Annual report [Section 13 and 15(d), not S-K Item 405]

SEGMENT REPORTING (Tables)

v3.26.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of segment rporting information, by segment
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:
Year ended March 31, 2026
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 514,305  $ (72,696) $ —  $ 48,156  $ 489,765 
Net gain on trading securities 13,969  125,217  12,894  6,744  158,824 
Interest income 298,929  499,501  75,592  8,456  882,478 
Net insurance revenue —  —  402,396  —  402,396 
Net (loss)/gain on foreign exchange operations (9,340) 68,376  1,203  7,441  67,680 
Net gain on derivative 11,706  41,359  —  13,707  66,772 
Sales of goods and services —  —  —  97,446  97,446 
Other income/(expense) 1,939  27,445  5,699  (9,153) 25,930 
TOTAL REVENUE, NET 831,508  689,202  497,784  172,797  2,191,291 
Fee and commission expense 60,809  24,155  123,348  10,253  218,565 
Interest expense 43,109  348,603  6,863  90,461  489,036 
Insurance claims and policyholder benefits, net of reinsurance —  —  259,309  —  259,309 
Payroll and bonuses 156,437  91,064  37,922  141,048  426,471 
Professional services 8,263  1,544  3,061  33,390  46,258 
Stock compensation expense 20,725  11,265  13,660  22,397  68,047 
Advertising and sponsorship expense
 37,874  4,688  1,118  59,624  103,304 
General and administrative expense 49,455  66,281  8,804  97,799  222,339 
(Recoveries)/allowance for expected credit losses (1,403) 39,616  13,674  478  52,365 
Cost of sales —  —  —  79,632  79,632 
TOTAL EXPENSE 375,269  587,216  467,759  535,082  1,965,326 
INCOME/(LOSS) BEFORE INCOME TAX $ 456,239  $ 101,986  $ 30,025  $ (362,285) $ 225,965 
Income tax (expense)/benefit (84,323) (17,983) (7,374) 37,043  (72,637)
NET INCOME/(LOSS) $ 371,916  $ 84,003  $ 22,651  $ (325,242) $ 153,328 
Year ended March 31, 2025
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 441,839  $ 14,689  $ —  $ 48,498  $ 505,026 
Net gain/(loss) on trading securities 10,487  (66,426) 1,843  (3,714) (57,810)
Interest income 254,340  544,221  60,550  5,342  864,453 
Net insurance revenue —  —  571,224  —  571,224 
Net gain on foreign exchange operations 7,021  8,750  2,621  33,292  51,684 
Net gain on derivative 734  5,284  —  6,386  12,404 
Sales of goods and services —  —  —  40,102  40,102 
Other income/(expense) 2,928  (370) 416  14,098  17,072 
TOTAL REVENUE, NET 717,349  506,148  636,654  144,004  2,004,155 
Fee and commission expense 29,280  14,562  285,008  17,652  346,502 
Interest expense 84,543  400,905  12,331  38,116  535,895 
Insurance claims and policyholder benefits, net of reinsurance —  —  260,488  —  260,488 
Payroll and bonuses 98,352  62,876  31,565  94,554  287,347 
Professional services 6,213  837  1,602  20,272  28,924 
Stock compensation expense 27,584  12,617  10,792  8,599  59,592 
Advertising and sponsorship expense
 50,933  6,747  1,403  65,544  124,627 
General and administrative expense 37,592  47,589  17,685  59,608  162,474 
Allowance for expected credit losses/(recoveries) 6,224  54,759  2,031  (569) 62,445 
Cost of sales —  —  —  31,278  31,278 
TOTAL EXPENSE 340,721  600,892  622,905  335,054  1,899,572 
INCOME/(LOSS) BEFORE INCOME TAX $ 376,628  $ (94,744) $ 13,749  $ (191,050) $ 104,583 
Income tax (expense)/benefit (61,122) 8,252  (3,427) 27,872  (28,425)
INCOME/(LOSS) $ 315,506  $ (86,492) $ 10,322  $ (163,178) $ 76,158 
Year ended March 31, 2024
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income $ 352,481  $ 26,236  $ 296  $ 61,320  $ 440,333 
Net gain/(loss) on trading securities 33,483  87,459  14,114  (1,202) 133,854 
Interest income 233,858  524,596  63,676  6,094  828,224 
Net insurance revenue —  —  245,122  —  245,122 
Net (loss)/gain on foreign exchange operations (852) 78,174  (1,306) (3,771) 72,245 
Net (loss)/gain on derivative (2,019) (101,805) —  30  (103,794)
Sales of goods and services —  —  —  21,576  21,576 
Other income/(expense) 5,003  1,210  3,603  (120) 9,696 
TOTAL REVENUE, NET 621,954  615,870  325,505  83,927  1,647,256 
Fee and commission expense 24,740  13,219  103,711  13,046  154,716 
Interest expense 89,732  368,286  29,965  13,128  501,111 
Insurance claims and policyholder benefits, net of reinsurance —  —  117,273  —  117,273 
Payroll and bonuses 71,077  48,953  18,056  42,197  180,283 
Professional services 6,977  527  561  26,173  34,238 
Stock compensation expense 11,352  6,124  2,755  2,488  22,719 
Advertising and sponsorship expense
 25,353  4,828  789  7,357  38,327 
General and administrative expense 40,847  30,804  5,413  43,824  120,888 
Allowance for expected credit losses 2,962  16,399  942  922  21,225 
Cost of sales —  —  —  17,538  17,538 
TOTAL EXPENSE 273,040  489,140  279,465  166,673  1,208,318 
INCOME/(LOSS) BEFORE INCOME TAX $ 348,914  $ 126,730  $ 46,040  $ (82,746) $ 438,938 
Income tax (expense)/benefit (51,158) (15,857) (8,662) 15,258  (60,419)
INCOME/(LOSS) $ 297,756  $ 110,873  $ 37,378  $ (67,488) $ 378,519 
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
March 31, 2026
Brokerage Banking Insurance Other Total
Total assets $ 6,136,241  $ 5,359,812  $ 892,186  $ 767,000  $ 13,155,239 
Total liabilities 4,763,038  4,727,241  680,071  1,495,610  11,665,960 
Net assets $ 1,373,203  $ 632,571  $ 212,115  $ (728,610) $ 1,489,279 
March 31, 2025
Brokerage Banking Insurance Other Total
Total assets $ 4,344,555  $ 4,441,315  $ 713,452  $ 415,795  $ 9,915,117 
Total liabilities 3,588,781  3,936,900  562,229  602,643  8,690,553 
Net assets $ 755,774  $ 504,415  $ 151,223  $ (186,848) $ 1,224,564 

