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Freedom Holding Corp. (FRHC-5.19%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $580.9 million, up from $435.6 million in the same quarter the previous year. The increase is attributed to higher insurance underwriting income and net gain on trading securities.
Net income for the quarter was $114.7 million, slightly down from $115.8 million in the previous year. The decrease is attributed to increased expenses, including fee and commission expenses and payroll and bonuses.
Fee and commission income increased to $121.1 million from $111.7 million, driven by a rise in brokerage services income.
Interest income decreased slightly to $210.3 million from $213.1 million, primarily due to a decrease in interest income on trading securities.
Insurance underwriting income rose significantly to $160.3 million, up from $57.9 million, due to the expansion of insurance operations.
Net gain on trading securities increased to $68.3 million from $50.8 million, largely due to the appreciation of Kazakhstan sovereign bonds.
Total expenses for the quarter were $452.4 million, up from $300.9 million, with significant increases in fee and commission expenses and payroll and bonuses.
Cash provided by operating activities was $416.1 million, while cash used in investing activities was $223.4 million, and cash from financing activities was $370.3 million.
Freedom Holding Corp. reported total assets of $8.8 billion as of September 30, 2024, an increase from $8.3 billion as of March 31, 2024.
The company continues to expand its digital fintech ecosystem, integrating brokerage, banking, and insurance services with new telecommunications and media businesses in Kazakhstan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Freedom Holding Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.