June 14, 2024, Almaty – Freedom Holding Corp. completed the 2024 fiscal year with revenue of $1.635 billion, representing an increase of $839.4 million or 105%. This growth was driven by the following factors:
An increase in interest income by $533.5 million, due to the expansion of the trading portfolio and the increase in the share of bonds. Additionally, there was growth in interest income from bank loans provided to clients, margin loans, reverse REPO agreements, and funds in banks.
Insurance underwriting income increased from $115.4 million to $264.2 million (+129%) due to higher insurance premiums and an increase in the number of active insurance contracts.
Commission income increased by $113.1 million (+35%), mainly due to the increase in the number of retail brokerage clients and growth in commission income from payment processing and banking services.
Net profit from trading securities increased from $71.1 million to $133.9 million (+88%) due to realized profits from trading securities of the Ministry of Finance of the Republic of Kazakhstan.
Net profit from foreign currency operations increased by $20.4 million due to the expansion of Freedom Bank's activities in buying and selling foreign currency.
At the same time, the holding's expenses increased by $640 million (+114%), driven by the following factors:
Interest expenses increased by $292.2 million (+140%) due to higher short-term financing costs through REPO and increased deposit interest due to the expansion of Freedom Bank's client base.
Wages and bonuses increased by $99.2 million (+121%) due to an increase in the number of employees.
The amount of insurance claims incurred, net of reinsurance, increased by $62.2 million (+80%).
General and administrative expenses increased by $60.9 million (+102%), including an increase in professional services expenses by $17.2 million (+101%).
The company's net profit for the 2024 fiscal year amounted to $375 million, with earnings per share of $6.37 (basic) and $6.33 (diluted). The holding's assets grew by 63% to $8.301 billion, while liabilities increased by 65% to $7.135 billion.
The number of brokerage client accounts as of March 31, 2024, was 530,000, an increase of 160,000 compared to the previous year (+58%).
About the Company
Freedom Holding Corp. provides a variety of financial services, including brokerage, securities trading, investment research and consulting, investment banking and underwriting services, mortgages, insurance, telecommunications, and more. Including subsidiaries, the company has over 6,000 employees. The headquarters is located in Almaty, Kazakhstan, with branches in 19 countries, including the USA, Cyprus, Poland, Spain, and others. The company's shares are traded on Nasdaq under the ticker FRHC.
For more information, visit the company's website.
Media Contacts
Ramina Fakhrutdinova - Advisor to the Chairman of the Board of Directors for PR, JSC Freedom Finance
E-mail: [email protected]
