Freedom Broker reports a 150% increase in its assets

Freedom Finance, part of the international Freedom Holding Corp., operating in Kazakhstan under the Freedom Broker brand, increased its assets by 54.5% ($246.8 million) to $700 million, according to the company’s press release.

The increase was reached thanks to new investments. Thus, the brokerage company has boosted its portfolio of securities by $184 million or 64%, while its investments in the capital of other companies and subordinated debt increased by $66 million or 45%.

On the other hand, the company’s liabilities soared by $175.4 million or 93.1%. An increase in the amount of repo transactions was the key driver of this growth. The capital was expanded by $70 million or 47.4%.

The net income of Freedom Broker dropped by $32.7 million or 70.2% due to an increased number of payments related to repo transactions, higher operational costs and fluctuations in exchange rates. At the same time, the company reported higher pay-offs from securities in its portfolio measured at fair value, revenue from the revaluation of financial assets measured at fair value and revenue from the purchase and sale of financial assets.

Freedom Finance Global Plc, also operating under the Freedom Broker brand and providing access to the Astana International Exchange and foreign exchanges, reported 14,000 new clients who opened brokerage accounts in 2023 and made more than 2.5 million transactions. As of December 2023, there were 146,500 accounts registered with the company.

In addition, in October 2023, the Astana Financial Services Authority assigned Freedom Finance Global Plc to organize a pilot project aimed at providing Kazakhstani retail investors with access to options trading.