non-banking ope
Slide 18: Total Net Revenue - Geographical Segment
Total Net Revenue - Geographical Segment S$ (Million) FY2020 FY2021 FY2022 FY2023 FY2024 Singapore 56.79 73.50 70.49 81.24 96.06 Hong Kong 19.26 24.43 24.15 52.58 112.97 Malaysia 8.77 13.43 13.64 13.98 15.53 China 1.82 2.55 1.77 1.51 1.24 UK - - 8.19 12.35 22.58 Group 86.64 113.91 118.24 161.66 248.
Slide 19: Final Dividend for FY2024
Final Dividend for FY2024 Final Dividend for FY2024 - Schedule Dividend per share 1.60 cents per ordinary share Ex-dividend date 8 May 2025 Record date and time 9 May 2025 (5.00 pm) Payment date 23 May 2025 • For the final dividend for FY2024, the Directors proposed a dividend of 1.60 cents per ordi
Slide 20: Section II Business Update
Section II Business Update 20
Slide 21: iFAST Global Bank Updates: Path to Profitability
iFAST Global Bank Updates Path to Profitability S$ million 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 0.50 0.30 0.00 -0.50 -1.00 -0.82 -1.50 -1.56 -1.71 -2.00 -2.11 -2.23 -2.28 -2.50 -2.57 -3.00 21
Slide 22: iFAST Global Bank Updates: Gross Revenue Trending Higher
iFAST Global Bank Updates Showing Encouraging Progress - Gross Revenue Trending Higher S$ million 20.00 18.00 17.22 16.00 13.87 14.00 12.00 11.38 10.00 9.54 8.00 6.53 5.78 6.00 4.04 4.24 4.00 2.00 0.00 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 22
Slide 23: iFAST Global Bank Quarterly Income
iFAST Global Bank Quarterly Income GBP ‘000 2,500.00 2,228.78 2,203.88 2,118.01 2,080.97 2,000.00 1,922.79 1,902.47 1,856.18 1,765.91 1,785.70 1,755.05 1,725.11 1,603.68 1,562.37 1,500.00 1,494.75 1,075.27 1,000.00 722.16 576.92 471.24 500.00 344.94 293.06 305.74 265.41 192.42 120.42 103.46 138.43 0
Slide 24: iFAST Global Bank: Path to Profitability
iFAST Global Bank: Path to Profitability • Net Interest Income (NII) acceleration: This positive trend is primarily due to growth in Digital Personal Banking (DPB) deposits over 2024. • Increase in DPB commission and fee income: Supported by the increase in the number of customer accounts and deposi
Slide 25: iFAST's Three-Year Plan (2025-2027)
iFAST’s Three-Year Plan (2025-2027) 1. Building on our S$25.01 billion Group AUA at the end of 2024, continue to increase the scale and quality of our wealth management platform. The scalability of our platform will be further strengthened with a profitable global digital bank at the core of our fin
Slide 26: iFAST Fintech Ecosystem
iFAST Fintech Ecosystem Connecting All to Help Investors Invest Globally and Profitably (as at 31 Dec 2024) 940,000 5 760 13,500 5 26
Slide 27: Net Inflows Showing Healthy Recovery
Net Inflows Showing Healthy Recovery S$ million $4,000 $3,745 $3,500 $3,296 $3,160 $3,000 $2,500 $2,104 $1,957 $2,000 $1,500 $942 $976 $1,000 $786 $458 $501 $500 $396 $193 $235 $55 $- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Notes: 1. Net inflows stood at S$0.69 billion,
Slide 28: Gross Unit Trust Subscription on Recovery Trend
Gross Unit Trust (UT) Subscription on Recovery Trend S$ million $8,000 $7,433 $7,052 $7,000 $6,000 $5,647 $5,223 $5,000 $4,490 $4,000 $2,908 $3,053 $2,870 $3,000 $2,000 $1,547 $1,670 $1,574 $1,365 $947 $940 $1,000 $- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Notes: 1. Gro
Slide 29: Fixed Income Turnover Continued to be Strong in 4Q2024
Fixed Income Turnover Continued to be Strong in 4Q2024 S$ million 1,100 1,000 900 800 700 600 500 400 300 200 100 - 29
Slide 30: Guidance on Hong Kong Targets & Actual Performance
Guidance on Hong Kong Targets & Actual Performance o Gross Revenue Targets (Updated in Feb 2024) Actual Performance Gross Revenue >HKD400 million* 2023 Actual Gross Revenue HKD406 million 2023 Gross Revenue >HKD800 million 2024 Actual Gross Revenue HKD866 million 2024 Gross Revenue >HKD1.2 billion 2
Slide 31: Section III Performance Trends
