Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Revenue:      
Fee and commission income (including $199,235, $291,163 and $184,725 from related parties) $ 327,215 $ 335,211 $ 216,008
Net gain on trading securities 71,084 155,252 28,807
Interest income 294,695 121,609 38,474
Insurance underwriting income 115,371 72,981 62,951
Net gain on foreign exchange operations 52,154 3,791 557
Total net (loss)/gain on derivatives (64,826) 946 86
TOTAL REVENUE, NET 795,693 689,790 346,883
Expense:      
Fee and commission expense (including $2,988, $16,307 and $20,291 from related parties) 65,660 85,909 70,537
Interest expense: 208,947 76,947 22,444
Insurance claims incurred, net of reinsurance 77,329 54,447 52,405
Payroll and bonuses 81,819 46,288 23,435
Professional services 17,006 12,682 4,430
Stock compensation expense 9,293 7,859 114
Advertising expense 14,059 11,916 6,971
General and administrative expense 59,971 23,533 11,118
Provision for impairment losses 29,119 2,502 1,590
Other (income)/expense, net (3,448) 4,014 2,034
TOTAL EXPENSE 559,755 326,097 195,078
NET INCOME BEFORE INCOME TAX 235,938 363,693 151,805
Income tax expense (42,776) (38,570) (23,307)
INCOME FROM CONTINUING OPERATIONS 193,162 325,123 128,498
Income/(loss) before income tax (expense)/benefit of discontinued operations 68,160 (117,199) 28,518
Reclassification of loss from cumulative translation adjustment of discontinued operations (25,415) 0 0
Loss from divestiture of discontinued operations (26,118) 0 0
Income tax benefit/(expense) of discontinued operations (4,203) 13,004 (6,735)
Income/(loss) from discontinued operations 12,424 (104,195) 21,783
NET INCOME 205,586 220,928 150,281
Less: Net income/(loss) attributable to non-controlling interest in subsidiary 446 (6,566) 631
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST 205,140 227,494 149,650
OTHER COMPREHENSIVE INCOME      
Change in unrealized gain on investments available-for-sale, net of tax effect 1,431 (4,292) (304)
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect (2,916) 2,222 2,092
Reclassification of loss from cumulative translation adjustment of discontinued operations 25,415 0 0
Foreign currency translation adjustments, net of tax effect 5,195 (20,622) 2,787
OTHER COMPREHENSIVE INCOME/(LOSS) 29,125 (22,692) 4,575
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS 234,711 198,236 154,856
Less: Comprehensive income/(loss) attributable to non-controlling interest in subsidiary 446 (6,566) 631
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST $ 234,265 $ 204,802 $ 154,225
Earnings from continuing operations per common share - basic $ 3.29 $ 5.59 $ 2.19
Earnings from continuing operations per common share - diluted 3.24 5.59 2.19
Earnings/(loss) from discontinued operations per common share - basic 0.21 (1.75) 0.37
Earnings/(loss) from discontinued operations per common share - diluted 0.21 (1.75) 0.37
Earnings per common share - basic (USD per share) 3.50 3.84 2.56
Earnings per common share - diluted (USD per share) $ 3.45 $ 3.84 $ 2.56
Weighted average number of shares (basic) (in shares) 58,629,580,000 59,378,207,000 58,388,445,000
Weighted average number of shares (diluted) (in shares) 59,504,811,000 59,378,207,000 58,442,921,000