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During the reporting period, the company generated revenue of $795.7 million, up 15% from the prior year result of $689.8 million.
Madrid, August 11, 2023.- Freedom Holding Corp., owner of Freedom Finance Europe, has published the results of the fiscal year 2023, ended on March 31. During the reporting period, the company generated revenue of $795.7 million, up 15% from the prior year result of $689.8 million.
The company's revenues were driven by growth in a number of key indicators. Thus, interest income increased by 142% to 294.7 million, due to the growth of the loan portfolio, as well as the increase in the share of bonds in trading portfolios. Interest income from margin loans also increased due to more active use of this instrument by clients.
Net income from foreign exchange operations increased by $48.4 million thanks to increased activity in the purchase and sale of foreign currency by the subsidiary of the holding company Freedom Bank. The positive revenue dynamics was also influenced by an increase in income from insurance services from 73 to 115.4 million dollars due to the growth of the holding's activities in this area.
Timur Turlov, CEO of Freedom Holding Corp., has highlighted the important achievements of the company with the closed fiscal year: "in this time of economic turbulence, we continue to advance with confidence and show stable financial results in large-scale operations. The year Fiscal 2023 was a difficult year, during which we completely stopped operating in the Russian Federation. At the same time, the year brought important changes, making us stronger and even more innovative."
"Having chosen the ambitious goal of creating a digital ecosystem under a new brand, the holding has been working intensively, accumulating assets in various directions. The acquisition of the American investment bank Maxim Group LLC together with its subsidiary Maxim Financial Advisors LLC was one of significant events that gave additional impetus to the company's exponential growth There are new prospects and challenges ahead, but thanks to shareholder confidence and a responsible approach to business, the company is poised to grow further and remain at the forefront of the international financial market", added the head of the holding.
At the end of fiscal year 2023, the holding company's expenses increased by $233.7 million, or 72%. This was the result of an increase of 132 million (172%) in interest expenses due to higher short-term financing costs through repurchase agreements thanks to a growing investment portfolio. In addition, general and administrative expenses increased by 36.4 million, which included, among other things, humanitarian aid to a charitable foundation in Ukraine. Salaries and bonuses increased by 35.5 million (77%) due to the expansion of personnel in the holding companies.
Freedom Holding Corp. reported net income of $205.6 million for fiscal 2023, up from $220.9 million a year earlier. Earnings per share, based on a basic weighted average of 58.6 million shares, was $3.50. The holding's assets increased by 58%, from 3,230 million dollars to 5,085 million.
As of March 31, 2023, the number of the holding's brokerage customer accounts was approximately 370,000, an increase of 120,000, or 48%, over the prior year.
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