SECTION III Section III \ Performance Trends 31
Slide 32: Financial Indicators
Financial Indicators S$ (Million) FY2020 FY2021 FY2022 FY2023 FY2024 EBITDA3 42.04 54.79 37.642 70.50 119.77 Operating Cashflows 41.56 46.53 47.40 273.45 671.28 Capital Expenditure1 12.63 21.62 17.87 21.63 26.13 Net Current Assets 58.35 68.03 108.45 110.66 170.31 Shareholders’ Equity 104.11 128.65 2
Slide 33: Cash Plus Liquid Assets Net of Borrowings Position
Cash Plus Liquid Assets Net of Borrowings Position As at 30 Sep 2024 As at 31 Dec 2024 (S$ million) (S$ million) Cash and Cash Equivalents 565.28 622.83 Sovereign Bonds & Investment-grade Corporate Bonds 372.51 502.70 Others 81.64 116.07 Less: Customers’ Deposits (805.63) (1,013.34) Total Cash plus
Slide 34: Group Operating Cashflows
Group Operating Cashflows S$ million 800 700 671.28 600 500 400 300 273.45 200 100 41.56 46.53 47.40 0 2020 2021 2022 2023 2024 34
Slide 35: Capital Expenditure
Capital Expenditure S$ million 30 27.20 26.13 25 21.62 21.63 20 17.87 15 12.63 10 5 0 2020 2021 2022 2023 2024 2025F 35
Slide 36: Number of Issued Shares
Number of Issued Shares As at 31 Dec 2023 As at 31 Dec 2024 Total number of issued shares (excluding treasury shares and subsidiary 295,702,851 297,959,099 holdings) 36
Slide 37: Our Consolidated Financial Position
Our Consolidated Financial Position As at 31 Dec 23 As at 31 Dec 24 S$’000 S$’000 ASSETS Plant and Equipment 8,534 14,362 Right-of-use Assets 23,881 35,580 Intangible Assets and Goodwill 80,136 85,021 Associates 413 414 Other Investments 32,965 119,073 Deferred Tax Assets 2,759 2,117 Contract Costs
Slide 38: Our Consolidated Financial Position
Our Consolidated Financial Position As at 31 Dec 23 As at 31 Dec 24 S$’000 S$’000 EQUITY Share Capital 171,165 171,435 Reserves 79,031 145,351 EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 250,196 316,786 Non-Controlling Interests 7,180 (1,808) TOTAL EQUITY 257,376 314,978 LIABILITIES Debt Issued - 9
Slide 39: Held under Trust
Held under Trust As at 31 Dec 23 As at 31 Dec 24 S$’000 S$’000 HELD UNDER TRUST Client monies maintained in bank deposit accounts 905,844 1,043,582 Client monies maintained in government debt securities 1,828 7,746 treasury accounts Client ledger balances (907,672) (1,051,328) - - • Certain non-bank
Slide 40: Total Net Revenue Breakdown between Recurring and Non-recurring Sources
Total Net Revenue1 Breakdown between Recurring and Non-recurring Sources Average contribution from recurring net revenue as opposed to non-recurring net revenue in the period from 2023 to 2024 was 83.6% S$ million 300 250 37.4 200 150 29.7 100 34.4 211.0 34.5 25.5 131.9 11.3 12.3 50 8.5 6.9 6.0 78.7
Slide 41: Recurring and Non-recurring Total Net Revenue (Include Banking)
Recurring and Non-recurring Total Net Revenue (Include Banking Operation) S$ (Million) FY2020 FY2021 FY20221 FY20231 FY20241 Recurring net revenue2 61.17 79.38 83.86 131.94 210.98 Non-recurring net revenue 25.47 34.53 34.38 29.72 37.40 Total net revenue2 86.64 113.91 118.24 161.66 248.38 YoY Change
Slide 42: Recurring and Non-recurring Total Net Revenue (Exclude Banking)
Recurring and Non-recurring Total Net Revenue (Exclude Banking Operation) S$ (Million) FY2020 FY2021 FY20221 FY20231 FY20241 Recurring net revenue2 61.17 79.38 83.61 129.19 201.86 Non-recurring net revenue 25.47 34.53 26.44 20.12 23.93 Total net revenue2 86.64 113.91 110.05 149.31 225.79 YoY Change
Slide 43: Net Revenue - B2B Business Segment
Net Revenue1 - B2B Business Segment B2B Net Revenue FY2020 FY2021 FY2022 FY2023 FY2024 (S$ Million) Recurring net revenue 42.34 55.73 58.05 99.10 172.50 Non-recurring net revenue 10.88 16.42 16.66 12.89 13.09 Total B2B net revenue 53.22 72.15 74.72 111.99 185.59 YoY Change (%) FY2020 FY2021 FY2022 F
Slide 44: Net Revenue - B2C Business Segment
