Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING

v3.25.2
SEGMENT REPORTING
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The following tables summarize the Company's Statement of Operations by its reportable segments for the periods presented. There are no revenues from transactions between the segments and intercompany balances have been eliminated in disclosures.
Three months ended June 30, 2025
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 105,825  $ (8,825) $ —  $ 10,642  $ 107,642 
Net gain on trading securities 7,063  29,665  4,096  4,778  45,602 
Interest income 64,940  115,929  16,500  1,202  198,571 
Insurance premiums earned, net of reinsurance
 —  —  153,257  —  153,257 
Net (loss)/gain on foreign exchange operations (2,445) (13,850) (142) 3,544  (12,893)
Net gain/(loss) on derivative
 50  16,900  —  (1,491) 15,459 
Sales of goods and services —  —  —  17,224  17,224 
Other income 827  6,423  308  1,003  8,561 
TOTAL REVENUE, NET 176,260  146,242  174,019  36,902  533,423 
Fee and commission expense 10,787  5,603  66,034  2,447  84,871 
Interest expense 16,082  79,237  2,629  15,462  113,410 
Insurance claims incurred, net of reinsurance —  —  80,285  —  80,285 
Payroll and bonuses 34,193  19,241  8,131  31,536  93,101 
Professional services 1,917  195  707  10,205  13,024 
Stock compensation expense 6,213  3,070  10,451  3,320  23,054 
Advertising and sponsorship expense 8,262  923  249  15,029  24,463 
General and administrative expense 10,788  12,316  2,074  16,797  41,975 
(Recovery of)/allowance for expected credit losses
 (2,323) 5,624  1,185  336  4,822 
Cost of sales —  —  —  13,903  13,903 
TOTAL EXPENSE 85,919  126,209  171,745  109,035  492,908 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 90,341  $ 20,033  $ 2,274  $ (72,133) $ 40,515 
Income tax expense (15,993) (2,662) (4,118) 12,654  (10,119)
NET INCOME/(LOSS)
 $ 74,348  $ 17,371  $ (1,844) $ (59,479) $ 30,396 
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 premiums earned, net of reinsurance
 —  —  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 
Sales of goods and services —  —  —  5,220  5,220 
Other income
 2,477  427  782  6,711  10,397 
TOTAL REVENUE, NET 174,916  91,202  147,263  41,618  454,999 
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 and sponsorship expense 11,944  1,064  350  8,538  21,896 
General and administrative expense 10,213  12,385  5,218  12,594  40,410 
Allowance for/(recovery of) expected credit losses
 (329) (1,121) 325  (645) (1,770)
Cost of sales —  —  —  4,284  4,284 
TOTAL EXPENSE 95,081  122,910  129,985  65,425  413,401 
INCOME/(LOSS) 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/(LOSS)
 $ 69,631  $ (28,483) $ 13,803  $ (20,692) $ 34,259 
The following tables summarize the Company's total assets and total liabilities by its business segments as of the dates presented. Intercompany balances have been eliminated for separate disclosure.
June 30, 2025
Brokerage Banking Insurance Other Total
Total assets $ 4,227,175  $ 4,236,036  $ 750,319  $ 476,223  $ 9,689,753 
Total liabilities 3,282,684  3,745,873  599,347  832,790  8,460,694 
Net assets $ 944,491  $ 490,163  $ 150,972  $ (356,567) $ 1,229,059 
March 31, 2025
Brokerage Banking Insurance Other Total
Total assets $ 4,344,555  $ 4,441,315  $ 712,352  $ 415,795  $ 9,914,017 
Total liabilities 3,588,781  3,936,900  571,335  602,643  8,699,659 
Net assets $ 755,774  $ 504,415  $ 141,017  $ (186,848) $ 1,214,358 

The following table presents revenues for the three months ended June 30, 2025 and 2024, and long-lived assets as of June 30, 2025 and March 31, 2025, classified by the major geographic areas based on subsidiaries' location.
Three months ended June 30, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 113,435  $ 146,158  $ 174,019  $ 27,954  $ 461,566 
Armenia 43,661  —  —  —  43,661 
Cyprus 17,265  —  —  3,191  20,456 
US 909  —  —  4,872  5,781 
Other 990  84  —  885  1,959 
TOTAL REVENUE, NET $ 176,260  $ 146,242  $ 174,019  $ 36,902  $ 533,423 
Three months ended June 30, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 129,211  $ 91,202  $ 147,263  $ 20,787  $ 388,463 
Armenia 27,896  —  —  —  27,896 
US 825  —  —  21,992  22,817 
Cyprus 16,698  —  —  (1,050) 15,648 
Other 286  —  —  (111) 175 
TOTAL REVENUE, NET $ 174,916  $ 91,202  $ 147,263  $ 41,618  $ 454,999 


June 30, 2025
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 20,763  $ 53,603  $ 6,674  $ 131,623  $ 212,663 
Right-of-use assets 19,458  9,114  2,559  8,500  39,631 
TOTAL LONG-LIVED ASSETS $ 40,221  $ 62,717  $ 9,233  $ 140,123  $ 252,294 
Kazakhstan 14,123  62,113  9,233  113,369  198,838 
Cyprus 14,753  —  —  23,488  38,241 
USA 4,076  —  —  2,391  6,467 
Armenia 6,227  —  —  —  6,227 
Other 1,042  604  —  875  2,521 
TOTAL LONG-LIVED ASSETS $ 40,221  $ 62,717  $ 9,233  $ 140,123  $ 252,294 
March 31, 2025
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 20,713  $ 53,716  $ 2,461  $ 114,213  $ 191,103 
Right-of-use assets 21,101  7,684  2,532  8,511  39,828 
TOTAL LONG-LIVED ASSETS $ 41,814  $ 61,400  $ 4,993  $ 122,724  $ 230,931 
Kazakhstan 15,241  60,863  4,993  97,608  178,705 
Cyprus 15,178  —  —  21,791  36,969 
USA 4,220  —  —  2,389  6,609 
Armenia 6,082  —  —  —  6,082 
Other 1,093  537  —  936  2,566 
TOTAL LONG-LIVED ASSETS $ 41,814  $ 61,400  $ 4,993  $ 122,724  $ 230,931 

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 customer 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 customers 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 customers 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
Companies in the Banking segment generate banking service fee and interest income by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate customers with innovative digital financial solutions. To ensure a seamless experience, the Banking segment 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.