Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

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SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
Year ended March 31, 2024
STATEMENTS OF OPERATIONS
Brokerage
Banking
Insurance
Other
 Total
Fee and commission income
 $ 352,481  $ 26,236  $ 296  $ 61,320  $ 440,333 
Net gain/(loss) on trading securities 33,483  87,459  14,114  (1,202) 133,854 
Interest income 233,858  524,596  63,676  6,094  828,224 
Insurance underwriting income —  —  264,218  —  264,218 
Net (loss)/gain on foreign exchange operations
 (852) 78,174  (1,306) (3,771) 72,245 
Net (loss)/gain on derivative
 (2,019) (101,805) —  30  (103,794)
TOTAL REVENUE, NET 616,951  614,660  340,998  62,471  1,635,080 
Fee and commission expense $ 24,740  $ 13,219  $ 103,346  $ 13,046  $ 154,351 
Interest expense 89,732  368,286  29,965  13,128  501,111 
Insurance claims incurred, net of reinsurance —  —  139,561  —  139,561 
Payroll and bonuses 71,077  48,953  18,796  42,197  181,023 
Professional services 6,977  527  561  26,173  34,238 
Stock compensation expense 11,352  6,124  2,755  2,488  22,719 
Advertising expense 25,353  4,828  789  7,357  38,327 
General and administrative expense 40,847  30,804  5,413  43,824  120,888 
Allowance for expected credit losses
 2,962  16,399  942  922  21,225 
Other income, net
 (5,003) (1,210) (3,603) (3,918) (13,734)
TOTAL EXPENSE 268,037  487,930  298,525  145,217  1,199,709 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 348,914  $ 126,730  $ 42,473  $ (82,746) $ 435,371 
Income tax expense (51,158) (15,857) (8,662) 15,258  (60,419)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 297,756  $ 110,873  $ 33,811  $ (67,488) $ 374,952 
Year ended March 31, 2023
STATEMENTS OF OPERATIONS
Brokerage
Banking
Insurance
Other
 Total
Fee and commission income
 $ 299,070  $ 18,208  $ 128  $ 9,809  $ 327,215 
Net gain/(loss) on trading securities
 20,736  55,437  16,063  (21,152) 71,084 
Interest income 64,654  177,561  41,007  11,473  294,695 
Insurance underwriting income —  —  115,371  —  115,371 
Net (loss)/gain on foreign exchange operations
 (347) 59,190  (1,846) (4,843) 52,154 
Net gain/(loss) on derivative
 463  (65,291) —  2  (64,826)
TOTAL REVENUE, NET 384,576  245,105  170,723  (4,711) 795,693 
Fee and commission expense 33,126  9,097  22,824  613  65,660 
Interest expense 43,089  130,693  18,492  16,673  208,947 
Insurance claims incurred, net of reinsurance 1  —  77,328  —  77,329 
Payroll and bonuses 37,583  21,749  11,733  10,754  81,819 
Professional services 4,978  466  580  10,982  17,006 
Stock compensation expense 5,648  372  279  2,994  9,293 
Advertising expense 9,063  3,251  1,191  554  14,059 
General and administrative expense 32,906  13,671  5,024  8,370  59,971 
Allowance for expected credit losses
 16,911  8,773  1,071  2,364  29,119 
Other (income)/expense, net
 (904) (230) (2,346) 32  (3,448)
TOTAL EXPENSE 182,401  187,842  136,176  53,336  559,755 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 202,175  $ 57,263  $ 34,547  $ (58,047) $ 235,938 
Income tax (expense)/benefit
 (32,632) (7,832) (5,106) 2,794  (42,776)
INCOME/(LOSS) FROM CONTINUING OPERATIONS
 $ 169,543  $ 49,431  $ 29,441  $ (55,253) $ 193,162 
Year ended March 31, 2022
STATEMENTS OF OPERATIONS
Brokerage
Banking
 Insurance Other Total
Fee and commission income
 $ 327,052  $ 7,000  $ 83  $ 1,076  $ 335,211 
Net gain/(loss) on trading securities
 32,376  19,204  (1,093) 104,765  155,252 
Interest income 35,204  54,438  31,455  512  121,609 
Insurance underwriting income —  —  72,981  —  72,981 
Net gain/(loss) on foreign exchange operations 1,249  2,439  1,812  (1,709) 3,791 
Net (loss)/gain on derivative
 (319) 1,265  —  —  946 
