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Kaspi.kz JSC (KSPI) KZT

Kaspi.kz runs Kazakhstan’s leading e-commerce marketplace, payment platform and digital retail bank (listed as KSPI on KASE).

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q2 2026)✓Strong ROE (41%)✓Book value growing (+65%)

Sector: Banks

KSPI

Price chart

41 207.07 KZTDay —

Key metrics

Market

Price
41 207.07 KZT
Market cap
7838.7 bn KZT

Growth

Δ NII y/y
43.7%
Δ net profit y/y
0.1%

Multiples

P/E (LTM)
7.3x
P/B (FY)
3.0x
P/E (ann.)
7.6x

Returns

Dividend yield
6.2%
ROE (annualized)
38.3%
ROI (ROE ÷ P/B)
12.7%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+9.9%
↓ details

Liquidity

Daily turnover (KASE)
41 250

Shares: connector/market_inputs

Financial results

Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusNet interest incomeB KZTNet profitB KZTAssetsB KZTEquityB KZTROE (annualized)Source
2026-06-30Q2 2026 (3M)OK—
y/y —
258.9
y/y 0.1%
12057.5
y/y 20.0%
2639.1
y/y 30.0%
38.3%Link
2026-03-31Q1 2026 (3M)OK183.9
y/y 26.9%
251.9
y/y -0.8%
11097.7
y/y 19.4%
2775.1
y/y 55.6%
37.5%Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL179.8
y/y 24.6%
284.4
y/y -10.1%
11081.7
y/y 32.3%
2601.6
y/y 65.4%
43.2%Report (PDF)
2025-09-30Q3 2025 (3M)OK183.1
y/y —
278.0
y/y —
10348.7
y/y —
2342.8
y/y —
17.0%Report (KASE)
2025-06-30Q2 2025 (3M)OK162.8
y/y —
258.6
y/y —
10048.0
y/y —
2029.7
y/y —
54.3%Link
2025-03-31Q1 2025 (3M)OK144.9
y/y 52.8%
254.0
y/y 13.7%
9294.7
y/y 34.5%
1783.7
y/y 31.3%
60.6%Report (PDF)
2024-12-31Q4 2024 (3M)OK144.3
y/y 48.3%
316.4
y/y 27.6%
8377.1
y/y 22.8%
1572.9
y/y 42.6%
71.7%Link
2024-09-30Q3 2024 (3M)OK124.7
y/y 24.8%
274.4
y/y 23.2%
7620.6
y/y 25.4%
1375.5
y/y 36.3%
75.8%Report (PDF)
2024-06-30Q2 2024 (3M)OK102.8
y/y 19.8%
242.6
y/y 26.5%
7167.9
y/y 23.0%
1231.0
y/y 33.0%
72.0%Report (PDF)
2024-03-31Q1 2024 (3M)OK94.8
y/y 21.0%
223.4
y/y 28.3%
6909.2
y/y 27.0%
1358.6
y/y 36.4%
72.6%Report (PDF)
2023-12-31Q4 2023 (3M)OK97.3
y/y —
248.0
y/y —
6821.9
y/y —
1103.2
y/y —
80.4%Report (KASE)
2023-09-30Q3 2023 (3M)OK93.2
y/y —
232.5
y/y —
6079.3
y/y —
1009.4
y/y —
82.8%Report (KASE)
2023-06-30Q2 2023 (3M)OK86.6
y/y —
194.1
y/y —
5828.1
y/y —
925.6
y/y —
76.7%Report (KASE)
2023-03-31Q1 2023 (3M)OK78.4
y/y —
174.2
y/y —
5441.0
y/y —
996.2
y/y —
—Report (KASE)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Monthly statistics (bank charter, NBK)

<div class='muted' style='font-size:.72rem;line-height:1.2'><span style='color:#166534'>+11.6% y/y</span> · 50.2 bln mo <span style='color:#991b1b'>-0.4%</span></div> source: NBK

Bank potential breakdown (Return per share)
ReportedForecastMonthly ×12
Reporting periodQ2 2026
RAS profit, quarter months
Apr 2026 36.9 bln
May 2026 44.4 bln
Jun 2026 34.9 bln
Apr 2026 36.9 bln
May 2026 44.4 bln
Jun 2026 34.9 bln
RAS profit, following months
Jul 2026 41.2 bln
Aug 2026 41.8 bln
Forecast profit change (×1.01)+1%
Annualised profit, mln RUB1.0 trn1.1 trn502.1 bln
Book (equity)2.6 trn2.6 trn2.6 trn
ROE (annualised)39%40%19%
Price / Book2.98x2.98x2.98x
Potential [ROE / P/B]+13%+13%+6%
Card headline: avg of Forecast & Monthly+10%

Potential = annualised net profit / market cap (= ROE / P/B). 'Reported' is the last IFRS quarter annualised; 'Forecast' adjusts it for seasonality from the latest monthly RAS data (multiplier X = profit of the most recent months / profit of the quarter's months); 'Monthly ×12' annualises the latest RAS month. RAS = parent bank charter, IFRS = group; the bases differ, so the forecast is a momentum indicator.

