v3.25.1
SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
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, 2025
STATEMENTS OF OPERATIONS
BrokerageBankingInsuranceOtherTotal
Fee and commission income$441,839 $14,689 $— $48,498 $505,026 
Net gain/(loss) on trading securities10,487 (66,426)1,843 (3,714)(57,810)
Interest income254,340 544,221 60,550 5,342 864,453 
Insurance underwriting income— — 617,596 — 617,596 
Net gain on foreign exchange operations7,021 8,750 2,621 33,292 51,684 
Net gain on derivative734 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, NET717,349 506,148 683,026 144,004 2,050,527 
Fee and commission expense29,280 14,562 284,580 17,652 346,074 
Interest expense84,543 400,905 12,331 38,116 535,895 
Insurance claims incurred, net of reinsurance— — 298,109 — 298,109 
Payroll and bonuses98,352 62,876 32,381 94,554 288,163 
Professional services6,213 837 1,602 20,272 28,924 
Stock compensation expense27,584 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 expense37,592 47,589 17,685 59,608 162,474 
Allowance for expected credit losses6,224 54,759 2,031 (569)62,445 
Cost of sales— — — 31,278 31,278 
TOTAL EXPENSE340,721 600,892 660,914 335,054 1,937,581 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS$376,628 $(94,744)$22,112 $(191,050)$112,946 
Income tax (expense)/benefit(61,122)8,252 (3,427)27,872 (28,425)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS$315,506 $(86,492)$18,685 $(163,178)$84,521 
Year ended March 31, 2024
STATEMENTS OF OPERATIONS
BrokerageBankingInsuranceOtherTotal
Fee and commission income$352,481 $26,236 $296 $61,320 $440,333 
Net gain/(loss) on trading securities33,483 87,459 14,114 (1,202)133,854 
Interest income233,858 524,596 63,676 6,094 828,224 
Insurance underwriting income— — 264,218 — 264,218 
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, NET621,954 615,870 344,601 83,927 1,666,352 
Fee and commission expense24,740 13,219 103,346 13,046 154,351 
Interest expense89,732 368,286 29,965 13,128 501,111 
Insurance claims incurred, net of reinsurance— — 139,561 — 139,561 
Payroll and bonuses71,077 48,953 18,796 42,197 181,023 
Professional services6,977 527 561 26,173 34,238 
Stock compensation expense11,352 6,124 2,755 2,488 22,719 
Advertising and sponsorship expense
25,353 4,828 789 7,357 38,327 
General and administrative expense40,847 30,804 5,413 43,824 120,888 
Allowance for expected credit losses2,962 16,399 942 922 21,225 
Cost of sales— — — 17,538 17,538 
TOTAL EXPENSE273,040 489,140 302,128 166,673 1,230,981 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS$348,914 $126,730 $42,473 $(82,746)$435,371 
Income tax (expense)/benefit(51,158)(15,857)(8,662)15,258 (60,419)
INCOME/(LOSS) FROM CONTINUING OPERATIONS$297,756 $110,873 $33,811 $(67,488)$374,952 
Year ended March 31, 2023
STATEMENTS OF OPERATIONS
BrokerageBankingInsuranceOtherTotal
Fee and commission income$299,070 $18,208 $128 $9,809 $327,215 
Net gain/(loss) on trading securities20,736 55,437 16,063 (21,152)71,084 
Interest income64,654 177,561 41,007 11,473 294,695 
Insurance underwriting income— — 115,371 — 115,371 
Net (loss)/gain on foreign exchange operations(347)59,190 (1,846)(4,843)52,154 
Net gain/(loss) on derivative463 (65,291)— 2 (64,826)
Other income/(expense)904 230 2,346 (32)3,448 
TOTAL REVENUE, NET385,480 245,335 173,069 (4,743)799,141 
Fee and commission expense33,126 9,097 22,824 613 65,660 
Interest expense43,089 130,693 18,492 16,673 208,947 
Insurance claims incurred, net of reinsurance1 — 77,328 — 77,329 
Payroll and bonuses37,583 21,749 11,733 10,754 81,819 
Professional services4,978 466 580 10,982 17,006 
Stock compensation expense5,648 372 279 2,994 9,293 
Advertising and sponsorship expense
9,063 3,251 1,191 554 14,059 
General and administrative expense32,906 13,671 5,024 8,370 59,971 
Allowance for expected credit losses16,911 8,773 1,071 2,364 29,119 
TOTAL EXPENSE183,305 188,072 138,522 53,304 563,203 
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS$202,175 $57,263 $34,547 $(58,047)$235,938 
Income tax (expense)/benefit(32,632)(7,832)(5,106)2,794 (42,776)
INCOME/(LOSS) FROM CONTINUING OPERATIONS$169,543 $49,431 $29,441 $(55,253)$193,162 
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, 2025
BrokerageBankingInsuranceOtherTotal
Total assets$4,344,555 $4,441,315 $712,352 $415,795 $9,914,017 
Total liabilities3,588,781 3,936,900 571,335 602,643 8,699,659 
Net assets$755,774 $504,415 $141,017 $(186,848)$1,214,358 
March 31, 2024
BrokerageBankingInsuranceOtherTotal
Total assets$2,586,803 $4,939,626 $529,517 $245,984 $8,301,930 
Total liabilities1,973,887 4,389,745 402,865 368,475 7,134,972 
Net assets$612,916 $549,881 $126,652 $(122,491)$1,166,958 

