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, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenue:        
Fee and commission income (including for the three months ended $556 and $30,112, for the nine months ended $2,259 and $66,029 from related parties) $ 143,436 $ 120,159 $ 379,976 $ 330,565
Net gain/(loss) on trading securities 89,564 (5,089) 105,779 77,498
Interest income (including for the three months ended $380 and $7,566, for the nine months ended $1,023 and $22,650 from related parties) 224,688 226,445 661,016 588,857
Insurance underwriting income 177,472 79,017 467,224 181,882
Net gain on foreign exchange operations 3,945 38,825 18,513 54,430
Net gain/(loss) on derivatives 11,889 (42,568) 30,691 (71,795)
Other income 4,196 1,845 23,606 8,988
TOTAL REVENUE, NET 655,190 418,634 1,686,805 1,170,425
Expense:        
Fee and commission expense 93,927 42,818 264,911 103,116
Interest expense 131,136 131,223 401,519 365,650
Insurance claims incurred, net of reinsurance 104,511 40,989 218,504 96,491
Payroll and bonuses 77,395 45,083 201,129 116,711
Professional services 10,955 6,217 26,468 24,793
Stock compensation expense 13,417 1,039 36,088 3,303
Advertising expense 21,472 11,066 58,722 27,805
General and administrative expense (including for the three months ended $7,892 and $1,502, for the nine months ended $16,864 and $9,063 from related parties) 73,437 32,106 171,782 86,211
Provision for/(recovery of) allowance for expected credit losses 30,612 (3,526) 39,269 15,462
TOTAL EXPENSE 556,862 307,015 1,418,392 839,542
INCOME BEFORE INCOME TAX 98,328 111,619 268,413 330,883
Income tax expense (20,191) (15,544) (41,529) (51,408)
NET INCOME 78,137 96,075 226,884 279,475
Less: Net loss attributable to non-controlling interest in subsidiary (144) (293) (455) (842)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 78,281 96,368 227,339 280,317
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect 7,993 1,486 15,673 5,893
Reclassification adjustment for net realized (gain)/loss on available-for-sale investments disposed of in the period, net of tax effect 872 (1,881) 1,039 (3,145)
Foreign currency translation adjustments (101,212) 28,100 (186,990) (3,593)
OTHER COMPREHENSIVE (LOSS)/INCOME (92,347) 27,705 (170,278) (845)
COMPREHENSIVE (LOSS)/INCOME BEFORE NON-CONTROLLING INTERESTS (14,210) 123,780 56,606 278,630
Less: Comprehensive loss attributable to non-controlling interest in subsidiary (144) (293) (455) (842)
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (14,066) $ 124,073 $ 57,061 $ 279,472
EARNINGS PER COMMON SHARE (In U.S. dollars):        
Earnings per common share-basic (in USD per share) $ 1.32 $ 1.65 $ 3.83 $ 4.79
Earnings per common share- diluted (in USD per share) $ 1.29 $ 1.63 $ 3.76 $ 4.73
Weighted average number of shares, basic (in shares) 59,372,323 58,578,691 59,331,443 58,557,577
Weighted average number of shares, diluted (in shares) 60,548,794 59,289,256 60,422,124 59,287,086