Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

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SEGMENT REPORTING
 3 Months Ended
Jun. 30, 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:
Three months ended June 30, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 97,943  $ 2,796  $ 115  $ 14,635  $ 115,489 
Net gain/(loss) on trading securities 874  (50,007) 139  (3,108) (52,102)
Interest income 62,789  146,063  15,699  1,453  226,004 
Insurance underwriting income —  —  129,408  —  129,408 
Net gain/(loss) on foreign exchange operations 9,957  (19,695) 1,120  16,707  8,089 
Net gain on derivative 876  11,618  —  —  12,494 
Other income, net
 2,477  427  782  7,647  11,333 
TOTAL REVENUE, NET 174,916  91,202  147,263  37,334  450,715 
Fee and commission expense 5,677  2,526  64,887  7,057  80,147 
Interest expense 34,621  99,887  3,883  7,327  145,718 
Insurance claims incurred, net of reinsurance —  —  47,309  —  47,309 
Payroll and bonuses 25,251  6,117  6,861  19,295  57,524 
Professional services 2,389  96  277  4,506  7,268 
Stock compensation expense 5,315  1,956  875  2,469  10,615 
Advertising expense 11,944  1,064  350  3,843  17,201 
General and administrative expense 10,213  12,385  5,218  17,289  45,105 
(Recovery of)/provision for allowance for expected credit losses
 (329) (1,121) 325  (645) (1,770)
TOTAL EXPENSE 95,081  122,910  129,985  61,141  409,117 
INCOME BEFORE INCOME TAX $ 79,835  $ (31,708) $ 17,278  $ (23,807) $ 41,598 
Income tax (expense)/benefit (10,204) 3,225  (3,475) 3,115  (7,339)
NET INCOME
 $ 69,631  $ (28,483) $ 13,803  $ (20,692) $ 34,259 
Three months ended June 30, 2023
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 63,972  $ 13,166  $ 42  $ 21,523  $ 98,703 
Net gain/(loss) on trading securities 9,167  14,520  9,104  (975) 31,816 
Interest income 32,209  99,094  16,008  2,038  149,349 
Insurance underwriting income —  —  44,889  —  44,889 
Net gain/(loss) on foreign exchange operations 111  19,840  (429) (221) 19,301 
Net (loss)/gain on derivative (5) (30,774) —  174  (30,605)
Other income/(expense), net 616  (192) 763  1,570  2,757 
TOTAL REVENUE, NET 106,070  115,654  70,377  24,109  316,210 
Fee and commission expense 5,858  3,983  17,424  1,419  28,684 
Interest expense 21,238  62,699  8,419  2,690  95,046 
Insurance claims incurred, net of reinsurance —  —  21,514  —  21,514 
Payroll and bonuses 12,499  9,512  3,326  6,293  31,630 
Professional services 2,327  80  126  4,092  6,625 
Stock compensation expense 789  62  37  345  1,233 
Advertising expense 4,788  2,036  145  1,131  8,100 
General and administrative expense 8,457  6,398  1,249  8,371  24,475 
Provision for allowance for expected credit losses
 240  11,284  1,222  1,580  14,326 
TOTAL EXPENSE 56,196  96,054  53,462  25,921  231,633 
INCOME BEFORE INCOME TAX $ 49,874  $ 19,600  $ 16,915  $ (1,812) $ 84,577 
Income tax (expense)/benefit (2,679) —  37  (14,014) (16,656)
NET INCOME
 $ 47,195  $ 19,600  $ 16,952  $ (15,826) $ 67,921 
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
June 30, 2024
Brokerage Banking Insurance Other Total
Total assets $ 2,887,774  $ 4,788,782  $ 545,868  $ 261,136  $ 8,483,560 
Total liabilities 2,175,457  4,384,736  411,274  359,914  7,331,381 
Net assets $ 712,317  $ 404,046  $ 134,594  $ (98,778) $ 1,152,179 
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 
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.