Balance Sheet Kaspi Bank

Equities

KSPI

US48581R2058

Financial Technology (Fintech)

Market Closed - Nasdaq Other stock markets 21:00:00 06/02/2026 GMT			5-day change	1st Jan Change
73.79 ^USD	-0.50%		-3.12%	-5.55%

02-02	Susquehanna Downgrades Kaspi.kz to Neutral From Positive, Adjusts Price Target to $87 From $130	MT
11-28	Sector Update: Financial Stocks Edge Higher Premarket Friday	MT

823d3773ae80bee.7vz-PHiBteZ1ZEYZ0zcSu02-iqboE2U6jjH7B0JQe6E.gr6PChLx8JMxVigvmwRZgzv1s_DaSxNC2lKkTAUADeClt5pkJ-bnkSQmHw

Published financial data: KASPI BANK

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	152B	316B	494B	773B	1,122B
Finance Div. Revenues	455B	566B	745B	1,027B	1,282B
Gain (Loss) on Sale of Investment, Total (Rev)	-	-	-	-	-
Interest And Invest. Income (Rev)	32.58B	50.64B	74.17B	110B	127B
Other Revenues, Total	2.78B	-47.45B	-42.24B	-6.66B	13.2B
Total Revenues	641B	885B	1,271B	1,903B	2,544B
Cost of Goods Sold, Total	60.31B	73.37B	105B	194B	332B
Gross Profit	581B	811B	1,166B	1,709B	2,212B
Selling General & Admin Expenses, Total	67.5B	34.03B	50.39B	51.36B	83.92B
R&D Expenses	29.18B	42.75B	60.12B	88.66B	104B
Other Operating Expenses	27.62B	34.38B	55.21B	79.63B	114B
Other Operating Expenses, Total	124B	111B	166B	220B	302B
Operating Income	457B	700B	1T	1,489B	1,910B
Interest Expense, Total	-139B	-171B	-279B	-478B	-616B
Net Interest Expenses	-139B	-171B	-279B	-478B	-616B
Currency Exchange Gains (Loss)	-	-	-	10.89B	-11.98B
EBT, Excl. Unusual Items	318B	529B	721B	1,022B	1,282B
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-690M	-	-
EBT, Incl. Unusual Items	318B	529B	721B	1,022B	1,282B
Income Tax Expense	54.48B	93.59B	132B	173B	225B
Earnings From Continuing Operations	263B	435B	589B	849B	1,057B
Net Income to Company	263B	435B	589B	849B	1,057B
Minority Interest	-2.38B	-3.3B	-3.82B	-7.42B	-17.1B
Net Income - (IS)	261B	432B	585B	841B	1,040B
Net Income to Common Incl Extra Items	261B	432B	585B	841B	1,040B
Net Income to Common Excl. Extra Items	261B	432B	585B	841B	1,040B
Per Share Items
Net EPS - Basic	1.36K	2.25K	3.05K	4.43K	5.48K
Basic EPS - Continuing Operations	1.36K	2.25K	3.05K	4.43K	5.48K
Basic Weighted Average Shares Outstanding	192M	192M	192M	190M	190M
Net EPS - Diluted	1.35K	2.22K	3.02K	4.38K	5.43K
Diluted EPS - Continuing Operations	1.35K	2.22K	3.02K	4.38K	5.43K
Diluted Weighted Average Shares Outstanding	194M	194M	194M	192M	191M
Normalized Basic EPS	1.02K	1.7K	2.33K	3.33K	4.13K
Normalized Diluted EPS	1.01K	1.68K	2.3K	3.29K	4.1K
Dividend Per Share	1.4K	883	1.7K	3.2K	2.55K
Payout Ratio	67.2	78.8	35.91	66.58	62.14
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	466B	713B	1,017B	1,515B	1,939B
EBITA	459B	705B	1,004B	1,494B	1,915B
EBIT	457B	700B	1T	1,489B	1,910B
EBITDAR	471B	718B	-	-	1,947B
Total Revenues (As Reported)	641B	885B	1,271B	1,913B	2,532B
Effective Tax Rate - (Ratio)	17.14	17.7	18.28	16.95	17.58
Total Current Taxes	54.46B	93.44B	131B	174B	223B
Total Deferred Taxes	11M	148M	738M	-962M	2.08B
Normalized Net Income	196B	327B	447B	631B	784B
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	45.76B	8.7B	25.62B	21.89B	43.83B
