iFAST’s Q1 net profit surges 31.2% YoY

This was due to the growth in its banking and wealth management business.

iFAST recorded a 31.2% year-on-year (YoY) increase in net profit to $19.04m in Q1 2025.

Gross revenue rose 24.4% YoY to $106.92m. This increase was driven by a turnaround at iFAST Global Bank (iGB) and continued growth in the group’s core wealth management platform business.

iGB reported a net profit of $1.00m in Q1 2025, compared to a loss of $2.28m in Q1 2024, driven by a 104.9% YoY increase in gross revenue to $19.54m.

This growth was supported by an increase in customer deposits and a strong performance from the EzRemit division, which contributed to a 73.8% YoY growth in non-interest net fees and commission income for the bank in the quarter.

In March, the Bank’s Digital Personal Banking division launched new services for UK customers, including a Debit Card for the Multi-Currency Account, enabling savings, spending, and transfers in multiple currencies at competitive rates.

The company declared a dividend of $0.0160 per share for the first interim dividend for Q1 2025.

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