Kaspi.kz's Q2 2025 Earnings Call: Contradictions in Funding Costs, Market Recovery, and Strategic Growth

Funding costs and interest rate environment, smartphone impact and market recovery, marketplace growth strategy and vertical expansion, dividend and shareholder returns, banking license acquisition and impact on business strategy are the key contradictions discussed in Joint Stock Company Kaspi.kz's latest 2025Q2 earnings call.



Strong Financial Performance Amid High Interest Rates:
- Kaspi.kz reported a 16% increase in payments revenue in Q2, with net income up 19%.
- Marketplace revenue increased by 25%, and Fintech originations were up 17% year-on-year.
- Despite high interest rates, the company showed resilience due to strong demand for payment services and consumer engagement.

E-commerce Growth and Vertical Expansion:
- E-commerce GMV grew by 15%, with specific verticals like e-grocery showing 57% year-over-year growth.
- The company is expanding its e-grocery business, now covering five major cities in Kazakhstan.
- This growth was driven by increased consumer demand and strategic expansion across major cities.

Innovations in Payment and Restaurant Services:
- Kaspi QR processing increased by 128%, with five banks working with the platform.
- The introduction of restaurant payment solutions showed promising results, with net promoter scores indicating high customer satisfaction.
- These innovations are aimed at reducing operational complexities and increasing transaction efficiency.

Deposit and Domestic Tour Initiatives:
- The fixed-term deposit with higher interest rates saw extraordinary growth, with amounts up 207% and customers up 263%.
- Domestic tour services launched, achieving 10x growth in June relative to the previous month.
- These initiatives were introduced to attract and engage savvy consumers and promote local tourism.