Kaspi.kz H1 2026 Revenue Jumps 23% to KZT 2.2 Trillion, Dividend Proposed at KZT 1,000
KSPI sits 39% above its 52-week low of $68.59 on elevated volume (1.8× avg).
Summary
Kaspi.kz reported H1 2026 revenue of KZT 2.2 trillion, up 23% YoY, with net income flat at KZT 511 billion. The company completed the Rabobank acquisition and proposed an 18% dividend hike to KZT 1,000 per share.
Key Events · Earnings and Guidance · KSPI
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Revenue Up 23% YoY
H1 2026 revenue reached KZT 2,192,782 million, driven by a 32% increase in interest revenue to KZT 935,092 million and a 29% rise in retail revenue to KZT 431,160 million.
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Net Income Flat at KZT 511B
Net income attributable to shareholders was KZT 506,127 million, slightly down from KZT 509,383 million in H1 2025, as higher provision expenses (KZT 106,928 million vs. KZT 82,428 million) and operating costs offset revenue growth.
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Adjusted EBITDA Rises 7%
Adjusted EBITDA increased to KZT 765,101 million from KZT 715,421 million, with all three segments—Payments, Marketplace, and Fintech—contributing to the growth.
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Rabobank Acquisition Completed
On 14 July 2026, the Group completed the acquisition of Rabobank A.Ş., which was renamed Hepsi Bank A.Ş. on 30 July 2026, expanding its Turkish banking operations.
Analysis · KSPI · Trade & Services
Strong top-line momentum defined Kaspi.kz's first half of 2026, with revenue climbing 23% year-over-year to KZT 2.2 trillion, fueled by higher interest income and marketplace expansion. Net income was essentially flat at KZT 511 billion, as rising provision expenses and operating costs offset the revenue gains. The company also completed its acquisition of Rabobank A.Ş., now Hepsi Bank A.Ş., and proposed an 18% dividend increase to KZT 1,000 per share, signaling confidence in its capital position. The results come amid a backdrop of significant insider selling over the past 90 days, which may temper enthusiasm.
At the time of this filing, KSPI was trading at $95.36 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $18.3B. The 52-week trading range was $68.59 to $99.20. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.