Joint Stock Company Kaspi.kz(KSPI) - 2025 Q3 - Quarterly Report

Financial Performance - Revenue for the nine months ended September 30, 2025, increased to KZT 2,899,526 million, a growth of 61% compared to KZT 1,801,805 million in the same period of 2024[3] - Net income for the nine months ended September 30, 2025, was KZT 790,724 million, representing a 7% increase from KZT 740,433 million in the previous year[3] - Basic earnings per share rose to KZT 4,140 for the nine months ended September 30, 2025, up from KZT 3,835 in the same period of 2024[3] - The company reported a total comprehensive income of KZT 747,829 million for the nine months ended September 30, 2025, slightly down from KZT 750,408 million in the same period of 2024[4] - The retail revenue surged to KZT 585,597 million for the nine months ended September 30, 2025, compared to KZT 115,216 million in the same period of 2024, marking a significant increase of 408%[3] - Interest revenue also saw a substantial rise, reaching KZT 1,138,270 million for the nine months ended September 30, 2025, up from KZT 773,757 million in the previous year, an increase of 47%[3] - Marketplace revenue for the nine months ended 30 September 2025 was KZT 1,357,750 million, up from KZT 497,996 million in 2024, indicating a growth of about 172%[35] - Costs and operating expenses for the nine months ended 30 September 2025 totaled KZT 1,923,604 million, a substantial increase from KZT 903,108 million in 2024, representing an increase of about 113%[40] Assets and Liabilities - Total assets as of September 30, 2025, reached KZT 10,348,744 million, an increase from KZT 8,377,101 million as of December 31, 2024[5] - Total liabilities as of September 30, 2025, were KZT 8,005,966 million, up from KZT 6,804,240 million at the end of 2024[5] - Loans to customers increased to KZT 6,801,549 million as of September 30, 2025, compared to KZT 5,746,600 million at the end of 2024, reflecting a growth of 18%[5] - The company’s cash and cash equivalents decreased to KZT 501,519 million as of September 30, 2025, down from KZT 619,470 million at the end of 2024[5] - Non-current assets as of 30 September 2025 were valued at KZT 448,030 million, an increase from KZT 284,909 million in 2024, representing a growth of about 57%[38] Cash Flow and Investments - Operating cash inflow for the nine months ended 30 September 2025 was KZT 213,549 million, a decrease of 27.7% from KZT 295,545 million in the same period of 2024[7] - Cash outflow from investing activities significantly increased to KZT 537,456 million in 2025 from KZT 78,892 million in 2024, primarily due to acquisitions[8] - Proceeds from the issue of debt securities amounted to KZT 326,047 million in 2025, marking a new financing activity[8] - The company acquired a 65.41% share in "D-MARKET Electronic Services & Trading" for approximately USD 1,127 million, completed on 29 January 2025[13] Customer and Loan Metrics - Customer accounts grew to KZT 7,010,084 million as of September 30, 2025, compared to KZT 6,561,950 million as of December 31, 2024, representing an increase of approximately 6.8%[71] - The gross non-performing loans (NPLs) rose to KZT 428,226 million as of September 30, 2025, compared to KZT 327,730 million as of December 31, 2024, indicating an increase of about 30.6%[64] - Provision expenses on loans to customers for the nine months ended September 30, 2025, were KZT 120,303 million, up from KZT 83,076 million for the same period in 2024, reflecting a rise of approximately 45%[65] - The total allowance for impairment losses on loans to customers was KZT 349,442 million as of September 30, 2025, up from KZT 295,843 million as of December 31, 2024, representing an increase of about 18.1%[64] Employee Compensation and Management - Employee benefits for the nine months ended September 30, 2025 were KZT 153,521 million, compared to KZT 76,364 million for the same period in 2024, indicating a significant increase[48] - Compensation to key management personnel rose from KZT 76,364 million in 2024 to KZT 153,521 million in 2025, indicating a significant increase of about 101%[103] Strategic Acquisitions and Growth - The Group acquired a 65.41% share in Hepsiburada on 29 January 2025, marking a strategic acquisition aimed at enhancing growth and financial performance[107] - The identifiable net assets acquired from Hepsiburada amounted to KZT 49,899 million, with total assets recognized at KZT 320,872 million[109] - Goodwill on the acquisition of Hepsiburada was provisionally recognized at KZT 600,274 million, primarily related to expected sales growth and synergies[110] - The acquired business contributed revenues of KZT 729,401 million and a net loss of KZT 34,018 million for the period from 29 January 2025 to 30 September 2025[111] Shareholder Returns - The Group declared dividends of KZT 850 per ordinary share for a total amount of KZT 484,542 million in 2024, while no dividends were declared in 2025[78] - A new share buyback program for up to USD 100 million was approved by the Board of Directors on 8 November 2025[112]