Joint Stock Company Kaspi.kz (KASE:KSPI)

Revenue

Financials in millions KZT. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Payments Revenue	646.62B	587.10B	478.68B
Payments Revenue Growth	10.14%	22.65%	43.60%
Marketplace Revenue	1.59T	732.94B	448.22B
Marketplace Revenue Growth	117.30%	63.52%	87.06%
Fintech Revenue	1.48T	1.28T	1.03T
Fintech Revenue Growth	15.10%	24.85%	37.81%
Eliminations from Revenue	-28.40B	-15.49B	-560.00M
Revenue (Other)	-56.42B	-54.23B	-39.58B
Revenue (Total)	3.63T	2.53T	1.91T
Revenue (Total) Growth	43.35%	32.33%	50.60%

Revenue by Geography

Financials in millions KZT. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Kazakhstan Revenue	-	2.52T	1.91T
Kazakhstan Revenue Growth	-	32.36%	50.71%
Azerbaijan Revenue	-	5.08B	3.74B
Azerbaijan Revenue Growth	-	35.73%	37.27%
Ukraine Revenue	-	5.57B	4.66B
Ukraine Revenue Growth	-	19.63%	21.67%
Revenue (Total)	3.63T	2.53T	1.91T
Revenue (Total) Growth	43.35%	32.33%	50.60%

Net Income

Financials in millions KZT. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Payments Segment Net Income	428.44B	381.61B	308.90B
Payments Segment Net Income Growth	12.27%	23.54%	54.85%
Marketplace Segment Net Income	327.36B	348.40B	247.96B
Marketplace Segment Net Income Growth	-6.04%	40.51%	62.86%
Fintech Segment Net Income	351.33B	326.83B	291.91B
Fintech Segment Net Income Growth	7.50%	11.96%	23.11%

Key Performance Indicators

Financials in millions KZT. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Payment Volume (TPV)	42.68T	37.20T	28.41T
Total Payment Volume (TPV) Growth	14.73%	30.96%	42.65%
Payments Active Consumers	14.40M	13.60M	12.90M
Payments Active Consumers Growth	5.88%	5.43%	14.16%
Total Payment Volume (TPV) Payments Transactions	6.60B	5.89B	4.22B
Total Payment Volume (TPV) Payments Transactions Growth	12.05%	39.61%	37.88%
Payments Take Rate	-	1.18%	1.23%
Average Balances on Current Accounts	1.00T	938.00B	769.00B
Average Balances on Current Accounts Growth	6.61%	21.98%	21.49%
Marketplace Gross Merchandise Volume (GMV)	6.66T	5.98T	4.16T
Marketplace Gross Merchandise Volume (GMV) Growth	11.38%	43.59%	44.88%
Marketplace Active Consumers	8.60M	8.10M	7.10M
Marketplace Active Consumers Growth	6.17%	14.09%	16.89%
Marketplace Purchases	292.90M	234.00M	165.00M
Marketplace Purchases Growth	25.17%	41.82%	38.66%
Marketplace Take Rate	-	9.70%	9.20%
Total Finance Volume (TFV)	11.45T	10.31T	7.93T
Total Finance Volume (TFV) Growth	11.06%	29.95%	46.55%
Fintech Active Consumers (Loans)	6.30M	6.40M	6.20M
Fintech Active Consumers (Loans) Growth	-1.56%	3.23%	10.71%
Fintech Active Consumers (Deposits)	6.10M	5.70M	4.80M
Fintech Active Consumers (Deposits) Growth	7.02%	18.75%	26.32%
Average Net Loan Portfolio	-	4.90T	3.54T
Average Net Loan Portfolio Growth	-	38.20%	34.22%
Fintech Yield	-	24.00%	26.00%
Total Finance Volume (TFV) to Average Net Loan Portfolio Conversion Rate	-	2.10	2.20
Total Finance Volume (TFV) to Average Net Loan Portfolio Conversion Rate Growth	-	-4.54%	10.00%
Fintech Average Savings	-	5.69T	4.49T
Fintech Average Savings Growth	-	26.63%	42.56%
Fintech Cost of Risk	-	2.10%	2.00%

Updated Sep 30, 2025. Data Source: Fiscal.ai.