Freedom Holding Corp. reports record results for FY2024

Freedom Holding Corp. (FRHC), the parent company of Freedom24, has announced record results for the fiscal year ending March 31, 2024. During this period, the holding company's revenue doubled to $1.6 billion, while net income increased by 82% to $375 million.

The revenue growth was primarily driven by an increase in interest income, fee and commission income, alongside insurance underwriting income. Thus, interest income surged by 181% to $828 million, largely due to higher interest income on trading securities, margin loans and other loans to customers. Fee and commission income totalled $440 million, marking a 35% increase compared to the same period in FY 2023. This increase was driven by customer growth and higher trading volumes in key markets.

The number of retail brokerage accounts grew from 370,000 to 530,000 over the year, driven by the geographic expansion of the holding company's European division, Freedom24, which opened new offices in Austria, Belgium, Bulgaria, Italy, and the Netherlands. As part of its growth strategy, Freedom24 plans to establish new representative offices in Lithuania, the Czech Republic, and Denmark, the statement said.

“I am pleased to report that fiscal 2024 was a record year for our company, both from a revenue and earnings perspective. Our core brokerage and banking businesses accounted for approximately 75% of our revenue for the period… Sustained investment in digitalisation has enabled us to manage our large-scale operations more efficiently and maintain our position as a leading player in the digital financial services industry in Kazakhstan,” said Timur Turlov, CEO of Freedom Holding Corp.

FRHC's basic and diluted earnings per share for fiscal 2024 were $6.37 and $6.33, respectively, compared to $3.50 and $3.45 in fiscal 2023.

As of March 31, 2024, Freedom Holding Corp.'s assets increased to $8.3 billion, up from $5.1 billion on March 31, 2023.