Freedom Holding Corp., a diversified financial services holding company, recently reported its financial results for the fiscal year 2024. The company experienced significant growth in various aspects of its operations, which contributed to a record year in terms of revenue and net income.
In fiscal 2024, Freedom Holding Corp. reported total revenue of approximately $1.6 billion, marking a significant increase of 105% compared to the prior fiscal year. This growth was primarily driven by higher interest income, fee and commission income, and insurance underwriting income. Fee and commission income saw a 35% increase, totaling $440 million, attributed to the rise in the number of retail brokerage customers and increased trading volumes across key markets.
Interest income also saw a substantial increase of 181% to $828 million, as a result of various factors, including interest income on trading securities, margin loans to customers, and loans to customers. The company’s net income for the fiscal year reached $375 million, a notable increase from $206 million in the previous year.
Moreover, Freedom Holding Corp. reported total assets of $8.3 billion as of March 31, 2024, compared to $5.1 billion in the previous year. This growth was mainly driven by the increase in the proprietary trading portfolio, customer loans, margin lending, brokerage, and other receivables. The company also made strategic acquisitions in Kazakhstan and expanded its business into the telecommunications market in the region.
Additionally, the company focused on corporate social responsibility initiatives through its Shapagat Non-Profit Corporate Fund, committing $2.9 million to charitable endeavors supporting sports, culture, and education. Freedom Holding Corp. also published its inaugural Sustainability Report, highlighting its dedication to ESG principles and responsible business practices.
In terms of corporate governance and compliance, the company appointed new Chief Compliance, Risk, and Legal Officers to further strengthen its control framework, risk management practices, and legal compliance.
Looking ahead to fiscal 2025, Freedom Holding Corp. aims to focus on digital integration, market expansion in Europe and Central Asia, and enhancing AI-driven customer solutions. The company plans to continue acquiring financial services-related companies and technologies to expand its global presence. Moreover, new representative offices are set to open in Lithuania, the Czech Republic, and Denmark to meet evolving client needs.
Freedom Holding Corp. is committed to delivering sustainable financial services and maintaining a strong governance structure to drive growth and create long-term value for its stakeholders. The company’s dedication to ESG principles, strategic expansion initiatives, and focus on innovation position it well for continued success in the financial services industry.