Core Insights - Kaspi.kz reported a 21% year-over-year increase in revenue and a 16% increase in net income for Q1 2025, excluding Türkiye [3] - Monthly transactions per active consumer reached 75, indicating strong customer engagement [3] - The company experienced a 23% increase in total payment volume (TPV) and a 17% increase in transactions within its Payments segment [3] Financial Performance - Payments revenue grew by 16% year-over-year, while net income in this segment increased by 21% [3] - Marketplace platform revenue grew by 33% year-over-year, significantly outpacing the 20% growth in gross merchandise volume (GMV) [3] - e-Grocery within the Marketplace saw a remarkable GMV increase of 64% year-over-year [3] Fintech and Credit Quality - The Fintech platform's total financing volume (TFV) grew by 17% year-over-year, with revenue growth of 18% attributed to healthy origination levels [3] - Macro-provisioning increased to 0.6% of cost of risk in Q1 2025, up from 0.5% in the same period in 2024, but underlying customer credit quality trends remain healthy [3] Strategic Developments - The acquisition of 65.41% of Hepsiburada was completed in January 2025, with an initial cash payment of 526.9 million due within six months [3] - A $650 million Eurobond was successfully placed to support expansion plans in Türkiye [3] - The company is in the process of acquiring Rabobank A.Ş. to launch deposit products and fund other financial services, pending regulatory approval [3] Market Conditions and Outlook - New smartphone registration requirements in Kazakhstan temporarily reduced demand, resulting in a 7% lower e-commerce GMV growth in Q1 [3] - The company expects around 15% consolidated net income growth year-over-year in 2025, a more conservative outlook compared to the previous guidance of 20% [3]
Kaspi.kz 1Q 2025 Financial Results