Freedom Holding Corp., the parent company of Freedom Finance Europe, has released its financial results for the fiscal year that ended on 31 March 2022. The holding company reported net revenues of $565 million, an increase of 60%, or $212 million, from a year earlier. The holding company's European division, Freedom Finance Europe, accounted for $437.7 million, or 78% of total net revenue.
The group’s net profit increased by 48%, from $143 million to $211.3 million. Earnings per share, based on a weighted average number of 59 million shares, were $3.56 and $2.45, respectively.
The group’s fee and commission income increased by 59%, or $160 million, from $272 million to $432 million. Interest income rose by 197%, or $61 million, from $31 million to $92 million. The group’s assets and liabilities increased by $902 million and $670 million, respectively.
As of 31 March 2022, around 410,000 customer accounts had been opened in the holding company's divisions — an increase of 120,000, or 41%, compared to the number of customer accounts as of 31 March 2021.
Timur Turlov, CEO of Freedom Holding Corp., commented on the results: "Despite the geopolitical crisis, which affected all global markets, we ended 2022 with a good performance. Our European business is showing impressive results, and we are expanding our geographical presence in the EU by opening new offices. We have big and ambitious plans for development in all directions, and our team has a lot of work to do to implement them”.