ALMATY, Kazakhstan, March 27, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz ("Kaspi.kz" NASDAQ: KSPI) has signed a share purchase agreement with Rabobank Group, relating to the purchase of Rabobank's Turkish subsidiary Rabobank A.Ş. Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students. The transaction is not material. Rabobank A.Ş. is a fully licensed bank in Turkiye which has neither borrowing or depositing clients nor a branch network. Ka ...

Core Viewpoint - Kaspi.kz has successfully priced an offering of $650 million in 6.250% Notes due 2030, marking a significant milestone as the largest investment-grade bond issuance by a non-sovereign entity from Kazakhstan [2][4]. Company Overview - Kaspi.kz operates a unique two-sided Super App model, providing services for both consumers and merchants, aimed at improving everyday life through innovative mobile products [5][6]. - The company has a strong focus on Payments, Marketplace, and Fintech Platforms, designed to meet the everyday needs of users [6][7]. Financial Details - The Notes will be senior unsecured obligations, with interest paid semi-annually at a rate of 6.250% per annum starting from September 26, 2025 [3][4]. - The net proceeds from the Notes will be utilized for general corporate purposes [4]. Market Position - The successful issuance reflects the strength of Kaspi.kz's diverse business model and its strong investment-grade rating, which has attracted interest from leading debt capital market investors [4][7]. - In January 2025, Kaspi.kz acquired a 65.41% stake in Hepsiburada, a prominent e-commerce company in Türkiye, further enhancing its market presence [7]. Recognition - Harvard Business School has featured Kaspi.kz in two case studies, indicating its significance as a business model in the educational context [8].

ALMATY, Kazakhstan, March 10, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz ("Kaspi.kz", "we", or the "Company") (NASDAQ:KSPI) today announced that the Company has filed its Annual Report on Form 20-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the "SEC"). Kaspi.kz's 2024 Annual Report on Form 20-F is available on the investor relations section of its website at https://ir.kaspi.kz/financial-information/ and on the SEC's website at www.sec.gov. About Kaspi. ...

Financial Performance - Net cash inflow from operating activities decreased by 47% to ₸581,892 million in 2024 from ₸1,106,128 million in 2023[627] - Net cash outflow from investing activities decreased by 50% to ₸108,364 million in 2024 from ₸218,360 million in 2023[629] - Net cash outflow from financing activities increased by 5% to ₸709,771 million in 2024 from ₸675,970 million in 2023[630] - Net interest income rose to ₸466,552 million in 2024, up from ₸355,848 million in 2023, representing a year-over-year increase of 31.1%[686] - The net interest margin for 2024 was reported at 7.0%, compared to 6.8% in 2023[686] Assets and Liabilities - Total assets increased by 23% to ₸8,377,101 million as of December 31, 2024, from ₸6,821,932 million as of December 31, 2023[632] - Total interest-bearing liabilities rose from ₸3,868,161 million in 2023 to ₸4,928,531 million in 2024, an increase of 27.5%[681] - The total loans to customers accounted for 69% of total assets as of December 31, 2024[635] - Total investment securities and derivatives rose by 9% to ₸1,506,831 million as of December 31, 2024, compared to ₸1,377,772 million as of December 31, 2023[646] Loans and Customer Accounts - Loans to customers increased by 36% to ₸5,746,600 million as of December 31, 2024, from ₸4,235,957 million as of December 31, 2023[637] - The total loan portfolio's net of loss allowance increased to ₸5,746,600 million in 2024, compared to ₸4,235,957 million in 2023, an increase of 35.7%[694] - Customer accounts, including term deposits and current accounts, reached ₸6,561,950 million as of December 31, 2024, representing 98% of total funding[651] - Customer accounts increased by 21% to ₸6,561,950 million as of December 31, 2024, up from ₸5,441,456 million in 2023 and ₸4,000,690 million in 2022[652] Impairment and Loss Allowance - The allowance for impairment losses to gross non-performing loans (NPLs) was 90% as of December 31, 2024[639] - The total loss allowance for loans increased to ₸295,843 million in 2024, up from ₸242,532 million in 2023, reflecting a rise of 22.0%[694] - The ratio of net charge-offs to total average loans to customers was 2.1% in 2024, up from 2.0% in 2023, indicating a slight increase in charge-offs[697] Deposits and Funding - Term deposits increased to ₸5,434,135 million as of December 31, 2024, accounting for 81% of total funding[651] - The average balance of term deposits increased from ₸2,449,614 million in 2022 to ₸3,622,544 million in 2023, with a projected average of ₸4,714,162 million in 2024, reflecting a growth rate of 12.5%[699] - Approximately 94% of term deposits are rolled over on a yearly basis, indicating a stable deposit base[700] Capital and Ratios - Tier 1 capital adequacy ratio improved to 17.6% as of December 31, 2024, from 17.4% in 2023, with Tier 1 capital increasing to ₸983 million[671] - The average interest rate paid on customer term deposits increased from 10.2% in 2022 to 12.5% in 2023 and 2024, reflecting higher prevailing interest rates[653] Risk Management - The company is exposed to various risks, including credit risk, liquidity risk, and market risk, which are regularly assessed to minimize adverse effects[856] - The deposit insurance scheme in Kazakhstan protects deposits up to ₸10 million per depositor for tenge deposits and ₸5 million for foreign currency deposits[699] Intellectual Property - The company actively protects its intellectual property, including significant brand names and trademarks related to "Kaspi.kz"[701] - The company owns or has rights to all material intellectual property used in its operations, ensuring compliance with licensing terms[701] Financial Reporting - The financial statements are prepared in accordance with IFRS, with critical accounting estimates disclosed in the financial statements[703] - For detailed discussions on trends affecting net sales, revenues, and profitability, refer to the operating and financial review sections of the annual report[702]

