Kaspi.kz (KSPI) Q2 2024 earnings summary

Executive summary

• Revenue grew 36% year-over-year in Q2 2024 to KZT599B and 38% in 1H 2024 to KZT1.2T, with net income up 25% in Q2 to KZT243B and 27% in 1H to KZT466B, driven by strong Marketplace and Payments performance.

• Payments and Marketplace platforms contributed 68% of consolidated net income, with all three platforms—Payments, Marketplace, and Fintech—delivering double-digit growth in revenue and transactions.

• User engagement remains high, with average DAU up 11%, DAU/MAU ratio at 67%, and monthly transactions per active user at 72 (+23% YoY).

• Dividend of KZT 850 per GDR/ADS declared, subject to shareholder approval, with capital allocation focused on shareholder returns and selective international expansion.

• Value-added services revenue increased 4.2x YoY, boosting Marketplace take rate to 9.5%, and brand advertising launched targeting global and local brands.

Financial highlights

• Consolidated revenue reached KZT 1,152B (+38% YoY) and net income KZT 466B (+27% YoY) for 1H 2024.

• Payments revenue rose 23% YoY to KZT 170B in Q2 2024; net income up 22% YoY to KZT 88.6B.

• Marketplace revenue surged 96% YoY to KZT 169B in Q2 2024; net income up 68% YoY to KZT 77.5B.

• Fintech revenue increased 23% YoY to KZT 307B in Q2 2024; net income up 2% YoY to KZT 76.4B.

• Payments TPV up 32% YoY in Q2; Marketplace GMV up 62% YoY; Fintech TFV up 43% YoY.

Outlook and guidance

• Full-year 2024 guidance reiterated: consolidated revenue growth around 20% YoY, net income growth around 25% YoY.

• Marketplace revenue expected to grow ~70% YoY, net income ~40% YoY; Payments and Fintech revenue to grow ~20% YoY.

• Fintech net income growth expected to accelerate from 3Q 2024 as loan growth outpaces deposits and funding costs normalize.

• Growth in H2 will be Q4-weighted due to timing of promotional events and deposit repricing effects.

• Lower growth expected in Q3, with a strong rebound in Q4, setting a higher run rate for 2025.