Joint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz reported FY 2025 revenue of ₸4,046.07 billion, up 60% YoY from ₸2,532.16 billion in 2024, driven by strong growth across Payments (up 12% to ₸658.73B), Marketplace (up 164% to ₸1,931.47B, including Hepsiburada acquisition), and Fintech (up 20% to ₸1,542.93B). Net income rose 1% to ₸1,067.71 billion from ₸1,056.83 billion, with Payments net income up 13% to ₸433 billion, Fintech up 9% to ₸355 billion, offset by Marketplace decline to ₸280 billion (incl. Türkiye losses). Total assets grew 32% to ₸11,081.75 billion, loans to customers up 25% to ₸7,172.16 billion. Operating cash flow increased 16% to ₸673.61 billion. Hepsiburada acquisition boosted Marketplace but contributed ₸89.6B net loss. Cost of Risk stable at 2.2%. Forward-looking, focus on Super App engagement (77 monthly transactions per active consumer), new products like Kaspi Alaqan, and Türkiye expansion signal sustained growth amid high interest rates.

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