Freedom Holding Corp. (FRHC), the parent company of Freedom24, this week reported record-breaking results for the fiscal year ending March 31, 2024.

During this period, the holding company’s revenue doubled to $1.6 billion, while net income rose by 82 per cent to $375 million.

The significant revenue growth was primarily driven by increases in interest income, fee and commission income, and insurance underwriting income.

Specifically, interest income surged by 181 per cent to $828 million, largely due to higher interest on trading securities, margin loans, and other loans to customers.

Fee and commission income reached $440 million, marking a 35 per cent increase compared to the same period in fiscal year 2023. This boost was attributed to customer growth and higher trading volumes in key markets.

Moreover, the number of retail brokerage accounts grew from 370,000 to 530,000 over the year, spurred by the geographic expansion of Freedom24’s European division, which opened new offices in Austria, Belgium, Bulgaria, Italy, and the Netherlands.

As part of its ongoing growth strategy, Freedom24 stated that it plans to establish new representative offices in Lithuania, the Czech Republic, and Denmark.

“I am pleased to report that fiscal 2024 was a record year for our company, both from a revenue and earnings perspective,” said Timur Turlov, CEO of Freedom Holding Corp.

“Our core brokerage and banking businesses accounted for approximately 75 per cent of our revenue for the period,” he added.

Moreover, Turlov said that “sustained investment in digitalisation has enabled us to manage our large-scale operations more efficiently and maintain our position as a leading player in the digital financial services industry in Kazakhstan”.

The company also stated that FRHC’s basic and diluted earnings per share for fiscal 2024 were $6.37 and $6.33, respectively, compared to $3.50 and $3.45 in fiscal 2023.

Finally, as of March 31, 2024, Freedom Holding Corp.’s assets had increased to $8.3 billion, up from $5.1 billion on March 31, 2023.