General and Administrative Expenses	18.14B	21.59B	24.77B	29.47B	31.92B
Research And Development Expense From Footnotes	30.82B	44.39B	60.81B	88.66B	110B
Net Rental Expense, Total	4.9B	4.82B	-	-	8.17B
Imputed Operating Lease Interest Expense	24.96B	26.41B	-	-	269B
Imputed Operating Lease Depreciation	-20.06B	-21.59B	-	-	-261B
Stock-Based Comp., COGS (Total)	397M	1.15B	1.67B	1.75B	1.34B
Stock-Based Comp., R&D Exp. (Total)	4.82B	9.02B	9.14B	10.41B	10.07B
Stock-Based Comp., S&M Exp. (Total)	-	27M	653M	686M	542M
Stock-Based Comp., G&A Exp. (Total)	6.3B	9.86B	8.52B	8.02B	5.01B
Total Stock-Based Compensation	11.52B	20.06B	19.98B	20.86B	16.96B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	330B	342B	615B	820B	619B
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	330B	342B	615B	820B	619B
Accounts Receivable, Total	1,405B	2,431B	3,155B	4,236B	5,747B
Other Receivables	45.61B	60.5B	29.17B	34.84B	46.51B
Total Receivables	1,450B	2,491B	3,184B	4,271B	5,793B
Inventory	-	-	-	-	16.2B
Prepaid Expenses	-	-	-	-	-
Restricted Cash	27.66B	32.73B	42.92B	47.11B	57.31B
Other Current Assets, Total	24.85B	11.27B	29.37B	30.52B	35.34B
Total Current Assets	1,833B	2,877B	3,872B	5,169B	6,521B
Gross Property Plant And Equipment	92.83B	108B	164B	211B	282B
Accumulated Depreciation	-32.64B	-36.6B	-47.06B	-68.01B	-88.57B
Net Property Plant And Equipment	60.19B	70.96B	117B	143B	193B
Long-term Investments	866B	606B	1,076B	1,377B	1,490B
Goodwill	-	-	-	34.08B	17.44B
Other Intangibles, Total	9.83B	14.14B	15.3B	31.62B	76.08B
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	37.8B	39.02B	41.94B	67.49B	79.28B
Total Assets	2,807B	3,608B	5,122B	6,822B	8,377B
Liabilities
Accrued Expenses, Total	7.61B	9.22B	13.6B	15.14B	21.06B
Short-term Borrowings	-	75.52B	16.12B	154M	24.15B
Current Portion of Long-Term Debt	10.23B	-	-	-	113B
Current Income Taxes Payable	854M	8.61B	5.96B	1.1B	3.4B
Other Current Liabilities	483B	653B	885B	1,083B	1,128B
Total Current Liabilities	502B	747B	920B	1,099B	1,290B
Long-Term Debt	207B	208B	208B	162B	138M
Unearned Revenue Non Current	-	-	-	-	13.68B
Pension & Other Post Retirement Benefits	3.05B	3.94B	4.52B	6.21B	8.3B
Deferred Tax Liability Non Current	2.32B	2.51B	3.24B	3.16B	4.38B
Other Non Current Liabilities	1,698B	2,142B	3,160B	4,448B	5,487B
Total Liabilities	2,412B	3,103B	4,296B	5,719B	6,804B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	130B	97.53B	130B	130B	130B
Additional Paid In Capital	506M	506M	506M	506M	506M
Retained Earnings	281B	378B	762B	1,055B	1,465B
Treasury Stock	-34.32B	-	-94.06B	-152B	-152B
Comprehensive Income and Other	13.96B	23.84B	20.07B	44.53B	72.8B
Total Common Equity	391B	500B	819B	1,078B	1,517B
Minority Interest	3.54B	4.97B	6.52B	25.09B	55.64B
Total Equity	395B	505B	826B	1,103B	1,573B
Total Liabilities And Equity	2,807B	3,608B	5,122B	6,822B	8,377B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	192M	192M	190M	189M	190M
ECS Total Common Shares Outstanding	192M	192M	190M	189M	190M
Book Value / Share	2.04K	2.6K	4.3K	5.69K	7.98K
Tangible Book Value	381B	486B	804B	1,012B	1,424B
