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 6 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Fee and commission income (including for the three months ended $837 and $20,022, for the six months ended $1,703 and $35,917 from related parties) $ 121,051 $ 111,703 $ 236,540 $ 210,406
Net gain on trading securities 68,317 50,771 16,215 82,587
Interest income (including for the three months ended $375 and $9,731, for the six months ended $644 and $15,084 from related parties) 210,324 213,063 436,328 362,412
Insurance underwriting income 160,344 57,976 289,752 102,865
Net gain/(loss) on foreign exchange operations 6,479 (3,696) 14,568 15,605
Net gain/(loss) on derivative 6,308 1,378 18,802 (29,227)
Other income 8,077 4,386 19,410 7,143
TOTAL REVENUE, NET 580,900 435,581 1,031,615 751,791
Expense:        
Fee and commission expense 90,837 31,614 170,984 60,298
Interest expense 124,665 139,381 270,383 234,427
Insurance claims incurred, net of reinsurance 66,684 33,988 113,993 55,502
Payroll and bonuses 66,210 39,998 123,734 71,628
Professional services 8,245 11,951 15,513 18,576
Stock compensation expense 12,056 1,031 22,671 2,264
Advertising expense 20,049 8,639 37,250 16,739
General and administrative expense (including for the three months ended $6,247 and $5,229, for the six months ended $8,971 and $7,561 from related parties) 53,240 29,630 98,345 54,105
Provision for allowance for expected credit losses 10,427 4,662 8,657 18,988
TOTAL EXPENSE 452,413 300,894 861,530 532,527
INCOME BEFORE INCOME TAX 128,487 134,687 170,085 219,264
Income tax expense (13,999) (19,208) (21,338) (35,864)
NET INCOME 114,488 115,479 148,747 183,400
Less: Net loss attributable to non-controlling interest in subsidiary (170) (368) (311) (549)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 114,658 115,847 149,058 183,949
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect 4,306 2,168 7,680 4,407
Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect 185 (306) 167 (1,264)
Foreign currency translation adjustments (19,967) (29,933) (85,778) (31,693)
OTHER COMPREHENSIVE LOSS (15,476) (28,071) (77,931) (28,550)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS 99,012 87,408 70,816 154,850
Less: Comprehensive loss attributable to non-controlling interest in subsidiary (170) (368) (311) (549)
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 99,182 $ 87,776 $ 71,127 $ 155,399
EARNINGS PER COMMON SHARE (In U.S. dollars):        
Earnings per common share-basic (in USD per share) $ 1.93 $ 1.97 $ 2.51 $ 3.13
Earnings per common share- diluted (in USD per share) $ 1.89 $ 1.95 $ 2.46 $ 3.09
Weighted average number of shares, basic (in shares) 59,363,122,000 58,581,332,000 59,310,891,000 58,546,963,000
Weighted average number of shares, diluted (in shares) 60,460,173,000 59,291,832,000 60,358,442,000 59,292,757,000