$IFAST (AIY.SG)$ iFast Corporation reported a 917% y-o-y inc...
iFast Corporation reported a 917% y-o-y increase in its net profit for the 4QFY2023 ended Dec 31, 2023, of $13.18 million, and a 340% y-o-y increase in its full year net profit at $28.27 million.
This is a reversal from the same period a year ago, in which iFast reported an 82% y-o-y drop in net profit to $1.3 million for the 4QFY2022.
iFast says that this increase in profitability was driven by initial contributions from the ePension division of the group, and improvements in its wealth management platform business.
The group reported a 913.6% y-o-y growth in its earnings per share for the 4QFY2023 to 4.46 cents, from 0.44 cents previously.
For the full year, the group's earnings per share grew 335.9% y-o-y to 9.59 cents, from 3.97 cents previously. This excludes the impairment loss of $5.2 million related to its India business, which iFast says it has recognised in 2Q2022.
For the final dividend for FY2023, the directors have proposed a dividend of 1.40 cents per ordinary share, subject to approval by shareholders at the company's annual general meeting on Apr 26.
iFAST Global Banks customer deposit amounts grew 53.4% q-o-q and 257.9% y-o-y to GBP213.5 million ($358.6 million) as at Dec 31, 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," says the group.
iFAST Global Bank is targeting breakeven by 4QFY2024, driven to a large extent by growth in net interest income as the deposit base continues to grow.
Meanwhile, its guidance on its Hong Kong business on Apr 23, 2022 have been updated, as its 2023 revenue targets were achieved while the profit before tax target was exceeded.
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JJ Hou : Seemed like the market didnt react positively!!! facebook.com/sh...
bullrider_21OP JJ Hou: It reported results after the market closed.
JJ Hou bullrider_21OP: I dont believe tmr will have dramatic increase!
bullrider_21OP JJ Hou: Up as much as 0.39 today.
JJ Hou bullrider_21OP: We shall see at the end of the day/week, how sustainable….
soyabean89 : 900%?!?! even more satki than Nvidia sia...
bullrider_21OP soyabean89:
I think from low base.
JJ Hou JJ Hou: Dropping more than 8% today??
bullrider_21OP JJ Hou: But it rose to 8.50 first before dropping.