iFast Corp has reported 1QFY2026 earnings of $28 million, up 47.5% y-o-y, driven by growth in its ePension business in Hong Kong.
Revenue in the same period was up 44.5% to $154.5 million, as its core wealth management platform business continued marching ahead.
As at March 31, iFast's assets under administration reached a new quarter-end record high. Despite greater market volatility, AUA increased by 27.1% y-o-y to $32.6 billion. Net inflows in the quarter reached $1.25 billion, with unit trust subscription up 47.1% to $3.33 billion.
"Barring unforeseen circumstances, the group expects 2026 to see healthy growth rates in revenues and profitability," says iFast.
"As a global digital banking and wealth management platform, the group is increasingly looking to make progress with a ‘truly global business model’, which means attracting customers from around the world while operating only from a few key markets," the company says, naming Singapore, Hong Kong and London.
As part of its three-year plan for FY2026 to FY2028, iFast is aiming for $100 billion in AUA by 2030, which implies a five-year CAGR of 25.6%.
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Together with its 1QFY2026 results, iFast painted a "scenario" - not "exact targets" - on how the various markets will help reach this target.
Singapore, envisioned by iFast, will remain the largest market - and one growing steadily to boot, with AUA growing at a CAGR of 22.5% from $22.5 billion in FY2025 to $62.1 billion.
iFast Global Bank, its digital bank, is seen to grow the most rapidly at a CAGR of 56.9% to bring AUA from $1.6 billion to $15 billion over the same period.
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In FY2025, the company's net revenue margin on AUA was over 65 basis points, generating net revenue of around $190 million, excluding revenue from Hong Kong ePension.
Assuming a slightly more conservative net revenue margin on AUA of 60 basis points, iFast will see net revenue of $600 million, excluding Hong Kong ePension, upon reaching $100 billion in AUA.
iFast flags that headcount, which has a direct bearing on its cost base, will peak around middle of this year after additions to support the rollout in Hong Kong. The company expects headcount to be at a "lower level" by end of 2028, thanks to AI-driven gains.
"This is expected to support operating leverage, with profit margins improving from 2027 onwards," the company says.
"AI is expected to deliver a quantum leap in service delivery while enabling the group to support business growth without a proportional cost increase."
The company, rare among any listed entity to pay dividends quarterly, plans to distribute 2.5 cents per share for 1QFY2026, versus 1.6 cents in the quarter year-earlier.
For the whole of FY2026, iFast expects to give a total payout of 10.5 cents or higher, up by at least a quarter over FY2025's.
iFast Corp shares closed at $9.49, down 1.15% for the day.