The following table presents revenues for the years ended March 31, 2026, 2025, and 2024 and long-lived assets as of March 31, 2026 and March 31, 2025, classified by the major geographic areas based on subsidiaries' location.
Year ended March 31, 2026
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 511,821  $ 688,789  $ 497,784  $ 140,130  $ 1,838,524 
Armenia 181,726  —  —  —  181,726 
Cyprus 126,859  —  —  27,301  154,160 
US 2,530  —  —  398  2,928 
Other 8,572  413  —  4,968  13,953 
TOTAL REVENUE, NET $ 831,508  $ 689,202  $ 497,784  $ 172,797  $ 2,191,291 
Year ended March 31, 2025
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 466,168  $ 506,075  $ 636,654  $ 94,822  $ 1,703,719 
Armenia 181,698  —  —  —  181,698 
Cyprus 63,179  —  —  6,311  69,490 
US 3,431  —  —  40,520  43,951 
Other 2,873  73  —  2,351  5,297 
TOTAL REVENUE, NET $ 717,349  $ 506,148  $ 636,654  $ 144,004  $ 2,004,155 
Year ended March 31, 2024
Revenue Brokerage Banking Insurance Other Total
Kazakhstan $ 450,058  $ 615,870  $ 325,505  $ 79,814  $ 1,471,247 
Cyprus 115,878  —  —  2,454  118,332 
Armenia 43,132  —  —  —  43,132 
US 11,372  —  —  1,470  12,842 
Other 1,514  —  —  189  1,703 
TOTAL REVENUE, NET $ 621,954  $ 615,870  $ 325,505  $ 83,927  $ 1,647,256 
March 31, 2026
Long-lived assets Brokerage Banking Insurance Other Total
Fixed assets, net $ 23,049  $ 89,083  $ 7,040  $ 239,224  $ 358,396 
Right-of-use assets 21,065  7,986  1,934  16,594  47,579 
TOTAL LONG-LIVED ASSETS $ 44,114  $ 97,069  $ 8,974  $ 255,818  $ 405,975 
Kazakhstan 15,124  95,288  8,974  219,533  338,919 
Cyprus 12,371  —  —  27,541  39,912 
USA 3,640  —  —  5,782  9,422 
Armenia 5,571  —  —  —  5,571 
Other 7,408  1,781  —  2,962  12,151 
TOTAL LONG-LIVED ASSETS $ 44,114  $ 97,069  $ 8,974  $ 255,818  $ 405,975 

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