Freedom Holding Corp., the founder of Freedom24, this week released its results for the first quarter of fiscal year 2025 ended June 30, 2024.

According to the result, the holding company generated revenue of $451 million during the period, up 43 per cent from $316 million in the same quarter last year. 

The company also noted that the increase in revenue was supported by a 51 per cent increase in interest income to $226 million, “driven by higher interest income from margin lending to customers, bank loans and trading securities”.

Moreover, insurance underwriting income surged by 188 per cent to $129 million, “driven by the expansion of insurance operations such as pension annuity and accident insurance classes”. 

“Our insurance underwriting income for the three months ended June 30, 2024, was $129.4 million, an increase of $84.5 million or 188 per cent, compared to the three months ended June 30, 2023,” the company said.

“The increase was driven by the expansion of our insurance operations such as pension annuity and accident insurance classes between the two quarters,” it added.

The main contributors to this income, the announcement continued, were the brokerage ($175 million), insurance ($147 million) and banking ($91 million) segments. Additionally, other segments contributed $37 million.

Furthermore, the holding company reported a net profit for the period of $34.3 million, with basic and diluted earnings per share of $0.58 and $0.57 respectively.  

The results also showed that Freedom Holding Corp.’s assets increased to $8.5 billion as of June 30, 2024, from $8.3 billion as of March 31, 2024. In addition, the number of brokerage client accounts increased to 532,000 from 399,000 a year earlier.  

“We are pleased with the results of the quarter which set the stage for another exemplary year for Freedom Holding Corp,” said Timur Turlov, CEO of Freedom Holding Corp., commenting on the results.  

“Historically, brokerage accounts have provided the foundation for the overall growth of our digital fintech platform, but today our platform includes our retail bank, insurance companies and a growing list of popular ancillary services that are contributing to the growth of our customer base,” he added.

He noted that “these include online grocery, travel and entertainment services, additional regional retail offerings, and planned telecom and media service offerings”.

According to Turlov, in April 2024, retail bank Freedom Bank KZ launched SuperApp, a one-stop shop for financial services that allows the bank’s customers to check their account balances, view transaction history, make transfers and payments, open and manage deposits, as well as monitor their portfolio in real-time and access a range of other services.   

“This is a win-win scenario, as our customers gain convenient access to the products and services they need, and we gain significant amounts of consumer data that will allow us to continue to develop value-added products that our customers will enjoy,” Turlov stated.

“We expect innovation like this to be a key driver of our future growth,” he concluded.