Tangible Book Value Per Share	1.99K	2.53K	4.22K	5.35K	7.49K
Total Debt	217B	284B	224B	162B	138B
Net Debt	-113B	-58.23B	-391B	-658B	-482B
Debt Equivalent Oper. Leases	39.18B	38.58B	-	-	65.37B
Minority Interest, Total (Incl. Fin. Div)	3.54B	4.97B	6.52B	25.09B	55.64B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	-	-	107B
Buildings, Total	36.89B	42.27B	64.52B	82.49B	-
Machinery, Total	52.94B	65.27B	98.99B	126B	162B
Full Time Employees	-	7.7K	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	122B	142B	215B	243B	296B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	261B	432B	585B	841B	1,040B
Depreciation & Amortization - CF	7.01B	8.41B	13.25B	20.98B	24.2B
Amortization of Goodwill and Intangible Assets - (CF)	2.57B	4.26B	4.19B	5.34B	4.62B
Depreciation & Amortization, Total	9.59B	12.68B	17.44B	26.32B	28.81B
Other Operating Activities, Total	7.3B	22.02B	36.03B	-46.48B	95.96B
Change in Trading Asset Securities	3.84B	-4.3B	12.4B	-5B	3.25B
Change in Other Net Operating Assets	336B	-392B	370B	290B	-586B
Cash from Operations	618B	70.35B	1,021B	1,106B	582B
Capital Expenditure	-18.19B	-24.9B	-59.47B	-50.26B	-95.73B
Sale of Property, Plant, and Equipment	694M	383M	528M	221M	519M
Cash Acquisitions	-662M	-5.11B	-	-29.05B	-
Divestitures	-	4.5B	-	-	-
Investment in Marketable and Equity Securities, Total	-347B	315B	-428B	-139B	-13.16B
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-365B	290B	-487B	-218B	-108B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-10.37B	-	-46.56B	-48.77B
Total Debt Repaid	-	-10.37B	-	-46.56B	-48.77B
Repurchase of Common Stock	-	-	-63.67B	-60.7B	-2.85B
Common Dividends Paid	-175B	-340B	-210B	-560B	-646B
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-175B	-340B	-210B	-560B	-646B
Other Financing Activities, Total	-2.12B	-1.85B	-2.14B	-8.57B	-12.09B
Cash from Financing	-177B	-353B	-276B	-676B	-710B
Foreign Exchange Rate Adjustments	15.74B	4.17B	15.35B	-6.69B	35.25B
Net Change in Cash	91.27B	11.69B	273B	205B	-201B
Supplemental Items
Cash Interest Paid	129B	161B	257B	455B	597B
Cash Income Tax Paid (Refund)	55.78B	85.12B	133B	182B	218B
Levered Free Cash Flow	263B	-515B	-58.48B	-268B	-723B
Unlevered Free Cash Flow	350B	-407B	116B	30.39B	-338B
Change In Net Working Capital	-61.75B	853B	487B	897B	1,482B
Net Debt Issued / Repaid	-	-10.37B	-	-46.56B	-48.77B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	11.43	13.65	14.32	15.58	15.71
Return on Total Capital	50.68	62.51	67.98	80.4	80.25
Return On Equity %	76.3	96.78	88.52	88.01	78.98
Return on Common Equity	76.4	96.97	88.71	88.69	80.12
Margin Analysis
Gross Profit Margin %	90.6	91.71	91.74	89.81	86.95
SG&A Margin	10.52	3.85	3.97	2.7	3.3
EBITDA Margin %	72.71	80.58	80.07	79.65	76.22
EBITA Margin %	71.62	79.63	79.03	78.55	75.27
EBIT Margin %	71.22	79.14	78.7	78.27	75.09
Income From Continuing Operations Margin %	41.06	49.19	46.34	44.61	41.54
Net Income Margin %	40.68	48.81	46.04	44.22	40.87
Net Avail. For Common Margin %	40.68	48.81	46.04	44.22	40.87
Normalized Net Income Margin	30.6	36.98	35.18	33.18	30.83
