Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 26

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 26
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 interest income from loan business, using straight-line method.
For the year ended March 31, 2024, we recognized interest income of $0.2 million from loan business.

Other service revenues - Other service
revenues were stable at US$0.3 million and US$0.3 million in the years ended March 31, 2023 and 2022, respectively.

Trading gains - Trading gains were
firstly recognized as proprietary trading business started in March 2020. We had trading gains of US$0.1 million in the year ended March
31, 2024 as compared to trading gains of US$0.2 million in the year ended March 31, 2023, which was mainly driven by the market condition
of the US stock market.

Interest income and others - Interest
income and others increased from US$0.5 million in the year ended March 31, 2023 to US$1.2 million in the year ended March 31, 2024. The
increase was attributable to interest income of $0.1 million from loans of US$5.0 million to a third party, interest income of $0.3 million
charged on receivables due from our clients who traded US Stock markets, and an increase in bank interest income with increase in cash
balance.

Expenses

Commission expenses - Commission
expenses decreased from US$2.8 million for the year ended March 31, 2023 to US$2.3 million for the year ended March 31, 2024. The decrease
in commission expenses was in line with the decrease in commission income for the years ended March 31, 2024 and 2023.

Compensation and benefits - Compensation
and benefits increased by 34.7% from US$1.0 million in the year ended March 31, 2023 to US$1.4 million in the year ended March 31, 2024,
which was mainly caused by increase of headcount as we acquired Top 500 and employed staff in our Australia office.

Travel and business development - Travel
and business development expenses decreased by 36.4% from US$0.2 million in the year ended March 31, 2023 to US$0.1 million in the year
ended March 31, 2024. The decrease was primarily due to higher travel expenses incurred in the year ended March 31, 2023 for celebration
of the