Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 23

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 23
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, 2025 and 2024, we recognized trading gains of US$0.1 million and US$0.1 million from distribution of dividends
from the structured note portfolio.

Interest
income from loan business

Other service revenues - Other service
revenues were stable at US$0.2 million and US$0.3 million in the years ended March 31, 2025 and 2024, respectively.

Trading gains - Trading gains were
firstly recognized as proprietary trading business started in March 2020. We had trading losses of US$1.4 million for the year ended March
31, 2025 as compared to trading gains of US$0.1 million in the year ended March 31, 2024, which was mainly driven by the fluctuating market
condition of the US stock market.

Interest income and others - Interest
income and others decreased from US$1.2 million in the year ended March 31, 2024 to US$0.9 million in the year ended March 31, 2025. The
decrease was attributable to decrease in bank interest income with decrease in cash balance.

Expenses

Commission expenses - Commission
expenses decreased from US$2.3 million for the year ended March 31, 2024 to US$1.3 million for the year ended March 31, 2025. The decrease
in commission expenses was in line with the decrease in futures brokerage commission income for the years ended March 31, 2025 and 2024.

Compensation and benefits - Compensation
and benefits increased by 28.3% from US$1.4 million in the year ended March 31, 2024 to US$1.7 million in the year ended March 31, 2025,
which was mainly caused by increase of headcount as we employed more staff in our Australia and Singapore offices.

Professional fees - Professional
fees decreased by 67.9% from US$1.8 million in the year ended March 31, 2024 to US$0.6 million in the year ended March 31, 2025. The higher
professional fees for the year ended March 31, 2024 were primarily due that more professional expenses relating to IPO, including legal
expenses and consulting expenses, were expensed in the year ended March 31, 2024.

Allowance for expected credit loss - 
As compared with allowance for expected credit loss for the year