Net Revenue1 - B2C Business Segment B2C Net Revenue FY2020 FY2021 FY2022 FY2023 FY2024 (S$ Million) Recurring net revenue 18.04 22.96 22.99 25.64 25.85 Non-recurring net revenue 14.60 18.11 9.78 7.23 10.84 Total B2C net revenue 32.64 41.07 32.77 32.87 36.69 YoY Change (%) FY2020 FY2021 FY2022 FY2023
Slide 45: Progress of Individual Markets: Singapore
Progress of Individual Markets Singapore • Net revenue for the Singapore operation in 4Q2024 increased by 11.6% YoY to S$24.62 million. For FY2024, net revenue grew 18.2% to S$96.06 million. • AUA of the Singapore operation rose 4.6% QoQ and 21.8% YoY to S$17.60 billion as at 31 December 2024, anoth
Slide 46: Progress of Individual Markets: Singapore
Progress of Individual Markets Singapore • In December 2024, iGM launched the China desk dedicated to the goal of building a robust bridge between Chinese clients and iGM Singapore. The iGM division intends to provide solutions that can meet the offshore wealth allocation needs of Chinese clients. •
Slide 47: Progress of Individual Markets: Hong Kong
Progress of Individual Markets Hong Kong • In 4Q2024, the Hong Kong operation’s net revenue saw a slight growth of 0.3% YoY to S$28.10 million, while for FY2024, net revenue increased 114.8% YoY to S$112.97 million. • The Hong Kong operation’s AUA rose 9.1% QoQ and 28.3% YoY, reaching S$3.01 billion
Slide 48: Progress of Individual Markets: Malaysia
Progress of Individual Markets Malaysia • In 4Q2024, net revenue for the Malaysia operation increased 19.1% YoY to S$4.13 million. For FY2024, net revenue grew 11.1% to S$15.53 million. • The AUA for the Malaysia operation increased 4.5% QoQ and 28.4% YoY to S$2.98 billion as at 31 December 2024, ac
Slide 49: Progress of Individual Markets: Malaysia
Progress of Individual Markets Malaysia • In 2024, the Malaysia B2C FSMOne division achieved a record high AUA level with a 29.6% YoY increase, driven by favourable market conditions and positive net inflows across all product categories. • Unit trusts AUA grew by 13.3% YoY, driven by continued posi
Slide 50: Progress of Individual Markets: China
Progress of Individual Markets China • Net revenue for China operation increased by 4.5% YoY to reach S$0.32 million in 4Q2024. In FY2024, net revenue declined YoY by 18.0% to S$1.24 million. • iFAST China adopted a cautious approach to expenses in 2024. Consequently, total expenses in FY2024 decrea
Slide 51: Progress of Individual Markets: UK (iFAST Global Bank)
Progress of Individual Markets UK (iFAST Global Bank) • Total revenue for iFAST Global Bank (iGB) continued to grow, increasing 136.4% YoY to S$7.72 million in 4Q2024. In FY2024, net revenue grew 82.9% YoY to S$22.58 million. iGB achieved profitability in 4Q2024 for the first time, with a profit of
Slide 52: Progress of Individual Markets: UK (iFAST Global Bank)
Progress of Individual Markets UK (iFAST Global Bank) • The DPB division launched a margin financing lending product for iFAST Group’s wealth management platform customers in 2024, complementing the iFAST Group’s wealth management services. The Bank is looking to develop this offering further in 202
Slide 53: Section IV Appendices
[SectionIV_ | Appendices iFAST 53
Slide 54: Business Overview
Business Overview • iFAST Corporation Ltd. is a global digital banking and wealth management fintech platform with assets under administration (AUA) of S$25.01 billion as at 31 December 2024 (stock code: AIY). • Main business divisions: o Wealth Management: ▪ Business-to-Consumer (B2C): FSMOne.com (
Slide 55: iFAST Global Bank Updates: Conservative Balance Sheet Strategy
iFAST Global Bank Updates Conservative Balance Sheet Strategy • The customer deposit amounts for iFAST Global Bank (iGB) grew 25.8% QoQ and 182.6% YoY to S$1,013.34 million as at 31 December 2024. • The increase in deposits continues to be driven by the deposit offering business units, and most sign
