Kaspi.kz Posts 28% Constant-Currency E-Commerce Growth, Proposes 18% Dividend Hike
The Kazakh fintech giant's second-quarter results were driven by accelerating e-commerce engagement and the launch of Kasper, an AI shopping assistant now available to all users.
Strong E-Commerce Performance Drives Growth
Joint Stock Company Kaspi.kz reported second-quarter results showing accelerating e-commerce growth and proposed an 18% dividend increase, reflecting management confidence despite currency headwinds and higher funding costs (6-K filing, 2026-08-10).
The Kazakhstan-based fintech platform's constant-currency e-commerce GMV increased 28% year-over-year to KZT1.3 trillion ($2.6 billion), while purchases rose 33%. Annual e-commerce purchases per consumer climbed to 15.8 from 11.6 in the prior-year period, indicating strengthening engagement.
E-commerce value-added services revenue grew 49% on a constant-currency basis, outpacing overall e-commerce revenue growth of 35% to KZT394 billion ($820 million). The e-commerce third-party take rate expanded 160 basis points year-over-year to 16.1%, supported by advertising and delivery revenue growth.
Consolidated revenue increased 15% year-over-year to KZT1.1 trillion ($2.3 billion), while adjusted EBITDA rose 5% to KZT397 billion ($826 million). Net income remained stable at KZT259 billion ($539 million) despite investments in Turkey and elevated funding costs in Kazakhstan.
AI Assistant Launch Marks Strategic Shift
The company in July launched Kasper, a personal AI shopping assistant now available to all e-commerce consumers in Kazakhstan. Within one month, approximately 20% of available consumers had used the feature, with around 80% of conversations producing tailored product recommendations and 60% of those guiding users to specific products.
"We believe AI will fundamentally change how consumers interact with mobile apps," CEO Mikheil Lomtadze stated in the filing. "Our ambition is to create that trusted assistant for our customers."
Kasper uses natural language processing in Kazakh and Russian, combining leading AI models with proprietary technology and Kaspi.kz's transactional data from millions of interactions. The company emphasized that it evaluates Kasper by successful task completion rather than answer quality alone.
Fintech Growth Offset by Funding Pressures
The Fintech segment reported average net loan portfolio growth of 18% year-over-year to KZT7.3 trillion ($15.2 billion), with revenue increasing 23% to KZT455 billion ($946 million). However, adjusted EBITDA grew just 6% to KZT171 billion ($356 million) as average funding costs rose 150 basis points year-over-year to 14.5%.
In August, the company reduced interest rates on its three-month deposit product—representing roughly one-third of deposits—by 100 basis points, the first such reduction in over two years. Management expects the earnings benefit to appear in the final part of 2026.
The NPL ratio increased to 7.0% in the first half from 6.1% for full-year 2025, though management attributed this to portfolio mix shifts toward lower-risk car and merchant loans.
Turkey Expansion and Dividend Proposal
Kaspi.kz completed its acquisition of Rabobank A.Ş. in Turkey in July, rebranding the operation as Hepsi Bank. The company has launched a shopping loan integrated with Hepsiburada and plans to expand its Fintech offering in Turkey from 2027, with initial capitalization of approximately $300 million.
The Board proposed increasing the quarterly dividend by 18% to KZT1,000 per ADS from KZT850 in the first quarter, subject to shareholder approval. MarginX data shows recent insider sales by director Vyacheslav Kim totaling 36,462 shares.
The company reiterated full-year 2026 guidance, assuming constant currency exchange rates as of January 1, 2026.
This article was generated by MarginX from the 6-K filing on 2026-08-10. It is not investment advice.