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Freedom Holding Corp. (FRHC-5.19%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $655.2 million, up from $418.6 million in the same quarter the previous year. The increase is attributed to higher insurance underwriting income and net gains on trading securities.
Insurance underwriting income rose to $177.5 million, compared to $79.0 million in the prior year, driven by the expansion of insurance operations.
The company reported a net gain on trading securities of $89.6 million, reversing a loss of $5.1 million in the previous year, primarily due to increased market prices of Kazakhstan sovereign bonds.
Fee and commission income increased to $143.4 million, up from $120.2 million, largely due to growth in brokerage services.
Interest income was $224.7 million, slightly down from $226.4 million, with a decrease in interest from trading securities offset by higher margin loan income.
Total expenses for the quarter were $556.9 million, up from $307.0 million, with increases in fee and commission expenses, insurance claims, and payroll.
The company recorded a net income of $78.1 million, down from $96.1 million the previous year, with contributions from its Brokerage, Banking, and Insurance segments.
As of December 31, 2024, Freedom Holding Corp.'s total assets were $9.1 billion, up from $8.3 billion as of March 31, 2024.
The filing also details the company's segment performance, with the Brokerage segment reporting $213.3 million in revenue, the Banking segment $206.4 million, and the Insurance segment $197.8 million.
The Other segment, which includes payment processing and other services, reported revenues of $37.7 million, up from $17.1 million.
Freedom Holding Corp. continues to focus on expanding its digital fintech ecosystem and has entered the telecommunications market 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 February 7, 2025. To report an error, please email earnings@qz.com.