IFAST Corp: Profitability Improves, Expects High Growth

The Singapore Stock Exchange is late. It's now 05:04:29 on April 28th, 2023. The stock price is 4.620 SGD. This is a decrease of 1.70%.

On April 25, 2023 at 9:21am Eastern Daylight Time, a blog section was published. The section contained information which was rephrased in free English. The information written was comprised of shorter sentences in order to make it easier for readers to understand.

iFAST Corp did well in the first quarter of 2023. Profit improved compared to the previous quarter. They expect to have a high growth in revenue and profit from 2023 to 2025. They made a 3-year plan for this.

iFAST Corp released their financial results for 1Q2023 in Singapore on 25 April 2023.

The Group's AUA was S$18.14 billion on 31 March 2023 which was a reduction of 2.6% compared to the previous year. However, the AUA increased by 4.2% on a QoQ basis. In contrast, MSCI AC Asia ex-Japan index fell approximately 9% by 31 March 2023.

Markets were unstable in 1Q2023 but clients put in S$329 million. The Group thinks the inflows are crucial for long-term growth.

1Q2023 was not as good as 1Q2022 for the Group. iFAST Global Bank had losses at the start, which played a part. Taking out the banking part, the Group made S$28.07 million, which is down 1.7% YoY. The Group's Profit Before Tax also went down 17.1% YoY to S$6.07 million.

In the first quarter of 2023, the Group's net revenue went up by 8.6% to S$31.01 million with banking operations included. But without banking operations, net revenue went down by 1.7% YoY to S$28.07 million. From the previous quarter, the total revenue for overall operations and non-banking operations improved by 4.7% and 3.6%, respectively.

In 1Q2023, the Group didn't make as much profit as before. Profit from banking went down by 48.1% to S$2.98 million. Profit from non-banking went down too, but less, at 18.5% to S$4.68 million.

The Group released financial numbers for non-banking activities. This includes revenue, expenses, profit, EBITA, and cash flow. This will make it easier to see how the core business did.

In the first quarter of 2023, the Group made more profit than the previous three quarters. The Group's AUA went up by 4.2% in the quarter to S$18.14 billion.

From March 31, 2023, iFAST Global Bank's regulatory ratios will be made public. They are Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), and Total Capital Ratio. These ratios are at 809%, 284%, and 42% respectively. They are well above the minimum regulatory requirements.

Now, the Group plans to experience a time of increased revenue and profitability.

In the coming years of 2023 and 2025, our company will carry out its 3-Year Plan. This plan includes:

iFAST has introduced a new personal banking platform. The platform is digital in nature. Customers can use the platform for their banking needs. The platform offers a range of services. These include savings accounts, debit cards, and loans. The platform is easily accessible. Users can access it from their mobile devices. The platform also offers 24/7 customer support. It is an innovative step for iFAST in the banking industry.

iFAST Global Bank (iGB) from the UK released their Digital Personal Banking (DPB) platform on April 24, 2023. Customers from all over can open an iGB bank account using the DPB's online portal and mobile application. The platform will start by providing basic bank accounts, fixed term, and notice deposit products in various currencies.

The bank is now part of a fintech system. This system helps people bank online. People from anywhere can open a digital bank account. They don't need to be in the UK. iFAST Corp customers can also open iGB accounts. With these accounts, they can use the DPB platform. This platform helps them with many things. They can transfer funds and send money.

iGB recently launched a platform called Digital Transaction Banking (DPB). It helps UK corporate customers in a sector that doesn't get much attention. DPB provides Safeguarding Accounts and GBP Payment Facilities. EzRemit is still the main business for iGB and brings in a lot of money.

The company has just declared its first interim dividend for 1Q2023. This means that shareholders will receive a payment for their investments. It's good news for those who have invested in the company. The dividend is a sign that the company is performing well and generating profits. It's important for shareholders to keep an eye on these announcements, as they can impact the value of their investments. Many investors look for companies that pay regular dividends as a sign of stability and long-term growth potential. Overall, the first interim dividend is a positive development for the company and its shareholders.

