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Kaspi.kz JSC (KSPI) KZT

At a glance: strengths & risks
✓Revenue growing (+60%)✓Strong ROE (41%)✓Book value growing (+65%)

Sector: Banks

KSPI

Price chart

46 100 KZTDay -4.55%

Key metrics

Market

Price
46 100 KZT · -4.55%
Market cap
8769.5 bn KZT

Growth

Δ NII y/y
26.9%
Δ net profit y/y
-0.8%

Multiples

P/E (LTM)
8.2x
P/B (FY)
3.4x
P/E (ann.)
8.7x

Returns

Dividend yield
—
ROE (annualized)
38.3%
ROI (ROE ÷ P/B)
11.4%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+8.8%
↓ details

Liquidity

Daily turnover (KASE)
46 100

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
2026-03-31Q1 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)
2025-12-31FY 2025 (12M)PARTIAL—
y/y 43.7%
284.4
y/y -51.9%
11081.7
y/y 32.3%
2601.6
y/y 65.4%
43.2%Report (PDF)
2025-09-30Q3 2025 (3M)OK—
y/y 52.3%
278.0
y/y 1.3%
10348.7
y/y 35.8%
2342.8
y/y 70.3%
17.3%Report (KASE)
2025-06-30Q2 2025 (3M)OK—
y/y —
257.3
y/y —
10048.0
y/y —
1954.4
y/y —
55.1%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)OK269.0
y/y 41.2%
590.8
y/y 23.0%
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%
-191.7
y/y 18.0%
7620.6
y/y 25.4%
1375.5
y/y 36.3%
28.1%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)OK190.5
y/y —
480.5
y/y —
6821.9
y/y —
1103.2
y/y —
80.4%Report (KASE)
2023-09-30Q3 2023 (3M)OK93.2
y/y —
-135.8
y/y —
6079.3
y/y —
1009.4
y/y —
32.0%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)

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> · 49.9 bln mo <span style='color:#166534'>+8.9%</span></div> source: NBK

PeriodNet profit (YTD)
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%
Aug 2025372.4 bln
+13.4% y/y · 53.3 bln mo +14.8%
Jul 2025319.1 bln
+13.2% y/y · 54.0 bln mo +13.9%
Jun 2025265.1 bln
+13.0% y/y · 48.5 bln mo +19.4%
May 2025216.5 bln
+11.7% y/y · 42.8 bln mo +4.7%
Apr 2025173.8 bln
+13.6% y/y · 45.5 bln mo +13.6%
Mar 2025128.3 bln
+13.6% y/y · 42.9 bln mo -2.3%
Feb 202585.4 bln
39.1 bln mo
Jan 202546.3 bln
+19.9% y/y · 46.3 bln mo +19.9%
Dec 2024530.8 bln
+11.6% y/y · 49.9 bln mo +8.9%

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, EV/EBITDA), profitability and dividend yield of Kaspi.kz JSC (KSPI) — from primary filings.

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

Frequently asked questions

What is Kaspi.kz JSC (KSPI)'s P/E ratio?
Kaspi.kz JSC (KSPI) trades at a P/E of 8.2x (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 3.4x.
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 8769.5 bn KZT.

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