Core Insights - Kaspi.kz has received its second international credit rating, with Moody's rating it Baa3 and Fitch rating it BBB- [1][2] - The ratings reflect Kaspi.kz's diverse business profile, strong market position, and solid financials, including profitability and liquidity [2][7] - The company is expanding into Türkiye through the acquisition of a 65.41% stake in Hepsiburada, a leading e-commerce platform [5] Company Overview - Kaspi.kz operates a unique two-sided Super App model, catering to both consumers and merchants [3][4] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday user needs [4] - The company emphasizes strong top-line growth and profitability, with a business model characterized by low capital expenditure [5][7] Financial Performance - Kaspi.kz boasts a stellar profitability rate exceeding 40%, attributed to effective cost control and minimal loan loss risks [7] - The company maintains low leverage, primarily holding debt in the form of deposit liabilities from Kaspi Bank [7] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6]

Core Insights - Kaspi.kz has received its second international credit rating, with Moody's rating it Baa3 and Fitch rating it BBB- [1][2] - The ratings reflect Kaspi.kz's diverse business profile, strong market position, and solid financials, including profitability and liquidity [2][7] - The company is expanding into Türkiye through the acquisition of a 65.41% stake in Hepsiburada, a leading e-commerce platform [5] Company Overview - Kaspi.kz operates a unique two-sided Super App model, catering to both consumers and merchants [3][4] - The Super Apps provide access to Payments, Marketplace, and Fintech Platforms, designed to meet everyday user needs [4] - The company emphasizes strong top-line growth and profitability, with a business model characterized by low capital expenditure [5][7] Financial Performance - Kaspi.kz boasts a stellar profitability rate exceeding 40%, attributed to effective cost control and minimal loan loss risks [7] - The company maintains low leverage, primarily holding debt in the form of deposit liabilities from Kaspi Bank [7] Academic Recognition - Harvard Business School has developed two case studies on Kaspi.kz, which are used in its MBA curriculum [6]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue grew by 28% year-over-year, with net income also increasing by 28% [12][13] - For the full year 2024, net income grew by 25% and revenue increased by 32% [13][14] - Payments total payment volume (TPV) grew by 30% in Q4 and 40% for the full year [9][64] - Marketplace GMV grew by 39% in Q4 and 44% for the full year [68][78] - Fintech financing volumes increased by 21% in Q4 and 30% for the full year [10][80] Business Line Data and Key Metrics Changes - Payments: Revenue grew by 23% for the year, with a net income growth of 24% [66][67] - Marketplace: Revenue increased by 43% in Q4 and 64% for the full year, with net income growth of 41% [78][79] - Fintech: Revenue grew by 26% in Q4 and 25% for the full year, with net income growth of 28% in Q4 [87][89] Market Data and Key Metrics Changes - Consumer balances in wallets increased by 22% year-over-year [64] - E-commerce penetration among merchants is only 11%, indicating significant growth potential [19] - E-Grocery GMV grew by 97% and transactions increased by 84% [25][26] Company Strategy and Development Direction - The company aims to enhance its Super App model, focusing on consumer and merchant services [5][6] - Plans to expand e-Grocery services into two new cities in 2025 [28] - The acquisition of Hepsiburada is seen as a strategic move to enter the Turkish market, with expectations of leveraging its platform for growth [55][58] Management's Comments on Operating Environment and Future Outlook - The management noted a stable and predictable macro environment in Kazakhstan, with consumer trends remaining consistent [118] - There are expectations of challenges in consumer sentiment due to macroeconomic transitions, but medium-term opportunities are viewed positively [108][121] - The company anticipates that interest rates may remain high for longer, impacting fintech growth in 2025 [90] Other Important Information - The company has launched several innovative products, including gift cards and a business deposit service, which have seen strong adoption [34][44] - The delivery service has grown significantly, with 128% growth in delivered orders [36] - The company processed 1.2 trillion in payments through its POS register, with 35% of merchants using this service [40] Q&A Session Summary Question: Can you elaborate on the guidance for 2025 and the underlying growth assumptions? - The guidance for 2025 is conservative, reflecting the scale of the business and the impact of changing interest rates on fintech [100][102] Question: What are the expectations for the integration and opportunities in Turkey with Hepsiburada? - The company sees significant opportunities in Turkey, with plans to launch services and leverage Hepsiburada's existing consumer and merchant base [109][110] Question: What is the current macroeconomic outlook in Kazakhstan? - The macro environment is stable, with consistent consumer trends, although there are concerns about inflation and interest rates impacting the fintech business [118][120]