The Directors declared a dividend of 1.00 cents per ordinary share for 1Q2023. This is the same amount as the first interim dividend for 1Q2022.

Here's a table showing the profit and loss of our company in different places. Table 2: Revenue - Product Segment This table displays the revenue we earn from different products. Table 3: Expenses - Departmental Segment This table reveals the expenses of individual departments in our company. Overall, analyzing these tables helps us understand our financial performance and make informed decisions for the future.

of businesses in the UK report profit before tax. This means that they earn money before paying taxes. However, 1/3 of businesses in the UK do not make a profit. This could be due to various reasons such as poor management, high expenses or a lack of demand for their products or services. Making a profit is important for a business to survive and grow. It allows them to invest in new projects, hire more staff and expand their operations. Business owners must carefully monitor their finances and adapt their strategies accordingly, to ensure they remain profitable.

The net profit after tax is 2/3.

Group AUA decreased by 2.6% compared to last year. But it increased by 4.2% from last quarter to S$18.14 billion on 31 March 2023.

The prices go from $2,000 to $20,000. The prices decrease in $2,000 intervals. The lowest price is $2,000. The highest price is $20,000. The prices are listed in ascending order.

After June 2022, iFAST India will no longer be a part of the AUA of the group. The onshore platform business in India has exited. 2. The Group's AUA represents its assets under administration. AUA stands for assets under administration, which is represented by the group. 3. The effective stake in iFAST India was around 20%, as of December 2020. As of December 2020, the effective stake owned by the group in iFAST India was about 20%. 4. The disposal is expected to result in a gain on disposal for the group. The group is likely to make gains as a result of the disposal. 5. This move is expected to be in line with the group's long-term strategy of focusing on higher-growth markets. The group's long-term strategy of concentrating on markets with higher growth is likely to be in keeping with this decision.

iFAST Corp is a Fintech platform that manages wealth. They have S$18.14 billion in assets under administration as of March 31, 2023.

The Group started in 2000 in Singapore. In 2014, it became listed on SGX-Mainboard. The Group is also in other countries like Hong Kong, Malaysia, China, and UK. It built a Fintech ecosystem that connects providers and clients.

iFAST Corp has permission to offer many different products and services in different places. They have over 17,500 investment products, including funds, bonds, stocks, and ETFs. These come from over 300 fund houses, and can be found on various stock exchanges. iFAST Corp also provides services like portfolio management, research, and investment seminars. They also have Fintech solutions and investment administration and transaction services. All of these things are available as of March 2023.

The Group has three main business divisions: B2C, B2B, and B2B2C. FSMOne.com is the B2C platform for investors who prefer online investments. The B2B platforms are for financial advisory companies, banks, and institutions. iFAST Fintech Solutions is for customisable Fintech solutions for B2B clients. The iFAST Global Bank is a UK bank for global banking connectivity.

iFAST Corp won second place in the "Shareholder Communication Excellence Award 2022 - Big Cap" category in the 2022 Investors' Choice Awards. The Securities Investors Association Singapore (SIAS) organised the awards. iFAST Corp's mission statement is "To help investors around the world invest globally and profitably."

Want to learn more? Check out www.ifastcorp.com.

iFAST Corporation Ltd. is the author of this article, which was released on April 25th, 2023. The author is solely accountable for the content. It was distributed by Public, unchanged and unmodified, on April 25th, 2023 at 1:20:02 UTC.

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IFAST CORPORATION LTD has seen some interesting trends when it comes to technical analysis. In the short term, the stock is showing some bullish momentum. The Moving Average Convergence Divergence (MACD) indicator is above its signal line, which is a positive indication. The Relative Strength Index (RSI) also shows the stock as having a potential buying opportunity. In the long-term picture, however, the stock seems to be in a bearish trend. The MACD has been on a steady decline, and the Relative Strength Index is showing that the stock is oversold. Overall, investors should exercise caution when considering buying or selling shares of IFAST CORPORATION LTD.