The flat net income despite strong revenue growth signals margin compression from rising funding costs and credit losses. Monitor the Turkish expansion (Hepsi Bank) for integration risk and the trajectory of NPLs and provision coverage. The proposed dividend increase is a positive signal but does not offset the underlying cost pressure.
Price Chart
Executive Summary
Kaspi.kz reported H1 2026 results showing revenue growth of 22.5% YoY to KZT 2,192,782 million, driven by strong performance across all segments, particularly Marketplace (+27.2%) and Fintech (+23.9%). However, net income attributable to shareholders was essentially flat at KZT 506,127 million (down 0.6% YoY), as higher interest expenses (+37.9%) and provision charges (+29.7%) offset top-line gains. The company also declared a proposed dividend of KZT 1,000 per share and completed the acquisition of Rabobank A.S. (renamed Hepsi Bank) in July 2026. The combination of solid revenue growth, margin pressure from rising costs, and ongoing expansion in Turkey presents a mixed picture for the stock.
Key Facts
- H1 2026 revenue increased 22.5% YoY to KZT 2,192,782 million
- Net income attributable to shareholders was flat at KZT 506,127 million (down 0.6% YoY)
- Basic EPS declined slightly to KZT 2,665 from KZT 2,675
- Interest expenses and fees rose 37.9% YoY to KZT 553,546 million
- Provision expenses increased 29.7% YoY to KZT 106,928 million
- Adjusted EBITDA grew 6.9% YoY to KZT 765,101 million
- Gross NPLs rose to KZT 547,942 million (from KZT 466,845), with coverage ratio declining to 76% from 80%
- Board proposed a dividend of KZT 1,000 per share, subject to shareholder approval
- Completed acquisition of Rabobank A.S. (renamed Hepsi Bank) on July 14, 2026
- Share buy-back program continued with KZT 28,368 million spent in H1 2026
Financial Impact
Revenue grew 22.5% but net income was flat; interest costs rose 37.9% and provisions 29.7%
Risk Factors
- Rising interest expenses and provision costs are compressing margins
- NPLs increased 17.4% with coverage ratio declining to 76%
- Integration of Turkish acquisitions (Hepsiburada, Hepsi Bank) carries execution risk
- KZT appreciation vs USD (from 505.53 to 480.72) may impact reported USD results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (KSPI) — Batch item 1 | 0001985487-26-000026 |
| Document: kaspi.kz_form_6-k_aug_12.htm | 0001985487-26-000026 |
| Document: 0001985487-26-000026-index-headers.html | 0001985487-26-000026 |
| Document: 0001985487-26-000026-index.html | 0001985487-26-000026 |
| Document: 0001985487-26-000026.txt | 0001985487-26-000026 |
| 6-K Filing (KSPI) — Batch item 6 | 0001985487-26-000026 |
| Document: kaspi.kz_form_6-k_aug_12.htm | 0001985487-26-000026 |
| Document: 0001985487-26-000026-index-headers.html | 0001985487-26-000026 |
| Document: 0001985487-26-000026-index.html | 0001985487-26-000026 |
| Document: 0001985487-26-000026.txt | 0001985487-26-000026 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | 6-K | $97.15 | awaiting T+60 | — | $90.79 (−6.55%) |
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 (−14.72%) |
Aug 19, 2026 9w ago | Insider Cluster | $103.70 | awaiting T+60 | — | $90.79 (−12.45%) |
Aug 12, 2026 10w ago | 6-K | $99.55 | awaiting T+60 | — | $90.79 (−8.80%) |
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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