Company: FRHC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000924805-25-000002
Chunk: 214

Company: Freedom Holding Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 8
Chunk 214
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2023$(554)$(233)$— $(758)$(1,247)$— $(2,792)Adjustment to allowance for adoption of ASU 2016-13(2,216)(7,436)(35)(6,462)(9,046)— (25,195)Charges(1,760)(16,846)(84)(13,013)(10,493)(11,008)(53,204)Recoveries1,782 9,826 58 7,096 15,617 — 34,379 Forex17 16 1 17 87 — 138 December 31, 2023$(2,731)$(14,673)$(60)$(13,120)$(5,082)$(11,008)$(46,674)

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Table of ContentsFREEDOM HOLDING CORP.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 8 – PROVISION FOR INCOME TAXES 

The Group is subject to taxation in Kazakhstan, Kyrgyzstan, Cyprus, Uzbekistan, Germany, and the United States.The tax rates used for deferred tax assets and liabilities as of December 31, 2024, and March 31, 2024, were 21% for the United States,  20% for Kazakhstan and Azerbaijan, 10% for Kyrgyzstan, 15% for Germany, 12.5% for Cyprus, 25% for United Kingdom, 18% for Armenia and 15% for Uzbekistan. During the nine months ended December 31, 2024, and 2023, the effective tax rate was equal to 15.5% and 15.5%, respectively.

NOTE 9 – SECURITIES REPURCHASE AGREEMENT OBLIGATIONS

As of December 31, 2024, and March 31, 2024, trading securities included collateralized securities subject to repurchase agreements as described in the following table:December 31, 2024Interest rates and remaining contractual maturity of the agreementsAverage interest rate Up to 30 days30-90 daysTotalSecurities sold under repurchase agreements    Non-US sovereign debt14.89 %$1,616,269 $12,477 $1,628,746 Corporate debt