iFast targets S$15 billion in bank deposits by 2030

iFast aims to increase its banking deposits from about S$2 billion to around S$15 billion by 2030, group chief executive Lim Chung Chun said at its results briefing on Oct 27. The Singapore wealth platform expects growth across both personal and business banking.

Lim said retail and mass-affluent customers offered the company the greatest scope for expansion and the least competition. He described these customers as underserved, contrasting them with wealthy clients who are the focus of global banks.

The company reported net profit of S$32.4 million for the third quarter, a 24.5 per cent increase from S$26 million. Earnings per share rose to S$0.1056 for the quarter ending Sep 30, compared with S$0.0856 a year earlier.

Including a third-quarter dividend of S$0.032 per share, iFast expects its full-year payout to reach S$0.12 per share. That would represent a 43 per cent increase over 2025.

Lim put the bank’s current cost-to-income ratio at around 80 per cent. Under its scenario planning, achieving S$15 billion in deposits by 2030 would support a target ratio of 35 to 40 per cent, he said. The company also intends to keep lending moderate relative to deposits to preserve liquidity when deposit levels change.

Group assets under administration climbed 20 per cent year on year to a record S$36.76 billion in the third quarter, with Singapore contributing about 68.7 per cent. Following its first exchange-traded fund launches on the Singapore Exchange with Xtrackers by DWS on Oct 1, iFast plans further collaboration with fund managers to expand that business.