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SEGMENT REPORTING | 3 Months Ended
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Jun. 30, 2024
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:
| Three months ended June 30, 2024
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 97,943 |  |  | $ | 2,796 |  |  | $ | 115 |  |  | $ | 14,635 |  |  | $ | 115,489 |
Net gain/(loss) on trading securities | 874 |  |  | (50,007) |  |  | 139 |  |  | (3,108) |  |  | (52,102) |
Interest income | 62,789 |  |  | 146,063 |  |  | 15,699 |  |  | 1,453 |  |  | 226,004 |
Insurance underwriting income | — |  |  | — |  |  | 129,408 |  |  | — |  |  | 129,408 |
Net gain/(loss) on foreign exchange operations | 9,957 |  |  | (19,695) |  |  | 1,120 |  |  | 16,707 |  |  | 8,089 |
Net gain on derivative | 876 |  |  | 11,618 |  |  | — |  |  | — |  |  | 12,494 |
Other income, net | 2,477 |  |  | 427 |  |  | 782 |  |  | 7,647 |  |  | 11,333 |
TOTAL REVENUE, NET | 174,916 |  |  | 91,202 |  |  | 147,263 |  |  | 37,334 |  |  | 450,715 |
Fee and commission expense | 5,677 |  |  | 2,526 |  |  | 64,887 |  |  | 7,057 |  |  | 80,147 |
Interest expense | 34,621 |  |  | 99,887 |  |  | 3,883 |  |  | 7,327 |  |  | 145,718 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 47,309 |  |  | — |  |  | 47,309 |
Payroll and bonuses | 25,251 |  |  | 6,117 |  |  | 6,861 |  |  | 19,295 |  |  | 57,524 |
Professional services | 2,389 |  |  | 96 |  |  | 277 |  |  | 4,506 |  |  | 7,268 |
Stock compensation expense | 5,315 |  |  | 1,956 |  |  | 875 |  |  | 2,469 |  |  | 10,615 |
Advertising expense | 11,944 |  |  | 1,064 |  |  | 350 |  |  | 3,843 |  |  | 17,201 |
General and administrative expense | 10,213 |  |  | 12,385 |  |  | 5,218 |  |  | 17,289 |  |  | 45,105 |
(Recovery of)/provision for allowance for expected credit losses | (329) |  |  | (1,121) |  |  | 325 |  |  | (645) |  |  | (1,770) |
TOTAL EXPENSE | 95,081 |  |  | 122,910 |  |  | 129,985 |  |  | 61,141 |  |  | 409,117 |
INCOME BEFORE INCOME TAX | $ | 79,835 |  |  | $ | (31,708) |  |  | $ | 17,278 |  |  | $ | (23,807) |  |  | $ | 41,598 |
Income tax (expense)/benefit | (10,204) |  |  | 3,225 |  |  | (3,475) |  |  | 3,115 |  |  | (7,339) |
NET INCOME | $ | 69,631 |  |  | $ | (28,483) |  |  | $ | 13,803 |  |  | $ | (20,692) |  |  | $ | 34,259 |
| Three months ended June 30, 2023
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 63,972 |  |  | $ | 13,166 |  |  | $ | 42 |  |  | $ | 21,523 |  |  | $ | 98,703 |
Net gain/(loss) on trading securities | 9,167 |  |  | 14,520 |  |  | 9,104 |  |  | (975) |  |  | 31,816 |
Interest income | 32,209 |  |  | 99,094 |  |  | 16,008 |  |  | 2,038 |  |  | 149,349 |
Insurance underwriting income | — |  |  | — |  |  | 44,889 |  |  | — |  |  | 44,889 |
Net gain/(loss) on foreign exchange operations | 111 |  |  | 19,840 |  |  | (429) |  |  | (221) |  |  | 19,301 |
Net (loss)/gain on derivative | (5) |  |  | (30,774) |  |  | — |  |  | 174 |  |  | (30,605) |
Other income/(expense), net | 616 |  |  | (192) |  |  | 763 |  |  | 1,570 |  |  | 2,757 |
TOTAL REVENUE, NET | 106,070 |  |  | 115,654 |  |  | 70,377 |  |  | 24,109 |  |  | 316,210 |
Fee and commission expense | 5,858 |  |  | 3,983 |  |  | 17,424 |  |  | 1,419 |  |  | 28,684 |
Interest expense | 21,238 |  |  | 62,699 |  |  | 8,419 |  |  | 2,690 |  |  | 95,046 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 21,514 |  |  | — |  |  | 21,514 |
Payroll and bonuses | 12,499 |  |  | 9,512 |  |  | 3,326 |  |  | 6,293 |  |  | 31,630 |
Professional services | 2,327 |  |  | 80 |  |  | 126 |  |  | 4,092 |  |  | 6,625 |
Stock compensation expense | 789 |  |  | 62 |  |  | 37 |  |  | 345 |  |  | 1,233 |
Advertising expense | 4,788 |  |  | 2,036 |  |  | 145 |  |  | 1,131 |  |  | 8,100 |
General and administrative expense | 8,457 |  |  | 6,398 |  |  | 1,249 |  |  | 8,371 |  |  | 24,475 |
Provision for allowance for expected credit losses | 240 |  |  | 11,284 |  |  | 1,222 |  |  | 1,580 |  |  | 14,326 |
TOTAL EXPENSE | 56,196 |  |  | 96,054 |  |  | 53,462 |  |  | 25,921 |  |  | 231,633 |
INCOME BEFORE INCOME TAX | $ | 49,874 |  |  | $ | 19,600 |  |  | $ | 16,915 |  |  | $ | (1,812) |  |  | $ | 84,577 |
Income tax (expense)/benefit | (2,679) |  |  | — |  |  | 37 |  |  | (14,014) |  |  | (16,656) |
NET INCOME | $ | 47,195 |  |  | $ | 19,600 |  |  | $ | 16,952 |  |  | $ | (15,826) |  |  | $ | 67,921 |
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
| June 30, 2024
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 2,887,774 |  |  | $ | 4,788,782 |  |  | $ | 545,868 |  |  | $ | 261,136 |  |  | $ | 8,483,560 |
Total liabilities | 2,175,457 |  |  | 4,384,736 |  |  | 411,274 |  |  | 359,914 |  |  | 7,331,381 |
Net assets | $ | 712,317 |  |  | $ | 404,046 |  |  | $ | 134,594 |  |  | $ | (98,778) |  |  | $ | 1,152,179 |
| March 31, 2024
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 2,586,803 |  |  | $ | 4,939,626 |  |  | $ | 529,517 |  |  | $ | 245,984 |  |  | $ | 8,301,930 |
Total liabilities | 1,973,887 |  |  | 4,389,745 |  |  | 402,865 |  |  | 368,475 |  |  | 7,134,972 |
Net assets | $ | 612,916 |  |  | $ | 549,881 |  |  | $ | 126,652 |  |  | $ | (122,491) |  |  | $ | 1,166,958 |
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 client 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 clients 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 clients 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 Company in the Banking segment generates banking service fees by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate clients with innovative digital financial solutions. To ensure a seamless experience, 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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