Kaspi.kz Grows Revenue 14.2% but Profit Stalls at KZT 791.8bn

Kaspi.kz increased revenue 14.2% to KZT 3.31 trillion in the first nine months of 2026, but net profit barely moved, settling at KZT 791.8 billion — effectively flat year on year. The company earns more from lending, commerce and payments, yet a significant share of the additional income goes to servicing deposits and funding new services.

The results come from the January–September financial report published on 9 November. Third-quarter revenue reached KZT 1.12 trillion, up roughly 1% year on year; excluding currency effects, growth was 18%. Net profit for July–September rose 1.1% to KZT 281 billion. Over nine months the figure added just 0.1%.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) came in at KZT 408 billion for the third quarter, up 1%, and KZT 1.17 trillion for nine months, up 5%.

What is squeezing the fintech margin?

Fintech revenue grew 19% in the third quarter to KZT 489 billion. The average net loan book expanded 14% to KZT 7.5 trillion. Segment adjusted EBITDA still fell 1% to KZT 179 billion.

The main reason is costlier funding, according to Kazakh economist Turar Abdi. With interest rates high, Kaspi.kz's average deposit cost rose from 13.4% to 14.9%, while deposit volumes grew 21% to KZT 8.3 trillion. Quarterly interest expenses on deposits climbed from KZT 246 billion to KZT 303.8 billion.

The company is pushing back. In August and October it cut rates on three-month deposits by one percentage point each time. Meanwhile, the share of non-performing loans reached 6.9% after nine months, against 6.1% at the end of 2025.

How fast is the marketplace growing?

The marketplace — spanning Kaspi Magazin, partner trade services, Kaspi Travel, delivery, advertising and other e-commerce platforms — remains the most dynamic business line.

Key third-quarter and nine-month figures:

• Revenue up 20% in constant currency to KZT 466 billion; adjusted EBITDA up 8% to KZT 124 billion
• Advertising and delivery income up 42%
• E-commerce orders up 29% over nine months to 231.1 million
• Purchases per user up from 12.8 to 16.3
• Items sold in Kazakhstan up 24% in the third quarter

Gross merchandise volume (GMV, total sales value) grew far more slowly: up 8% in July–September to KZT 2.2 trillion, with the average item price down 8%. Abdi links this gap partly to the tenge's strengthening, which made imported goods cheaper for sellers and allowed price cuts — so buyers bought more without spending proportionally more.

Payments: volume up, margin flat

Total payment volume rose 14% in the third quarter to KZT 13.6 trillion. Segment revenue grew 6% to KZT 182 billion, but adjusted EBITDA slipped 1% to KZT 105 billion. Over nine months, payments worth KZT 37.6 trillion flowed through the company's services, 14% above last year; segment revenue for the period reached KZT 509 billion.

What does this change for shareholders?

The board has recommended a dividend of KZT 1,000 per ordinary share, with the question going to an extraordinary shareholders' meeting on 9 December 2026.

For now, Kaspi.kz keeps converting growth in lending, orders and payments into revenue — but deposit costs and new-service investment are absorbing nearly all of the incremental profit.