TOTAL REVENUE, NET 395,562  84,346  105,238  104,644  689,790 
Fee and commission expense 67,005  5,849  12,666  389  85,909 
Interest expense 20,934  42,429  11,498  2,086  76,947 
Insurance claims incurred, net of reinsurance —  —  54,447  —  54,447 
Payroll and bonuses 25,838  9,387  6,510  4,553  46,288 
Professional services 2,885  749  558  8,490  12,682 
Stock compensation expense 4,190  314  236  3,119  7,859 
Advertising expense 9,647  378  1,857  34  11,916 
General and administrative expense 11,970  4,840  4,788  1,935  23,533 
Allowance for expected credit losses 89  2,120  293  —  2,502 
Other (income)/expense, net
 (110) 539  2,702  883  4,014 
TOTAL EXPENSE 142,448  66,605  95,555  21,489  326,097 
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS
 $ 253,114  $ 17,741  $ 9,683  $ 83,155  $ 363,693 
Income tax expense
 (27,810) (655) (41) (10,064) (38,570)
INCOME FROM CONTINUING OPERATIONS
 $ 225,304  $ 17,086  $ 9,642  $ 73,091  $ 325,123 
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
March 31, 2024
Brokerage
Banking
 Insurance
Other
 Total
Total assets $ 2,586,803  $ 4,939,626  $ 529,517  $ 245,984  $ 8,301,930 
Total liabilities 1,973,887  4,389,745  402,865  368,475  7,134,972 
Net assets $ 612,916  $ 549,881  $ 126,652  $ (122,491) $ 1,166,958 
March 31, 2023
Brokerage
Banking
Insurance
Other
 Total
Total assets $ 1,212,163  $ 3,248,245  $ 470,337  $ 153,813  $ 5,084,558 
Total liabilities 1,024,888  2,769,981  385,952  133,001  4,313,822 
Net assets $ 187,275  $ 478,264  $ 84,385  $ 20,812  $ 770,736 
Brokerage
Companies in the Brokerage segment offer securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, underwriting and market-making services to a global client base of corporations, investors, financial institutions, merchants, government and municipal entities. Companies in the Brokerage segment also conduct proprietary securities trading.

The Group's services in this segment include providing clients with access to the world's largest stock exchanges and a gateway to global investment opportunities. Additionally, the Group's offerings in this segment include professional securities analytics, empowering clients with valuable insights and market intelligence to make informed investment decisions. To ensure a seamless experience, the Group provides user-friendly trading applications that offer convenience and flexibility.
Banking
Company in the Banking segment generates banking service fees by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate clients with innovative digital financial solutions. To ensure a seamless experience, it provides user-friendly trading applications that offer convenience and flexibility. Companies in the Banking segment also conduct proprietary securities trading activities.
Insurance
Companies in the Insurance segment offer products including life insurance, obligatory insurance, tourist medical health insurance and auto insurance. These insurance products are designed to offer comprehensive coverage and tailored solutions to protect individuals, property, auto and businesses in the event of unforeseen events or risks. Companies in the Insurance segment also conduct proprietary securities trading activities.
Other

Activities of companies in the Other segment include provision of payment processing services, financial educational center services, financial intermediary center services, financial consulting services, administrative management services, telecommunication services information processing services, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce application.. The Other segment also includes transactions conducted by the Company in connection with repurchase agreements.