Joint Stock Company Kaspi.kz reports Q3 results

* Joint Stock Company Kaspi.kz press release [https://ir.kaspi.kz/media/3Q_2025_Results.pdf] (KSPI [https://seekingalpha.com/symbol/KSPI]): Q3 During 3Q 2025, total revenue excluding Türkiye increased 20% year-over-year to KZT797 billion.
* For the same period, total revenue excluding smartphones GMV from Marketplace and regulatory changes increased 23% year-over-year. Including Türkiye revenue reached KZT1.1 trillion.
* During 3Q 2025, our consolidated net income excluding Türkiye increased 12% year-over-year to KZT307 billion.
* For the same period, excluding smartphones GMV from Marketplace and regulatory & tax changes, as well as the base rate increase, net income increased 21%.
* "In 2026, we currently envisage a balance between returning excess capital to our shareholders via both buybacks and dividends, as well as investing in our long-term growth."
* During 3Q 2025, transaction volumes increased 14% year-over-year.
* Volume growth reflects the popularity of Kaspi Pay, Bill Payments and fast adoption of B2B Payments.
* During 3Q 2025, TPV increased 18% year-over-year to KZT11.6 trillion. TPV growth above transactions' growth reflects higher average ticket size year-over-year.
* Kaspi Pay QR and B2B Payments accounted for 69% and 6% of 9M 2025 TPV respectively. We expect B2B Payments to continue growing faster than Payments TPV over the next year.

MORE ON JOINT STOCK COMPANY KASPI.KZ

* Kaspi: Our National Pride, Cheap For A Reason [https://seekingalpha.com/article/4831093-kaspi-our-national-pride-cheap-for-a-reason]
* Seeking Alpha’s Quant Rating on Joint Stock Company Kaspi.kz [https://seekingalpha.com/symbol/KSPI/ratings/quant-ratings]
* Historical earnings data for Joint Stock Company Kaspi.kz [https://seekingalpha.com/symbol/KSPI/earnings]
* Financial information for Joint Stock Company Kaspi.kz [https://seekingalpha.com/symbol/KSPI/income-statement]