Group 1 - The Annual General Meeting of Shareholders for JSC Kaspi.kz is scheduled for March 28, 2025, with a backup date of March 31, 2025, if a quorum is not met [1][2] - The shareholder register will be determined as of February 21, 2025, to identify participants in the meeting [2] - The agenda includes the approval of the 2024 annual audited financial statements, with a recommendation not to pay dividends on common shares for 2024 [3] Group 2 - The Board of Directors recommends renewing the appointment of Deloitte LLP as the external auditor for another 12 months [3] - There were no shareholder appeals regarding the actions of JSC Kaspi.kz or its officers in 2024 [3]

Core Insights - Kaspi.kz reported a 25% year-over-year increase in net income for FY 2024, with revenue rising by 32% YoY, aligning with initial guidance [2][3] - The company experienced significant growth in its Marketplace and Payments platforms, which contributed to 69% of FY 2024 consolidated net income, up from 66% in FY 2023 [2][3] Financial Performance - In 4Q 2024, revenue and net income both increased by 28% YoY, with Marketplace GMV growth accelerating [2] - e-Commerce GMV surged by 67% and 85% YoY in 4Q and FY 2024, respectively, indicating strong demand [2] - Payments transactions rose by 33% and 40% YoY in 4Q and FY 2024, respectively, reflecting robust growth in this segment [2][11] Marketplace Growth - Marketplace purchases increased by 48% and 42% YoY in 4Q and FY 2024, respectively, showcasing the platform's rapid expansion [2] - Kaspi Delivery orders reached 99 million in FY 2024, up 128% YoY, with Kaspi Postomats accounting for over 50% of e-Commerce deliveries [2] Product Innovation - The launch of Digital Gift Cards in 4Q 2024 aims to enhance Super App engagement and drive Marketplace transactions [2] - New services such as Buy-Inventory-Now-Pay-Later (BINPL) for merchants were introduced, providing additional incentives for merchants to engage with the platform [2][9] Strategic Initiatives - The acquisition of a 65.41% stake in Hepsiburada is expected to significantly expand Kaspi.kz's addressable market and growth potential in Türkiye [11] - The company aims to leverage its Super App expertise to develop digital products in Türkiye, despite current economic challenges [6] Outlook - For 2025, Kaspi.kz anticipates a net income growth of around 20% YoY, excluding the impact from its business in Türkiye [10][11] - The company remains optimistic about its growth trajectory, particularly in the e-Commerce sector, which is viewed as a major opportunity for the future [8]

Core Viewpoint - A class action has been initiated against Kaspi.kz, alleging undisclosed risks and misleading statements regarding the company's operations during the specified class period [3]. Group 1: Class Action Details - The class action represents investors who purchased securities between January 19, 2024, and September 19, 2024, with a deadline of February 18, 2025, to file a lead plaintiff motion [1]. - Investors are encouraged to contact the Portnoy Law Firm for a complimentary case evaluation and to discuss their legal rights [2]. Group 2: Allegations Against Kaspi.kz - The complaint alleges that Kaspi continued business with Russian entities and provided services to Russian citizens post the 2022 invasion of Ukraine, exposing the company to undisclosed sanction risks [3]. - It is claimed that the company engaged in undisclosed related party transactions and that certain executives had ties to reputed criminals [3]. - The positive statements made by the defendants regarding the company's business and prospects were allegedly materially misleading and lacked a reasonable basis [3].