PeriodNet profit (YTD)
Aug 2026309.8 bln
-16.8% y/y · 41.8 bln mo -21.5%
Jul 2026268.0 bln
-16.0% y/y · 41.2 bln mo -23.6%
Jun 2026226.8 bln
-14.5% y/y · 34.9 bln mo -28.1%
May 2026191.9 bln
-11.4% y/y · 44.4 bln mo +3.7%
Apr 2026147.5 bln
-15.1% y/y · 36.9 bln mo -18.8%
Mar 2026110.6 bln
-13.8% y/y · 37.8 bln mo -11.8%
Feb 202672.8 bln
-14.8% y/y · 31.2 bln mo -20.2%
Jan 202641.6 bln
-10.2% y/y · 41.6 bln mo -10.2%
Dec 2025571.6 bln
+7.7% y/y · 52.9 bln mo +6.0%
Nov 2025518.7 bln
+7.8% y/y · 44.7 bln mo -9.2%
Oct 2025474.0 bln
+9.8% y/y · 51.4 bln mo -3.0%
Sep 2025422.6 bln
+11.6% y/y · 50.2 bln mo -0.4%

Balance sheet & asset quality (NBK, bank-only)

Period-end balances and loan-book quality from the National Bank of Kazakhstan per-bank return (bank-only, pre-consolidation, not IFRS).

PeriodTotal assetsGross loansNPL 90+, % of loansStage 3, % of loans
Aug 202610.7 trn
+17.8% y/y
8.4 trn
+15.7% y/y
6.7%10.1%
Jul 202610.5 trn
+20.1% y/y
8.1 trn
+17.5% y/y
6.8%10.3%
Jun 202610.2 trn
+15.2% y/y
8.1 trn
+18.9% y/y
6.8%10.0%
May 202610.0 trn
+18.0% y/y
8.0 trn
+21.5% y/y
6.7%9.8%
Apr 20269.9 trn
+17.4% y/y
8.1 trn
+24.3% y/y
6.3%9.5%
Mar 20269.6 trn
+17.4% y/y
7.8 trn
+22.1% y/y
6.2%9.6%
Feb 20269.5 trn
+21.5% y/y
7.8 trn
+24.8% y/y
6.0%9.3%
Jan 20269.4 trn
+19.7% y/y
7.6 trn
+25.9% y/y
6.0%9.4%
Dec 20259.5 trn
+15.8% y/y
8.1 trn
+33.4% y/y
5.5%8.8%
Nov 20259.0 trn
+14.9% y/y
7.5 trn
+27.3% y/y
5.5%9.3%
Oct 20258.8 trn
+14.1% y/y
7.4 trn
+28.9% y/y
5.5%9.0%
Sep 20258.7 trn
+16.7% y/y
7.2 trn
+30.5% y/y
5.4%8.9%

Peer comparison

Group: Banks. Each peer is shown as it trades and re-priced onto this company's market (Kazakhstan) by the ratio of our coverage medians.

CompanyMarketCap, $bnP/EP/E, adjusted
State Bank of IndiaIndia94.110.3x3.5x
Emirates NBDUAE55.08.4x5.0x
BradescoBrazil43.69.3x5.0x
HDFC BankIndia115.415.5x5.2x
Abu Dhabi Commercial BankUAE35.99.7x5.8x
First Abu Dhabi BankUAE56.19.7x5.8x
ICICI BankIndia105.317.7x6.0x
KB Financial GroupKorea42.59.0x7.4x
Bank Central AsiaIndonesia35.611.1x13.9x
Royal Bank of CanadaCanada280.019.3x—
Mitsubishi UFJ Financial GroupJapan240.514.1x—
Bank of Nova ScotiaCanada115.620.9x—
Group median10.7x5.8x
Group average12.9x6.4x
This companyKazakhstan17.87.3x7.3x

Group median 10.7x as traded, 5.8x adjusted; this company 7.3x — a 26% premium.

Group average 12.9x as traded, 6.4x adjusted; against the average this company is at a 14% premium.

At the adjusted group median the market cap would be -21% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 28.3x, Russia 5.9x, South Africa 11.1x, Kazakhstan 9.2x, India 27.4x, Indonesia 7.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: KASE news).

Investor reporting (IR): https://ir.kaspi.kz/financial-information/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of Kaspi.kz JSC (KSPI) — from primary filings.

Frequently asked questions

What is Kaspi.kz JSC (KSPI)'s P/E ratio?
Kaspi.kz JSC (KSPI) trades at a P/E of 7.3x (price to trailing 12-month earnings).
What is Kaspi.kz JSC (KSPI)'s P/B ratio?
Kaspi.kz JSC (KSPI) trades at a P/B of 3.0x.
What is Kaspi.kz JSC (KSPI)'s dividend yield?
Kaspi.kz JSC (KSPI)'s trailing 12-month dividend yield is 6.2%.
What is Kaspi.kz JSC (KSPI)'s return on equity (ROE)?
Kaspi.kz JSC (KSPI)'s ROE is 38.3%.
What is Kaspi.kz JSC (KSPI)'s market capitalization?
Kaspi.kz JSC (KSPI)'s market cap is 7838.7 bn KZT.

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