Research Reports

Summary

Joint Stock Company Kaspi.kz reported unaudited Q1 2026 net income of 251.9 billion KZT, down 0.8% year-on-year, with revenue up 31.5% to 1,080.6 billion KZT, driven by growth in interest revenue and retail revenue, while also disclosing its acquisition of additional Hepsiburada shares and ongoing Rabobank A.Ş. purchase agreement.

Key takeaways

Q1 2026 revenue was 1,080,630 million KZT, up 31.5% from 821,851 million KZT in Q1 2025 — reflects continued platform expansion and marketplace growth.

Net income was 251,907 million KZT, down 0.8% year-on-year — decline attributable to higher provision expenses and tax expense despite revenue growth.

Interest revenue rose 37.8% to 451,887 million KZT, outpacing cost of funds growth — signals continued lending scale and yield expansion in local currency.

Cash and cash equivalents decreased to 797,075 million KZT as of 31 March 2026 — driven by share buybacks (28,368 million KZT) and acquisitions, not operational weakness.

Group acquired additional 20.25% stake in Hepsiburada for ~USD 168 million in Q1 2025, raising ownership to 85.66% — confirms strategic commitment to Türkiye expansion.

Rabobank A.Ş. acquisition remains pending regulatory approval in Türkiye — transaction is non-material and involves a bank with no clients or branches.

Full analysis

Kaspi.kz’s Q1 2026 results reflect strong top-line growth—revenue surged 31.5% year-on-year to 1,080.6 billion KZT—primarily fueled by a 37.8% increase in interest revenue (to 451.9 billion KZT) and a 62.7% jump in retail revenue (to 218.6 billion KZT), underscoring the scalability of its fintech and marketplace platforms. However, net income declined modestly by 0.8% to 251.9 billion KZT, driven by higher provision expenses (up 25.7% to 50.8 billion KZT) and income tax (up 31.8% to 70.4 billion KZT), partially offset by improved operating leverage in fee-based businesses. The company maintained robust capital discipline: it executed a 28.4 billion KZT share buyback and funded its Hepsiburada stake acquisition (USD 168 million), while still generating positive operating cash flow of 86.5 billion KZT. Balance sheet strength remains evident—customer accounts stood at 7.43 trillion KZT and loans to customers at 7.26 trillion KZT as of 31 March 2026—demonstrating tight deposit-funding alignment. The Hepsiburada investment signals active internationalization, and the pending Rabobank A.Ş. deal—though immaterial—suggests further infrastructure build-out in Türkiye. Management’s commentary highlights network effects across its Super App ecosystem and continued reliance on local-currency funding, reinforcing resilience amid macro uncertainty. No forward guidance was disclosed in this filing.