iFAST reported third-quarter results on Monday 26 October: revenue up 23.0 percent, net profit up 24.5 percent and a higher dividend. Iggy and Angela ask what the headline leaves out, from customer inflows and the bank to costs, the dividend and cash flow.
iFAST’s third-quarter profit rose 24.5 percent to $32.4 million, and the company raised its full-year dividend expectation to 12 cents or more. But I would not stop at the headline. Assets under administration reached a record $36.76 billion, while nine-month net inflows rose only 2.3 percent, so market performance and customer money are telling different parts of the story. We also look at the UK bank, staff costs, borrowings, cash flow and the growing share count before deciding what deserves closer attention.
Key takeaways:
Third-quarter revenue rose 23.0 percent to $167 million
Assets under administration reached $36.76 billion, up 20 percent yearly
Nine-month net inflows were $3.8 billion, up 2.3 percent yearly
iFAST Global Bank earned $3.3 million before tax in the quarter
Nine-month operating cash flow fell to $357 million from $563 million
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