(RTTNews) - Freedom Holding Corp. (FRHC), a diversified financial services holding company, Friday announced a decline in third quarter earnings, on higher expenses, compared to the prior year.
Currently, shares are gaining 2.09 percent at $152.74.
The quarterly earnings was $78.28 million, down from $96.37 million a year ago.
On a per share basis, earnings were $1.29, lower than $1.63 last year. The company has recorded provision for allowance for expected credit losses of $30.61 million, while the prior year recovery was $3.53 million.
Revenue for the quarter climbed 56.5 percent to $655.19 million from $419.64 million in the prior year third quarter. Insurance underwriting income for the quarter surged 125 percent to $177.5 million, from the prior year. Fee and commission income was up 19 percent to $143.4 million from the same period last year.
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