/KASE, November 17, 2022/ – Freedom Holding Corp. (US), whose shares are
officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press release dated November 16, 2022:
quote
Freedom Holding Corp. reports financial results for the second quarter of
FY2023.
For the three months ended September 30, 2022 and 2021, the holding's revenue
was $180 mln and $317 mln, respectively. The change in revenue by $137 mln, or
43 %, was mainly due to:
- a 95 % decrease in net income from trading securities ($172 mln) – from $182
mln to $9 mln due to the fact that in the second quarter of FY2022 there was a
one-off high base effect on income from securities trading, which was caused
by income, which was received in connection with the revaluation and sale of
a large financial investment in SPB Exchange PJSC;
- growth of interest income by 101 %, or $25 mln, – from $24 mln to $49 mln.
This dynamics was caused by an increase in the volume of the trading
portfolio and the expansion of the share of bonds in it;
- income from insurance activities from $16 mln to $26 mln due to an increase
in the number of insurance operations.
In Q2 FY2023, the holding increased expenses by 55 %, or $42 mln. This is due
to the following factors:
- an increase in interest expenses by $24 mln (144 %) due to an increase in
short-term financing costs of $20 mln. Another reason for the increase in
expenses was an increase in interest expenses on customer deposits by $4
mln, or 113 %. The latter is due to the expansion of the client base and the
volume of operations of Freedom Bank in the reporting quarter, compared
with the result of the same period in FY2022;
- an increase in operating expenses of $16 mln associated with an increase in
expenses of $8 mln on salaries and bonuses. $3 mln were used for charity
and sponsorship in connection with the provision of humanitarian assistance
to a Ukrainian charitable foundation due to geopolitical and economic
conditions. $1.9 mln were spent on professional services. Software support
expenses totaled $992 th., while other operating expenses increased by $1.9
mln.
unquote
The complete press release is available on KASE website –
https://kase.kz/files/emitters/US_FRHC/us_frhc_relizs_161122.pdf
[2022-11-17]