Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING

v3.25.3
SEGMENT REPORTING
 6 Months Ended
Sep. 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 September 30, 2025
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 139,225  $ (18,539) $ —  $ 11,552  $ 132,238 
Net gain on trading securities 12,613  14,901  4,426  5,164  37,104 
Interest income 78,164  114,403  17,893  1,202  211,662 
Insurance premiums earned, net of reinsurance
 —  —  125,228  —  125,228 
Net gain/(loss) on foreign exchange operations 4,423  (10,210) 2,118  3,674  5 
Net loss on derivative (29) (2,263) —  (871) (3,163)
Sales of goods and services —  —  —  19,998  19,998 
Other income/(expense) 488  7,430  1,224  (6,107) 3,035 
TOTAL REVENUE, NET 234,884  105,722  150,889  34,612  526,107 
Fee and commission expense 13,184  7,108  41,322  2,548  64,162 
Interest expense 8,659  72,503  1,355  19,742  102,259 
Insurance claims incurred, net of reinsurance —  —  79,923  —  79,923 
Payroll and bonuses 32,534  22,695  8,759  29,155  93,143 
Professional services 1,869  484  516  7,628  10,497 
Stock compensation expense 4,900  2,831  406  7,359  15,496 
Advertising and sponsorship expense 9,694  2,548  143  15,117  27,502 
General and administrative expense 11,136  14,549  1,985  17,886  45,556 
Allowance for/(recovery of) expected credit losses
 389  8,516  3,172  (133) 11,944 
Cost of sales —  —  —  15,139  15,139 
TOTAL EXPENSE 82,365  131,234  137,581  114,441  465,621 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 152,519  $ (25,512) $ 13,308  $ (79,829) $ 60,486 
Income tax (expense)/benefit (25,885) (6,554) (4,797) 15,471  (21,765)
NET INCOME/(LOSS)
 $ 126,634  $ (32,066) $ 8,511  $ (64,358) $ 38,721 
Six months ended September 30, 2025
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 245,050  $ (27,364) $ —  $ 22,194  $ 239,880 
Net gain on trading securities 19,676  44,566  8,522  9,942  82,706 
Interest income 143,104  230,332  34,393  2,404  410,233 
Insurance premiums earned, net of reinsurance —  —  278,485  —  278,485 
Net gain/(loss) on foreign exchange operations 1,978  (24,060) 1,976  7,218  (12,888)
Net gain/(loss) on derivative 21  14,637  —  (2,362) 12,296 
Sales of goods and services —  —  —  37,222  37,222 
Other income/(expense) 1,315  13,853  1,532  (5,104) 11,596 
TOTAL REVENUE, NET 411,144  251,964  324,908  71,514  1,059,530 
Fee and commission expense 23,971  12,711  107,356  4,995  149,033 
Interest expense 24,741  151,740  3,984  35,204  215,669 
Insurance claims incurred, net of reinsurance —  —  160,208  —  160,208 
Payroll and bonuses 66,727  41,936  16,890  60,691  186,244 
Professional services 3,786  679  1,223  17,833  23,521 
Stock compensation expense 11,113  5,901  10,857  10,679  38,550 
Advertising and sponsorship expense 17,956  3,471  392  30,146  51,965 
General and administrative expense 21,924  26,865  4,059  34,683  87,531 
(Recovery of)/allowance for expected credit losses (1,934) 14,140  4,357  203  16,766 
Cost of sales —  —  —  29,042  29,042 
TOTAL EXPENSE 168,284  257,443  309,326  223,476  958,529 
INCOME/(LOSS) BEFORE INCOME TAX $ 242,860  $ (5,479) $ 15,582  $ (151,962) $ 101,001 
Income tax (expense)/benefit (41,878) (9,216) (8,915) 28,125  (31,884)
NET INCOME/(LOSS) $ 200,982  $ (14,695) $ 6,667  $ (123,837) $ 69,117 
Three months ended September 30, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 108,640  $ 2,198  $ 32  $ 10,181  $ 121,051 
Net gain on trading securities 10,095  52,850  3,595  1,777  68,317 
Interest income 52,848  141,986  14,265  1,225  210,324 
Insurance premiums earned, net of reinsurance
 —  —  160,344  —  160,344 
Net gain/(loss) on foreign exchange operations 2,386  (1,566) 275  5,384  6,479 
Net gain on derivative 455  5,853  —  —  6,308 
Sales of goods and services —  —  —  12,024  12,024 
Other income
 373  188  (336) 1,067  1,292 
TOTAL REVENUE, NET 174,797  201,509  178,175  31,658  586,139 
Fee and commission expense 7,964  3,325  74,161  5,387  90,837 
Interest expense 18,672  96,454  1,950  7,589  124,665 
Insurance claims incurred, net of reinsurance —  —  66,684  —  66,684 
Payroll and bonuses 15,915  23,724  7,755  18,816  66,210 
Professional services 1,867  68  430  5,880  8,245 
Stock compensation expense 6,282  2,175  1,929  1,670  12,056 
Advertising and sponsorship expense 14,702  829  114  16,788  32,433 
General and administrative expense 8,695  12,479  7,581  12,101  40,856 
Allowance for/(recovery of) expected credit losses
