Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenue:        
Fee and commission income (including $30,112 and $44,590 from related parties) $ 120,159 $ 80,883 $ 330,565 $ 253,486
Net (loss)/gain on trading securities (5,089) 25,456 77,498 38,894
Interest income (including $7,566 and $10,796 from related parties) 226,445 80,255 588,857 187,817
Insurance underwriting income 79,017 28,557 181,882 78,998
Net gain on foreign exchange operations 38,825 20,866 54,430 30,014
Net loss on derivative (42,568) (21,469) (71,795) (22,523)
Other income/(expense) 1,845 (570) 8,988 (79)
TOTAL REVENUE, NET 418,634 213,978 1,170,425 566,607
Expense:        
Fee and commission expense (including $55 and $2,304 from related parties) 42,818 18,314 103,116 60,068
Interest expense 131,223 52,037 365,650 132,971
Insurance claims incurred, net of reinsurance 40,989 17,419 96,491 51,586
Payroll and bonuses 45,083 21,610 116,711 55,252
Professional services 6,217 5,901 24,793 14,174
Stock compensation expense 1,039 2,939 3,303 6,519
Advertising expense 11,066 3,730 27,805 9,479
General and administrative expense (including $1,502 and $600 from related parties) 32,106 16,428 86,211 40,943
(Recovery)/Allowance for expected credit losses (3,526) 24,140 15,462 30,294
TOTAL EXPENSE 307,015 162,518 839,542 401,286
INCOME BEFORE INCOME TAX 111,619 51,460 330,883 165,321
Income tax expense (15,544) (5,069) (51,408) (26,567)
INCOME FROM CONTINUING OPERATIONS 96,075 46,391 279,475 138,754
Income before income tax expense of discontinued operations 0 13,667 0 14,467
Income tax benefit/(expense) of discontinued operations 0 2,342 0 (4,538)
Income from discontinued operations 0 16,009 0 9,929
NET INCOME 96,075 62,400 279,475 148,683
Less: Net loss attributable to non-controlling interest in subsidiary (293) (464) (842) (1,508)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 96,368 62,864 280,317 150,191
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain/(loss) on investments available-for-sale, net of tax effect 1,486 (54) 5,893 2,309
Reclassification adjustment for net realized (loss)/gain on available-for-sale investments disposed of in the period, net of tax effect (1,881) 320 (3,145) 197
Foreign currency translation adjustments 28,100 (5,611) (3,593) (301)
OTHER COMPREHENSIVE INCOME/(LOSS) 27,705 (5,345) (845) 2,205
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS 123,780 57,055 278,630 150,888
Less: Comprehensive loss attributable to non-controlling interest in subsidiary (293) (464) (842) (1,508)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 124,073 $ 57,519 $ 279,472 $ 152,396
EARNINGS PER COMMON SHARE (In U.S. dollars):        
Earnings from continuing operations per common share - basic (in USD per share) $ 1.65 $ 0.79 $ 4.79 $ 2.37
Earnings from continuing operations per common share - diluted (in USD per share) 1.63 0.78 4.73 2.33
Earnings from discontinued operations per common share - basic (Restated) (in USD per share) [1] 0 0.27 0 0.17
Earnings from discontinued operations per common share - diluted (Restated) (in USD per share) [1] 0 0.27 0 0.17
Earnings per common share - basic (Restated) (in USD per share) [1] 1.65 1.06 4.79 2.54
Earnings per common share - diluted (Restated) (in USD per share) [1] $ 1.63 $ 1.05 $ 4.73 $ 2.50
Weighted average number of shares, basic (in shares) 58,578,691,000 58,678,730,000 58,557,577,000 58,642,637,000
Weighted average number of shares, diluted (in shares) 59,289,256,000 59,522,701,000 59,287,086,000 59,527,743,000
[1]
Please see Note 2 for further information regarding the restatement.