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Kaspi.kz lifts third-quarter net income 1 per cent to KZT 281 billion
Fintech revenue rose 19 per cent, the weaker lira held reported revenue growth to 1 per cent, and Marketplace GMV guidance fell to 12 per cent.
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Kaspi.kz, the Kazakh payments, marketplace and fintech group, made a net income of KZT 280,984 million in the third quarter of 2026, up 1 per cent on a year earlier, the company said in its results release on 9 November.
Revenue rose 1 per cent to KZT 1,117,194 million in reported terms and 18 per cent in constant currency. The company put the gap mainly down to the depreciation of the Turkish lira, which it said mainly affected reported growth in e-commerce and Marketplace. Adjusted EBITDA rose 1 per cent to KZT 408 billion, or USD 925 million.
Over nine months, revenue grew 14 per cent to KZT 3,309,976 million and net income was flat at KZT 791,780 million. Nine-month adjusted EBITDA was KZT 1,172,724 million, against KZT 1,117,388 million a year earlier.
Fintech, the lending and deposit business, was the largest segment by reported revenue for the quarter. Its revenue rose to KZT 489,030 million from KZT 409,716 million a year earlier, a rise of 19 per cent, as the average net loan portfolio grew 14 per cent to KZT 7.5 trillion. Segment adjusted EBITDA was KZT 178,848 million, slightly below the KZT 180,852 million of the third quarter of 2025.
Payments revenue rose to KZT 181,906 million from KZT 172,130 million. Total payment value reached KZT 13.6 trillion, or USD 30.8 billion, up 14 per cent in constant currency. The segment’s adjusted EBITDA was KZT 104,777 million, against KZT 106,092 million a year earlier.
Marketplace revenue fell to KZT 466,344 million from KZT 549,317 million in reported terms, while constant-currency revenue rose 20 per cent and constant-currency gross merchandise value rose 8 per cent, the company said. Marketplace adjusted EBITDA increased to KZT 123,998 million from KZT 115,023 million. Over nine months, Marketplace revenue was KZT 1,494,377 million, up from KZT 1,357,750 million.
Revenue reported for Türkiye was KZT 214,084 million in the quarter, against KZT 327,686 million a year earlier; over nine months it rose to KZT 765,836 million from KZT 724,415 million. The company said Hepsiburada remains around breakeven at the EBITDA level.
Kaspi.kz lowered its 2026 guidance for constant-currency Marketplace gross merchandise value growth to around 12 per cent from around 20 per cent, which it said reflected lower value per item sold in Kazakhstan as the tenge appreciated. It kept its guidance of around 15 per cent growth in payment value, around 15 per cent growth in the average Fintech loan portfolio and around 5 per cent growth in consolidated adjusted EBITDA.
The board proposed a quarterly dividend of KZT 1,000 per American depositary share, subject to shareholder approval. “We remain confident in the strength of our businesses and their long-term growth potential,” Mikheil Lomtadze, the co-founder and chief executive, said.
The results arrive as borrowing costs in Kazakhstan fall: the National Bank of Kazakhstan cut its base rate to 15.75 per cent in October, its fourth cut. Kaspi.kz shares trade on the Kazakhstan Stock Exchange, whose equity market capitalisation was last tracked here for September. Its local rival Halyk Bank publishes its nine-month results on 23 November, after its shareholders backed an Islamic banking licence bid in October. The capital.com copy of the release gives net income as USD 637 million.