FY 2024 Full-Year Results Presentation

Hello, everybody. A warm welcome to all of you for joining IFAAS Corporation's fourth quarter 2024 and full year 2024 results presentation. My name is JP. I am from the corporate communications team. And together with me today from the IFAAS team, we have Chong Chun, our CEO. And we have our group finance directors, Winnie, David, and Terrence as well. I will go through the key summary and section one on the financial results before inviting Chong Chun to present on the section two part, which is on the business update. Thereafter, we will have the Q&A segment. So starting with the key summary, in fourth quarter, 2024, the group's net profit increased by 46.3% year on year to $19.28 million on the back of the 26.7% increase year on year in the group's gross revenue to $104.14 million. The increase in 4th quarter 2024 profitability was driven by continuing growth in the group's core wealth management platform business and a turnaround of IFAS Global Bank. IFAS Global Bank achieved a net profit of $0.3 million in 4th quarter 2024 compared to a loss of $2.57 million in the 4th quarter of the previous year. In 2024, Group AUA increased 26.2% year-on-year to a new record high of $25.01 billion, driven by net inflows of $1 billion in fourth quarter 2024 and $3.3 billion for the whole of 2024. IFAW's global banks profitability in fourth quarter 2024 was achieved as customer deposits crossed $1.01 billion at the end of 2024, which is an increase of 182.6% during the year. The bank's gross revenue increased by 163% to $17.22 million in fourth quarter of 2024. The group sees IFAS Double Bank's ability to achieve profitability in less than three years after the acquisition, which was in end March, 2022, as a major achievement. It is a testimony to the fact that the innovative truly global business model that the group has been sharing with investors is working well. It also demonstrates the group's ability to deploy new technology solutions rapidly, in a secure manner, and at far lower costs than most banks around the world. Looking forward into 2025, the group expects to achieve further progress for our various business segments. The group expects to continue to grow the AUA of its wealth management platform business, which will drive further growth in revenues and profitability. In addition, the group expects IFAS Global Bank to build upon its profitable fourth quarter 2024 and achieve a full year of profitability in 2025. With regard to the Hong Kong E-Pension Division, the group expects further growth as onboarding rates continue to progress and also business starts to contribute. Barring unforeseen circumstances, the group expects 2025 to see robust growth rates in revenues and profitability compared to 2024.

For the final dividend for full year 2024, the directors proposed a dividend of 1.6 cents per ordinary share, which is higher than the final dividend for FY2023 at 1.4 cents per ordinary share. The proposed final dividend will be subject to approval by shareholders at the company's annual general meeting, which will be held on 28 of April, 2025.

Moving on to our group's AUA. So as mentioned, we hit another record high of $25.01 billion as of 31st December, 2024, which is a 26.2% year-on-year growth. Roughly the split between B2B and B2C, B2C takes about 33%, and B2B is the larger contributor at about 67%. In terms of the AOA breakdown by markets and products, so Singapore remains the larger market at 70.3%, followed by Hong Kong and Malaysia at roughly about 12% each, and others, which is better of China and the UK. In terms of the AUA breakdown by products, so the majority comes from unit trust at 57% contribution, followed by stocks and ETFs at 22%, bonds at 12.6%, and cash account and deposits at 7.8%. We'll move on to section one on the financial results. So starting with fourth quarter, 2024. So gross revenue grew 26.7% year on year to $104.14 million in fourth quarter 2024. Net revenue grew 13.6% year on year to $64.9 million in fourth quarter 2024. Net profit grew by 46.3% year on year to $19.28 million in fourth quarter 2023.

For financial results based on full year 2024, so gross revenue grew by 49.3% year on year to 382.99 million dollars. Net revenue grew by 53.6% year on year to 248.38 million dollars and net profit grew by 135.7% year on year to 66.63 million dollars for full year 2024. Okay, the results overview for the group over the last five years. So we'll find that there was a record performance for the group in net profit, gross revenue net revenue for Fourier 2024. I shall not go into all the details on this slide. We'll move on to the financial indicators for the non-banking operation. So for the non-banking operation in fourth quarter 2024, gross revenue grew by 14.9% year-on-year to 86.92 million dollars. Net revenue grew by 6.2% year-on-year, 57.18 million dollars. And net profit grew by 20.5% year on year to $18.98 million. For non-banking operation again but for full year 2024 results, so gross revenue grew by 40.3% year on year to $330.98 million. Net revenue grew by 51.2% year on year to $225.79 million. And net profit grew by 92.5% year on year to $71.01 million.