Fri, Nov 8, 11:18 AM (243 days ago)
Freedom Holding Corp. (FRHC) reported a strong financial performance for the quarter ended September 30, 2024, with total revenues of $580.9 million, a 33% increase from $435.6 million in the same period last year. Key drivers included a substantial rise in insurance underwriting income, which surged by 177% to $160.3 million, and a net gain on trading securities of $68.3 million, up 35%. Despite a slight decrease in interest income to $210.3 million, overall revenue growth was robust. Total expenses rose to $452.4 million, reflecting increased costs in fee and commission expenses, payroll, and advertising. Net income was $114.5 million, a marginal decline from $115.8 million year-over-year. The company’s assets increased to $8.8 billion, with significant growth in customer bases across its banking and brokerage segments. Cash flows from operating activities were positive at $416.1 million, contrasting sharply with the prior year's outflow of $1.4 billion. The company continues to navigate geopolitical risks, particularly due to the ongoing Russia-Ukraine conflict, while expanding its telecommunications and media ventures in Kazakhstan.