Levered Free Cash Flow Margin	41.05	-58.16	-4.6	-14.11	-28.41
Unlevered Free Cash Flow Margin	54.59	-46.05	9.11	1.6	-13.27
Asset Turnover
Asset Turnover	0.26	0.28	0.29	0.32	0.33
Fixed Assets Turnover	11.36	13.49	13.55	14.68	15.15
Receivables Turnover (Average Receivables)	0.11	0.16	0.18	0.21	0.22
Inventory Turnover (Average Inventory)	-	-	-	-	21.73
Short Term Liquidity
Current Ratio	3.65	3.85	4.21	4.7	5.05
Quick Ratio	3.55	3.79	4.13	4.63	4.97
Operating Cash Flow to Current Liabilities	1.23	0.09	1.11	1.01	0.45
Days Sales Outstanding (Average Receivables)	3.26K	2.22K	2.07K	1.75K	1.63K
Days Outstanding Inventory (Average Inventory)	-	-	-	-	16.85
Long Term Solvency
Total Debt/Equity	55.01	56.25	27.18	14.68	8.75
Total Debt / Total Capital	35.49	36	21.37	12.8	8.05
LT Debt/Equity	52.42	41.28	25.23	14.67	0.01
Long-Term Debt / Total Capital	33.82	26.42	19.84	12.79	0.01
Total Liabilities / Total Assets	85.94	86.01	83.88	83.83	81.22
EBIT / Interest Expense	3.29	4.08	3.59	3.12	3.1
EBITDA / Interest Expense	3.36	4.16	3.65	3.17	3.15
(EBITDA - Capex) / Interest Expense	3.22	4.01	3.44	3.07	2.99
Total Debt / EBITDA	0.47	0.4	0.22	0.11	0.07
Net Debt / EBITDA	-0.24	-0.08	-0.38	-0.43	-0.25
Total Debt / (EBITDA - Capex)	0.48	0.41	0.23	0.11	0.07
Net Debt / (EBITDA - Capex)	-0.25	-0.08	-0.41	-0.45	-0.26
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24.81	46.77	43.6	49.9	33.72
Gross Profit, 1 Yr. Growth %	26.82	49.56	43.65	46.77	29.36
EBITDA, 1 Yr. Growth %	27.74	52.86	42.7	49.16	27.96
EBITA, 1 Yr. Growth %	27.85	53.36	42.52	49.04	28.14
EBIT, 1 Yr. Growth %	27.73	53.3	42.79	49.13	28.29
Earnings From Cont. Operations, 1 Yr. Growth %	33.6	65.26	35.3	44.14	24.51
Net Income, 1 Yr. Growth %	34.66	65.51	35.45	43.81	23.58
Normalized Net Income, 1 Yr. Growth %	34.3	66.72	36.6	41.25	24.23
Diluted EPS Before Extra, 1 Yr. Growth %	31.2	64.96	35.73	45.26	23.97
Accounts Receivable, 1 Yr. Growth %	8.7	73.06	29.79	34.27	35.66
Inventory, 1 Yr. Growth %	-	-	-	-	12.7
Net Property, Plant and Equip., 1 Yr. Growth %	14.03	17.9	64.23	22.48	35.36
Total Assets, 1 Yr. Growth %	28.3	28.54	41.96	33.2	22.8
Tangible Book Value, 1 Yr. Growth %	34.34	27.35	65.54	25.95	40.62
Common Equity, 1 Yr. Growth %	33.93	27.77	63.92	31.61	40.73
Cash From Operations, 1 Yr. Growth %	108.45	-88.61	1.35K	8.34	-47.39
Capital Expenditures, 1 Yr. Growth %	7.42	36.9	138.82	-15.49	90.47
Levered Free Cash Flow, 1 Yr. Growth %	1.64K	-295.45	-88.65	352.24	152.43
Unlevered Free Cash Flow, 1 Yr. Growth %	292.41	-216.36	-128.34	-73.54	-2.81K
Dividend Per Share, 1 Yr. Growth %	88.07	-37.06	92.53	88.24	-20.31
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	30.73	31.21	45.17	46.58	41.58
Gross Profit, 2 Yr. CAGR %	32.04	33.07	46.58	45.06	37.78
EBITDA, 2 Yr. CAGR %	38.52	39.74	47.69	45.72	38.2
EBITA, 2 Yr. CAGR %	38.57	40.03	47.84	46.02	38.48
EBIT, 2 Yr. CAGR %	38.57	39.93	47.95	45.75	38.32
Earnings From Cont. Operations, 2 Yr. CAGR %	53.95	48.59	49.53	39.65	33.97
Net Income, 2 Yr. CAGR %	57.25	49.29	49.73	39.57	33.31
Normalized Net Income, 2 Yr. CAGR %	57.67	49.64	50.91	38.91	32.47
Diluted EPS Before Extra, 2 Yr. CAGR %	41.16	47.11	49.63	40.42	34.19