Slide 56: iFAST Global Bank Updates: Regulatory Ratios
iFAST Global Bank Updates Regulatory Ratios Minimum Average Ratio of As at Regulatory Ratios Regulatory 3 Singapore local 31 Dec 2024 Requirement banks1 Liquidity Coverage Ratio (“LCR”) 912% 100% 142% Net Stable Funding Ratio (“NSFR”) 259% 100% 115% Total Capital Ratio 28% 11.45% 19% The Group has s
Slide 57: Milestones
Milestones Launch of “FSM Mobile” 2000 Launch of Fundsupermart.com (B2C) in 2007 Launch of Fundsupermart.com (B2C) in 2011 iPhone application. The Android version of the “FSM Singapore (SG) Hong Kong (HK) Mobile” was launched in the following year ▪ Launch of iFAST Platform ▪ Incorporation of iFAST
Slide 58: Milestones
Milestones ▪ Acquired a stake in the holding ▪ Launch of US stockbroking company of iFAST India Business in HK 2016 ▪ Launch of HKEX stockbroking on HK B2B platform 2018 ▪ Launch of FSMOne in MY ▪ Launch of Insurance on FSM MY ▪ Launch of FSMOne in SG ▪ Launch of HKEX stockbroking on FSM HK ▪ iFAST
Slide 59: Milestones
Milestones • Launch of iFAST Global Bank’s Digital Personal ▪ Launch of Bursa stockbroking in MY and SG Banking Platform in UK ▪ iFAST HK approved as China Connect • Launch of ORSO ePension Services in HK Exchange and Clearing Participant by HKEX; • Launch of USD Auto-Sweep Account in SG launch of C
Slide 60: FY2023 Breakdown of Net Revenue
FY2023 Breakdown of Net Revenue (For Wealth Management Platform Services) FX Margin, 4.0% Fintech Solutions IT fees, 2.8% Others, 0.9% Transaction Fees/Commission Income (Other Products), 8.2% Transaction Fees/Commission Income (UT and Portfolio Management Services), 1.4% Trailer Fee, 41.1% Net Inte
Slide 61: Fees Illustration
Fees Illustration (For Wealth Management Platform Services) FUND HOUSES TRAILER FEE PLATFORM FEE PLATFORM FEE B2B CUSTOMERS UPFRONT FEE B2C CUSTOMERS UPFRONT FEE WRAP FEE FX CONVERSION FEES B2B FINANCIAL OTHER ADVISORY COMPANIES FINTECH SOLUTIONS SERVICE FEES FACILITIES 61
Slide 62: Licences Held and Products & Services Available
Licences Held and Products & Services Available (as at 31 Dec 2024) SINGAPORE HONG KONG MALAYSIA LICENCES & REGISTRATION HELD: LICENCES & REGISTRATION HELD: LICENCES & REGISTRATION HELD : • Capital Markets Services Licence [MAS] • Type 1: Dealing in Securities [SFC] • Capital Market Services Licence
Slide 63: Our Value Proposition
Our Value Proposition PRODUCT B2B CUSTOMERS B2C DIY INVESTORS GLOBAL BANK ePENSION PROVIDERS CUSTOMERS CUSTOMERS • One platform, • One platform, multiple • One platform, multiple • Online account opening • Empower partners multiple B2C and B2B investment products investment products without geograph
Slide 64: iFAST Corp's Risk Journey
iFAST Corp’s Risk Journey 2000-2024 and Beyond iFAST Corp has built upon the following three key elements while braving through multiple economic events over the last 23 years, tiding through the 2001 Dotcom bubble burst, the 2008 Global Financial Crisis and the recent Covid pandemic. This has paved
Slide 65: iFAST Corp's Risk Journey
iFAST Corp’s Risk Journey 2000-2024 and Beyond • Using the analogy of Kart Racing, braking (risk At iFAST, we aim to go far and wide: management) is essential to help the kart accelerate • Thus, we see good risk management as an essential (business strategies) safely through a turn at top partner as
Slide 66: 4Q2024: Activities & Achievements
4Q2024: Activities & Achievements New Product/Service Launches iFAST Global Markets Singapore - Official launch of China Desk: Establishing a strong connection between Chinese clients and iFAST’s overseas offices, catering to their offshore wealth allocation needs both within and outside China. In t
Slide 67: Thank You!
THANK YOU! For more information, please visit: www.ifastcorp.com