Joint Stock Company Kaspi.kz(KSPI) - 2025 Q2 - Quarterly Report

Revenue and Income - Revenue for the six months ended June 30, 2025, increased to KZT 1,789,352 million, a growth of 55.3% compared to KZT 1,152,051 million in the same period of 2024[3] - Net income for the six months ended June 30, 2025, rose to KZT 512,678 million, reflecting a 10.0% increase from KZT 466,057 million in the prior year[3] - Basic earnings per share for the six months ended June 30, 2025, increased to KZT 2,675, up 10.7% from KZT 2,416 in the same period of 2024[3] - Total comprehensive income for the six months ended June 30, 2025, was KZT 434,308 million, a decrease from KZT 447,002 million in the same period of 2024[4] - The company reported a net fee revenue of KZT 741,205 million for the six months ended June 30, 2025, which is a 28.2% increase from KZT 578,065 million in the prior year[3] - Interest revenue for the six months ended June 30, 2025, increased to KZT 709,033 million, up 44.7% from KZT 490,137 million in the same period of 2024[3] - Marketplace revenue for the six months ended June 30, 2025, was KZT 808,433 million, a significant increase of 153.5% compared to KZT 319,056 million in 2024[34] - Retail revenue for the six months ended June 30, 2025, was KZT 335,322 million, a substantial increase from KZT 75,674 million in 2024, representing a growth of 343.5%[27] Assets and Liabilities - Total assets as of June 30, 2025, reached KZT 10,048,025 million, a significant increase from KZT 8,377,101 million at the end of 2024[5] - The company’s total liabilities as of June 30, 2025, amounted to KZT 8,018,363 million, an increase from KZT 6,804,240 million at the end of 2024[5] - Loans to customers grew to KZT 6,392,266 million as of June 30, 2025, compared to KZT 5,746,600 million at the end of 2024, marking an increase of 11.2%[5] - Cash and cash equivalents increased to KZT 1,077,948 million as of June 30, 2025, up from KZT 619,470 million at the end of 2024, representing a growth of 74.1%[5] - The total allowance for impairment losses on loans to customers was KZT 334,634 million as of June 30, 2025, compared to KZT 295,843 million as of 31 December 2024, indicating an increase of 13.1%[63] Cash Flow and Financing Activities - Net cash inflow from operating activities increased significantly from KZT 99,793 million in H1 2024 to KZT 324,983 million in H1 2025, representing a growth of 225%[7] - Net cash inflow from financing activities shifted from an outflow of KZT 378,209 million in H1 2024 to an inflow of KZT 276,457 million in H1 2025[8] - Interest received from loans to customers rose from KZT 368,736 million in H1 2024 to KZT 638,422 million in H1 2025, an increase of 73%[7] Expenses and Costs - Costs and operating expenses for the six months ended June 30, 2025, totaled KZT 1,159,944 million, a 97.6% increase from KZT 586,667 million in 2024[39] - Employee benefits for the six months ended 30 June 2025 were KZT 36,073 million, up from KZT 13,869 million in the prior year[47] - Technology and product development expenses increased to KZT 39,130 million for the six months ended 30 June 2025, compared to KZT 26,446 million for the same period in 2024[47] Acquisitions and Investments - The company acquired a 65.41% share in "D-MARKET Electronic Services & Trading" for approximately USD 1,127 million on January 29, 2025[13] - Kaspi.kz signed a share purchase agreement for Rabobank's Turkish subsidiary, which is subject to regulatory approval[14] - The Group acquired a 65.41% share in Hepsiburada on 29 January 2025, aiming to enhance growth and financial performance[104] - Goodwill recognized from the acquisition of Hepsiburada amounted to KZT 552,041 million, primarily related to expected sales growth and synergies[107] Financial Ratios and Performance Metrics - The Bank's Tier 1 capital ratio improved from 17.6% as of 31 December 2024 to 18.6% as of 30 June 2025, exceeding the minimum regulatory requirement of 6.5%[102] - The weighted average number of common shares for diluted earnings per share increased slightly to 191,226,496 as of 30 June 2025 from 191,101,618 in the prior year[52] Shareholder Information - Dividends declared for the six months ended 30 June 2024 amounted to KZT 323,028 million, while no dividends were declared for the same period in 2025[77] - The total number of GDRs acquired through buyback programs reached 4,036,932, with a total amount paid of KZT 127,227 million[74]