The following table presents revenues for the years ended March 31, 2025, 2024, and 2023 and long-lived assets as of March 31, 2025 and March 31, 2024, classified by the major geographic areas based on subsidiaries' location.
Year ended March 31, 2025
RevenueBrokerageBankingInsuranceOtherTotal
Kazakhstan$466,168 $506,075 $683,026 $94,822 $1,750,091 
Armenia181,698 — — — 181,698 
Cyprus63,179 — — 6,311 69,490 
US3,431 — — 40,520 43,951 
Other2,873 73 — 2,351 5,297 
TOTAL REVENUE, NET$717,349 $506,148 $683,026 $144,004 $2,050,527 
Year ended March 31, 2024
RevenueBrokerageBankingInsuranceOtherTotal
Kazakhstan$450,058 $615,870 $344,601 $79,814 $1,490,343 
Cyprus115,878 — — 2,454 118,332 
Armenia43,132 — — — 43,132 
US11,372 — — 1,470 12,842 
Other1,514 — — 189 1,703 
TOTAL REVENUE, NET$621,954 $615,870 $344,601 $83,927 $1,666,352 
Year ended March 31, 2023
RevenueBrokerageBankingInsuranceOtherTotal
Kazakhstan$141,186 $245,335 $173,069 $8,696 $568,286 
Cyprus237,112 — — (21,866)215,246 
US4,854 — — 8,243 13,097 
Armenia79 — — — 79 
Other2,249 — — 184 2,433 
TOTAL REVENUE, NET$385,480 $245,335 $173,069 $(4,743)$799,141 
March 31, 2025
Long-lived assetsBrokerageBankingInsuranceOtherTotal
Fixed assets, net$20,713 $53,716 $2,461 $114,213 $191,103 
Right-of-use assets21,101 7,684 2,532 8,511 39,828 
TOTAL LONG-LIVED ASSETS$41,814 $61,400 $4,993 $122,724 $230,931 
Kazakhstan15,241 60,863 4,993 97,608 178,705 
Cyprus15,178 — — 21,791 36,969 
USA4,220 — — 2,389 6,609 
Armenia6,082 — — — 6,082 
Other1,093 537 — 936 2,566 
TOTAL LONG-LIVED ASSETS$41,814 $61,400 $4,993 $122,724 $230,931 

March 31, 2024
Long-lived assetsBrokerageBankingInsuranceOtherTotal
Fixed assets, net$35,281 $31,444 $2,122 $14,155 $83,002 
Right-of-use assets20,809 6,296 3,269 5,950 36,324 
TOTAL LONG-LIVED ASSETS$56,090 $37,740 $5,391 $20,105 $119,326 
Kazakhstan17,933 37,740 5,391 18,503 79,567 
Cyprus32,845 — — 178 33,023 
USA4,681 — — 1 4,682 
Armenia350 — — — 350 
Other281 — — 1,423 1,704 
TOTAL LONG-LIVED ASSETS$56,090 $37,740 $5,391 $20,105 $119,326 
Brokerage
Companies in the Brokerage segment offer securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, underwriting and market-making services to a global customer base of corporations, investors, financial institutions, merchants, government and municipal entities. Companies in the Brokerage segment also conduct proprietary securities trading.
The Group's services in this segment include providing customers with access to the world's largest stock exchanges and a gateway to global investment opportunities. Additionally, the Group's offerings in this segment include professional securities analytics, empowering customers with valuable insights and market intelligence to make informed investment decisions. To ensure a seamless experience, the Group provides user-friendly trading applications that offer convenience and flexibility.
Banking
Companies in the Banking segment generate banking service fee and interest income by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate customers with innovative digital financial solutions. To ensure a seamless experience, the Banking segment it
provides user-friendly trading applications that offer convenience and flexibility. Companies in the Banking segment also conduct proprietary securities trading activities.
Insurance
Companies in the Insurance segment offer products including life insurance, obligatory insurance, tourist medical health insurance and auto insurance. These insurance products are designed to offer comprehensive coverage and tailored solutions to protect individuals, property, auto and businesses in the event of unforeseen events or risks. Companies in the Insurance segment also conduct proprietary securities trading activities.
Other

Activities of companies in the Other segment include provision of payment processing services, financial educational center services, financial intermediary center services, financial consulting services, administrative management services, telecommunication services information processing services, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce application. The Other segment also includes transactions conducted by the Company in connection with repurchase agreements.