Monitor margin trajectory in 2H 2026 as the 100bps deposit rate cut in August should benefit earnings. Turkey expansion (Hepsi Bank) and AI assistant Kasper are long-term catalysts but not yet material to financials. The flat net income and reiterated guidance suggest limited near-term upside surprise.
Price Chart
Executive Summary
Kaspi.kz reported 2Q 2026 revenue growth of 15% YoY to KZT1.1 trillion ($2.3B), but net income was flat at KZT259 billion ($539M) due to higher funding costs and Turkey investments. The Board proposed an 18% dividend increase to KZT1,000 per ADS, and full-year guidance was reiterated. The AI assistant Kasper launched in July with early adoption, and the Turkey banking acquisition (Hepsi Bank) was completed.
Key Facts
- Total revenue increased 15% YoY to KZT1.1 trillion ($2.3B)
- Net income stable at KZT259 billion ($539M)
- Adjusted EBITDA +5% YoY to KZT397 billion ($826M)
- Quarterly dividend proposed at KZT1,000 per ADS, up 18% from KZT850
- Full-year 2026 guidance reiterated
- e-Commerce constant-currency GMV +28% YoY to KZT1.3 trillion ($2.6B)
- Fintech revenue +23% YoY to KZT455 billion ($946M)
- Acquisition of Rabobank A.Ş. in Turkey completed and rebranded as Hepsi Bank
- AI assistant Kasper launched in July; ~20% of available consumers used it in first month
Financial Impact
Revenue growth of 15% YoY but net income flat; EBITDA margin compressed by higher funding costs and Turkey investments. Dividend increase signals confidence.
Risk Factors
- Higher deposit funding costs compressing net income margin
- Execution risk and investment drag from Turkey operations
- Turkish Lira depreciation vs Kazakhstan Tenge (21% YoY) impacting reported e-Commerce growth
- NPL ratio increased to 7.0% in 6M 2026 from 6.1% in FY 2025
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001985487-26-000024 |
| Document: kaspi.kz_form_6-k_aug_10.htm | 0001985487-26-000024 |
| Document: kspi-ex99_2.htm | 0001985487-26-000024 |
| Document: 0001985487-26-000024-index-headers.html | 0001985487-26-000024 |
| Document: 0001985487-26-000024-index.html | 0001985487-26-000024 |
| Document: 0001985487-26-000024.txt | 0001985487-26-000024 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | 6-K | $97.15 | awaiting T+60 | — | $90.79 (−6.54%) |
Aug 26, 2026 8w ago | Insider Cluster | $105.01 | awaiting T+60 | — | $90.79 (−13.54%) |
Aug 21, 2026 9w ago | Insider Cluster | $106.46 | awaiting T+60 | — | $90.79 (−14.71%) |
Aug 19, 2026 9w ago | Insider Cluster | $103.70 | awaiting T+60 | — | $90.79 (−12.44%) |
Aug 12, 2026 10w ago | 6-K | $99.55 | awaiting T+60 | — | $90.79 (−8.79%) |
Aug 10, 2026 11w ago | 6-K | $94.00 | awaiting T+60 | — | $90.79 (−3.41%) |
Aug 10, 2026 11w ago | Press Release | $94.00 | awaiting T+60 | — | $90.79 (−3.41%) |
Jun 24, 2026 17w ago | Press Release | $85.80 $97.43 | ▲ +13.55% | ▲ +10.72% | $90.79 (+5.82%) |
Jun 12, 2026 19w ago | 6-K | $80.56 $107.21 | ▲ +33.08% | ▲ +29.82% | $90.79 (+12.70%) |
Jun 12, 2026 19w ago | Press Release | $80.56 $107.21 | ▲ +33.08% | ▲ +29.82% | $90.79 (+12.70%) |
US Market Status
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