Accounts Receivable, 2 Yr. CAGR %	14.73	37.16	49.87	32.01	34.96
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	44.19	15.95	39.15	41.82	28.76
Total Assets, 2 Yr. CAGR %	28.51	28.42	35.08	37.51	27.89
Tangible Book Value, 2 Yr. CAGR %	40.28	30.8	45.2	44.39	33.08
Common Equity, 2 Yr. CAGR %	39.32	30.81	44.72	46.88	36.09
Cash From Operations, 2 Yr. CAGR %	316.22	-51.28	28.56	296.52	-24.51
Capital Expenditures, 2 Yr. CAGR %	28.64	21.27	80.82	42.07	26.87
Levered Free Cash Flow, 2 Yr. CAGR %	144.06	482.38	-52.87	-28.69	247.09
Unlevered Free Cash Flow, 2 Yr. CAGR %	318.73	113.68	-42.52	-73.12	71.97
Dividend Per Share, 2 Yr. CAGR %	187.28	8.8	10.08	90.37	22.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	32.5	33.09	35.22	46.68	42.16
Gross Profit, 3 Yr. CAGR %	33.76	34.52	36.51	46.58	39.66
EBITDA, 3 Yr. CAGR %	35.53	43.14	40.72	48.11	39.55
EBITA, 3 Yr. CAGR %	36.18	43.34	40.85	48.17	39.8
EBIT, 3 Yr. CAGR %	35.93	43.31	40.88	48.27	39.68
Earnings From Cont. Operations, 3 Yr. CAGR %	54.58	57.63	44.02	47.71	34.41
Net Income, 3 Yr. CAGR %	58.71	59.95	44.53	47.73	34.02
Normalized Net Income, 3 Yr. CAGR %	61.06	60.63	45.16	47.62	33.83
Diluted EPS Before Extra, 3 Yr. CAGR %	62.97	48.69	43.22	48.16	34.7
Accounts Receivable, 3 Yr. CAGR %	16.37	31.58	34.66	44.48	33.22
Net Property, Plant and Equip., 3 Yr. CAGR %	33.27	34.83	30.22	33.35	39.64
Total Assets, 3 Yr. CAGR %	23.98	28.52	32.78	34.45	32.42
Tangible Book Value, 3 Yr. CAGR %	37.4	35.83	41.48	38.47	43.13
Common Equity, 3 Yr. CAGR %	36.52	35.36	41.03	40.21	44.8
Cash From Operations, 3 Yr. CAGR %	63.4	25.42	51.03	21.43	102.24
Capital Expenditures, 3 Yr. CAGR %	51.4	31.34	52.01	40.32	56.65
Levered Free Cash Flow, 3 Yr. CAGR %	31.21	126.64	56.79	0.64	11.05
Unlevered Free Cash Flow, 3 Yr. CAGR %	84.38	173.24	9.04	-55.73	-7.05
Dividend Per Share, 3 Yr. CAGR %	-	73.18	31.59	31.63	42.41
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	48.92	31.7	35.74	38.35	37.7
Gross Profit, 5 Yr. CAGR %	49.52	32.68	36.85	38.66	37.01
EBITDA, 5 Yr. CAGR %	43.42	48.31	40.27	44.2	39.65
EBITA, 5 Yr. CAGR %	43.32	49.05	40.73	44.25	39.75
EBIT, 5 Yr. CAGR %	43.24	49.17	40.61	44.31	39.81
Earnings From Cont. Operations, 5 Yr. CAGR %	96.1	137.64	52.54	50.18	39.91
Net Income, 5 Yr. CAGR %	100.01	141.4	55.05	51.46	39.93
Normalized Net Income, 5 Yr. CAGR %	89.78	130.04	56.92	51.56	39.94
Diluted EPS Before Extra, 5 Yr. CAGR %	-	142.66	57.5	45.32	39.54
Accounts Receivable, 5 Yr. CAGR %	12.4	27.73	28.76	31.75	34.78
Net Property, Plant and Equip., 5 Yr. CAGR %	17.01	20.62	35.59	37.59	29.63
Total Assets, 5 Yr. CAGR %	16.89	24.23	28.31	32.04	30.81
Tangible Book Value, 5 Yr. CAGR %	33.35	38.86	40.47	39.19	38.06
Common Equity, 5 Yr. CAGR %	33.05	38.05	39.74	39.86	39.03
Cash From Operations, 5 Yr. CAGR %	138	-1.62	48.46	98.76	14.45
Capital Expenditures, 5 Yr. CAGR %	75.25	29.2	62.55	35.53	41.4
Levered Free Cash Flow, 5 Yr. CAGR %	-	39.13	-12.89	43.43	116.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	21.73	15.67	8.75	30.49
Dividend Per Share, 5 Yr. CAGR %	-	-	-	79.86	27.87