iFast Q3 profit rises 24.5% to S$32 million on overall revenue growth

[SINGAPORE] Digital bank and wealth management platform iFast posted a 24.5 per cent rise in net profit to S$32.4 million for its third quarter ended Sep 30, from S$26 million in the previous corresponding period.

Earnings per share stood at S$0.1056 for the quarter, up from S$0.0856 the previous year.

In a bourse filing on Monday (Oct 26), the company reported that revenue was up 23 per cent year on year at S$167 million, from S$135.8 million.

Its board of directors proposed a dividend of S$0.032 per share for Q3, 39.1 per cent higher than the S$0.023 paid out in the year-ago period.

For the full year, the company expects to propose a total dividend of S$0.12 per share or more, with at least 43 per cent increase compared to FY2025, compared to the previous guidance of S$0.105 per share or higher stated in April 2026.

The group’s assets under administration (AUA) expanded 20 per cent on the year, reaching a record S$36.76 billion in Q3, a new record high, due to strong net inflows and positive financial market performance.

On Oct 1, iFast launched its first exchange-traded funds (ETFs) on Singapore Exchange in partnership with Xtrackers by DWS.

The inaugural suite of ETFs, iFast noted in an earlier announcement, provides exposure to artificial intelligence alongside three major Asian equity markets: Japan, South Korea and Taiwan.

In Singapore, net revenue increased 20.5 per cent year on year compared to the previous corresponding period, with broad based AUA growth and higher transaction volumes.

The AUA of the Singapore operations increased 16.6 per cent year on year as at Sep 30, 2026 to a new quarterly record high. The Singapore operations recorded higher recurring fee income related to the AUA of investment products.

Higher recurring fee income from portfolio management services was a key positive contributor as fund management assets rose substantially from the year-ago period. Higher trailer and wrap fees also contributed positively.

Upfront and processing fee revenue was generally higher on the back of stronger transactional volumes, led by transactional processing fees related to investments by customers in exchange-listed stock securities.

Higher service fees arising from the provision of currency conversion administration services resulting from increased trading volume of securities listed on foreign exchanges also contributed positively.

Detractors included a decrease in interest commission income arising from clients’ AUA and a decline in bond processing fee revenue.

iFast Global Bank built on its first full year of profitability in 2025 by reporting a 965 per cent year-on-year growth in pretax profit to S$3.3 million in Q3.

The sharp increase in profitability was achieved on the back of a 67.1 per cent year-on-year increase in net revenue for the banking business, where both the digital personal banking division and the business banking division contributed to the good growth rates.

Wealth management platform as main driver

The increase in profitability was driven mainly by the group’s core wealth management platform business, iFast Global Bank and stronger contributions from the ePension division, said iFast.

The group is on track to report robust growth rates in revenues and profitability in 2026, with net profit in the first nine months of 2026 having grown by 34.4 per cent year on year to S$90.3 million.

Revenue expanded 33.2 per cent year on year to S$483.5 million from S$363 million for the first nine months of 2026.

iFast Global Bank’s pretax profit is expected to exceed S$10 million for the full year of 2026, an increase of more than 200 per cent compared to S$3.1 million achieved in 2025.

The group continues to work towards an AUA of S$100 billion by 2030, which would imply a compound annual growth rate of 26.5 per cent or higher over the next four to five years.

Shares of iFast closed Monday 0.6 per cent or S$0.05 lower at S$8.01, before the release of the results.