Kaspi Bank

Performance indicators

2024: Net profit growth by 11.5% to KZT530.79 bn

At the end of 2024, Kazakhstan's Kaspi Bank recorded a net profit of 530.79 billion tenge (about $983 million at the exchange rate as of August 11, 2025). This is 11.5% more compared to the previous year, when the figure was 475.88 billion tenge. The relevant data are contained in the financial statements, which TAdviser reviewed in mid-August 2025.

The total assets of the credit institution are estimated at 8.12 trillion tenge ($15.04 billion). For comparison, a year earlier this value was 6.66 trillion tenge. Total liabilities on an annualized basis rose from 5.91 trillion tenge to 7.1 trillion tenge.

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Фото: kz.kursiv.media

Despite the fact that Kaspi Bank uses collateral as a mechanism to reduce exposure to credit risk, most of the loan portfolio is represented by unsecured loans provided to customers. As of December 31, 2024 and 2023, the unsecured gross book value of loans provided to customers amounted to KZT5.36 trillion and KZT4.05 trillion, respectively. At the same time, impaired loans with a book value of 29.42 billion tenge and 26.93 billion tenge, respectively, were fully or partially secured by collateral, which reflects the degree of reduction in credit risk due to collateral and other measures to improve creditworthiness.

Financial assets other than loans to customers and other financial assets are classified on the basis of current credit ratings assigned by internationally recognized rating agencies such as Standard and Poor's, Fitch and Moody's Investors Services. The highest possible rating is AAA.

The group pays great attention to marketing on social networks. This area covers media, blogs and other sources of information available to current and potential customers.^[1]

2024

Purchase of the Turkish marketplace Hepsiburada

Kazakhstan company Kaspi.kz in October 2024 announced the signing of an agreement on the acquisition of about 65% of the shares of the Turkish marketplace Hepsiburada. The transaction amount was approximately $1.13 billion. Read more here.

Going public on Nasdaq

On January 18, 2024, the Kazakh fintech company Kaspi, combining services online payments and P2P transfers, carried out the procedure initial public offering (IPO) on the American stock exchange. As Nasdaq a result, more than $1 billion was raised.

It is reported that as part of the IPO, 11.3 million American depositary shares of Kaspi were sold at a price of $92 per share. Thus, approximately $1.04 billion was obtained. The volume of securities sold turned out to be more than planned: earlier it was said about plans to place 9 million shares. The securities begin trading on the Nasdaq exchange on January 19, 2024 under the ticker symbol KSPI.

Kaspi holds IPO on Nasdaq exchange

The placement was organized by Morgan Stanley, J.P. Morgan and Citigroup. However, Susquehanna Financial Group, LLLP and Wolfe|Nomura Alliance acted as additional bookrunners. It is noted that the procedure was carried out according to the cash-out scheme, when the sellers are the shareholders of the company and they receive the collected funds. The papers for the transaction were proposed by the chairman of the board of directors of Kaspi Vyacheslav Kim, CEO Mikhail Lomtadze and Asia Equity Partners, which is controlled by Baring Vostok. As of January 19, 2023, Kim has 23% of the company's shares, Lomtadze - 25%. Another 28% is accounted for by Baring Vostok funds, 21% is in free circulation, and the remaining 3% is distributed between management.

Shares of fintech platform Kaspi are also traded on the London Stock Exchange (LSE), Kazakhstan Stock Exchange and Astana International Exchange. According to the London Stock Exchange, the company's capitalization as of this date is approximately $18.2 billion. During the IPO at the LSE in October 2020, the fintech service was able to raise $870 million, and the placement passed along the upper limit of the price range - $33.75.^[2]

2020: Going public

In mid-October 2020, Kazakhstan fintech company Kaspi held an IPO on the London Stock Exchange (LSE). The company raised over $1 billion.

The initial offer price was set at $33.75 for one global depositary receipt (GDR), about 25.8 million GDRs were sold. According to the results of the first day of trading on the LSE, the share price jumped by more than 25%, as a result of which Kaspi became the most expensive public company in Kazakhstan. Its market capitalization reached $6.5 billion on the first day, and then increased to $8 billion.

Going public made the owners of the fintech company Mikhail Lomtadze and Vyacheslav Kim billionaires. Prior to the IPO, Kim owned 32% of Kaspi, while Lomtadze owned 26%. Other major shareholders in the company include the Baring Vostok fund . Before the IPO, he owned 35% of the securities of a Kazakh company.

Kaspi Bank entered the London Stock Exchange and became the most expensive company in Kazakhstan

Co-founder of the company Vyacheslav Kim noted that the history of Kaspi was created for more than a decade. According to him, the successful formation of the company was facilitated by the state of Kazakhstan, which creates and provides all favorable opportunities for the development of innovative entrepreneurship.

Mikhail Lomtadze noted that the successful IPO of the company will make it possible to put Kazakhstan on the world innovation map, as well as provide large investors around the world with the opportunity to take part in the country's digital transformation.

Following our mission, we will continue to develop the most popular Kaspi super application in the country and bring even more benefits to our users, partners and Kazakhstan.

Commenting on the investment of the Baring Vostok fund in Kaspi Bank (Kaspi product), Lomadze noted:

We had a very clear goal - to create an innovative solution that is characterized by a high speed of service delivery and the absence of constant failures.

Lomadze believes that this can only be achieved as a technologically advanced team, in the future the company intends to adhere to the principles that have already led to success.^[3]

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