 422  10,142  72  (209) 10,427 
Cost of sales —  —  —  5,239  5,239 
TOTAL EXPENSE 74,519  149,196  160,676  73,261  457,652 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 100,278  $ 52,313  $ 17,499  $ (41,603) $ 128,487 
Income tax (expense)/benefit (14,631) (6,643) (2,709) 9,984  (13,999)
NET INCOME/(LOSS)
 $ 85,647  $ 45,670  $ 14,790  $ (31,619) $ 114,488 
Six months ended September 30, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 206,583  $ 4,994  $ 147  $ 24,816  236,540 
Net gain/(loss) on trading securities 10,969  2,843  3,734  (1,331) 16,215 
Interest income 115,637  288,049  29,964  2,678  436,328 
Insurance premiums earned, net of reinsurance
 —  —  289,752  —  289,752 
Net gain/(loss) on foreign exchange operations 12,343  (21,261) 1,395  22,091  14,568 
Net gain on derivative 1,331  17,471  —  —  18,802 
Sales of goods and services —  —  —  17,244  17,244 
Other income
 2,850  615  446  7,778  11,689 
TOTAL REVENUE, NET 349,713  292,711  325,438  73,276  1,041,138 
Fee and commission expense 13,641  5,851  139,048  12,444  170,984 
Interest expense 53,293  196,341  5,833  14,916  270,383 
Insurance claims incurred, net of reinsurance —  —  113,993  —  113,993 
Payroll and bonuses 41,166  29,841  14,616  38,111  123,734 
Professional services 4,256  164  707  10,386  15,513 
Stock compensation expense 11,597  4,131  2,804  4,139  22,671 
Advertising and sponsorship expense 26,646  1,893  464  25,326  54,329 
General and administrative expense 18,908  24,864  12,799  24,695  81,266 
Allowance for/(recovery of) expected credit losses
 93  9,021  397  (854) 8,657 
Cost of sales —  —  —  9,523  9,523 
TOTAL EXPENSE 169,600  272,106  290,661  138,686  871,053 
INCOME/(LOSS) BEFORE INCOME TAX
 $ 180,113  $ 20,605  $ 34,777  $ (65,410) $ 170,085 
Income tax (expense)/benefit (24,835) (3,418) (6,184) 13,099  (21,338)
NET INCOME/(LOSS)
 $ 155,278  $ 17,187  $ 28,593  $ (52,311) $ 148,747 
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.
September 30, 2025
Brokerage Banking Insurance Other Total
Total assets $ 5,074,695  $ 4,019,152  $ 735,227  $ 520,695  $ 10,349,769 
Total liabilities 4,036,468  3,590,393  576,948  924,738  9,128,547 
Net assets $ 1,038,227  $ 428,759  $ 158,279  $ (404,043) $ 1,221,222 
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 and six months ended September 30, 2025 and 2024, and long-lived assets as of September 30, 2025 and March 31, 2025, classified by the major geographic areas based on subsidiaries' location.
Three months ended September 30, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 145,659  $ 105,645  $ 150,889  $ 24,590  $ 426,783 
Armenia 55,904  —  —  —  55,904 
Cyprus 29,582  —  —  5,561  35,143 
US 892  —  —  3,273  4,165 
Other 2,847  77  —  1,188  4,112 
TOTAL REVENUE, NET $ 234,884  $ 105,722  $ 150,889  $ 34,612  $ 526,107 
Six months ended September 30, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 259,094  $ 251,803  $ 324,908  $ 52,544  $ 888,349 
Armenia 99,565  —  —  —  99,565 
Cyprus 46,847  —  —  8,752  55,599 
US 1,801  —  —  8,145  9,946 
Other 3,837  161  —  2,073  6,071 
TOTAL REVENUE, NET $ 411,144  $ 251,964  $ 324,908  $ 71,514  $ 1,059,530 
Three months ended September 30, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 124,242  $ 201,509  $ 178,175  $ 24,005  $ 527,931 
Armenia 33,273  —  —  —  33,273 
Cyprus 15,931  —  —  1,078  17,009 
US 575  —  —  5,770  6,345 
Other 776  —  —  805  1,581 
TOTAL REVENUE, NET $ 174,797  $ 201,509  $ 178,175  $ 31,658  $ 586,139 
Six months ended September 30, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 253,453  $ 292,711  $ 325,438  $ 44,792  $ 916,394 
Armenia 61,169  —  —  —  61,169 
Cyprus 32,629  —  —  28  32,657 
US 1,400  —  —  27,762  29,162 
Other 1,062  —  —  694  1,756 
TOTAL REVENUE, NET $ 349,713  $ 292,711  $ 325,438  $ 73,276  $ 1,041,138 


September 30, 2025
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 20,241  $ 74,363  $ 6,284  $ 162,942  $ 263,830 
Right-of-use assets 17,949  8,274  2,205  8,675  37,103 
TOTAL LONG-LIVED ASSETS $ 38,190  $ 82,637  $ 8,489  $ 171,617  $ 300,933 
Kazakhstan 12,280  81,565  8,489  139,862  242,196 
Cyprus 14,661  —  —  28,001  42,662 
US 3,931  —  —  2,414  6,345 
Armenia 5,946  —  —  —  5,946 
Other 1,372  1,072  —  1,340  3,784 
TOTAL LONG-LIVED ASSETS $ 38,190  $ 82,637  $ 8,489  $ 171,617  $ 300,933 
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 
US 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.