TIDMKSPI
RNS Number : 5545W
JSC Kaspi.kz
26 April 2021
Kaspi.kz Announces First Quarter 2021 Financial Results
Almaty, Kazakhstan, 26 April 2021 - JSC Kaspi.kz ("Kaspi.kz",
"we", or the "Company") which operates the Kaspi.kz Super App,
Kazakhstan's leading mobile Super App, today publishes its
unaudited consolidated IFRS financial results for the quarter
ending 31 March 2021.
Key highlights
-- Super App MAU up 61% year-over-year to 10.0 million, DAU up
98% to 5.4 million. Average monthly transactions per active
consumer up 1.8x to a record 32.5 transactions.
-- Continuing on from its hugely successful launch last year,
Kaspi Pay continues to scale at an incredible rate and has firmly
established itself as the digital payments platform of choice for
merchants of all sizes, across all segments of Kazakhstan's retail
market.
o Payments Platform merchants increased 271% year-over-year to
reach 83K.
o 152K active Kaspi Pay POS devices by March 2021, up 9.4x
year-over-year and equivalent to 46% share of the country's total
POS network.
o By number of transactions, Kaspi Pay POS Solutions accounted
for 52% of all Kaspi Gold in-store purchase transaction, up from
just 4% in March 2020.
o Consumers continue to embrace Kaspi Pay's contactless QR
technology. Number of transactions using Kaspi Pay POS Solutions
increased 14x year-over-year, with QR accounting for 74% of
transactions in the first quarter 2021.
o We expect a larger Payments Platform merchant base to in turn
drive another step-up in Marketplace merchant growth. Currently,
only 36% of total merchants are available on both Payments and
Marketplace Platforms.
-- In just four months since its launch, Kaspi Travel has taken
20% share of the flight bookings market and reached profitability.
Kaspi Travel's success illustrates Kaspi.kz Super App's powerful
network effect and how a large and engaged user base can be
efficiently leveraged to expand quickly into new fast-growing
addressable markets.
-- Marketplace GMV growth of 75% year-over-year continues to accelerate.
o With 63% market share [1] our e-Commerce platform remains the
market leader by a substantial margin. During the first quarter of
2021 e-Commerce GMV increased by 139% year-over-year.
-- Payments TPV growth of 149% year-over-year remained consistently high.
-- Fintech TFV growth accelerated to 40% year-over-year.
-- Payments and Marketplace adj. net income [2] increased 111%
and 113% year-over-year. Fintech adj. net income trends in the
first quarter were consistent with our internal planning, with
accelerating growth expected over the remainder of this year.
-- In the first quarter of 2021 share of adj. net income from
our faster growing and higher margin Payments and Marketplace
Platforms reached 47%. We continue to expect Payments and
Marketplace to account for the majority of our full-year 2021 adj.
net income, though with Payments trending above expectations the
transformation will likely be more dramatic than we initially
planned.
-- Upgrading Payments Platform KPI's to RTPV growth around 95%
YoY, average growth in current account balances around 50% and adj.
net income profitability of around 60%.
-- Upgrading Fintech Platform Cost of Risk to below 2.5%,
broadly offsetting lower yield from BNPL and Merchant Finance.
-- Upgrading Kaspi.kz 2021 adj. net income guidance to above
KZT410 billion, equivalent to more than 50% year-over-year growth.
This compares with guidance of around KZT410 billion, provided just
last month.
Mikhail Lomtadze, Kaspi.kz CEO and co-founder, commented:
"2021 has got off to a fantastic start for Kaspi.kz.
This year our no.1 goal is to substantially scale our merchant
base, primarily via the roll out of Kaspi Pay and Kaspi QR. By
March 2021, Kaspi POS devices accounted for 46% of Kazakhstan's
physical acquiring network, which is a phenomenal achievement in
under 12 months. The runway ahead is substantial and in subsequent
quarters we plan to significantly accelerate Marketplace merchant
onboarding. By working hand- in-hand with merchants, we will
accelerate their growth, create value for consumers and continue to
turbocharge Kazakhstan's digital transformation.
An expanded merchant base gives our consumers more reasons to
transact through the Kaspi.kz Ecosystem and ongoing strong user
momentum in the first quarter of 2021 is the best illustration of
this. Super App MAU increased to 10.0 million, up significantly
from 6.2 million in the same period in 2020, with engagement levels
once again hitting record highs. DAU increased to 5.4 million, an
increase of 98% year-over-year.
Strong user trends in turn drive rapid financials growth and in
the first quarter our Payments Platform delivered the standout
performance. As a result, we're already able to upgrade our 2021
Payments KPIs and financial guidance. That said, our Marketplace
and Fintech Platform's GMV and TFV growth is accelerating and the
outlook for all Platforms is very strong.
In contrast to many of our Super App peers globally, our
optimism isn't just about top-line growth, but even faster
bottom-line growth. In 2021 we continue to expect the majority of
our adj. net income to come from our Payments and Marketplace
Platforms and with our Payments Platform guidance upgrade today,
this transformation is happening at an increasingly fast rate.
The combination of our scale with consumers and merchants,
joined by our own proprietary payment network puts Kaspi.kz in a
completely unique playing field to capture the multi-year
structural growth opportunity offered by digitalisation in
Kazakhstan and the broader region. We have many plans to continue
building on our success both this year and over the medium-term and
find it difficult to be anything other than extremely optimistic
about the future.
We're pleased to upgrade our adj. 2021 consolidated net income
guidance to above KZT410 billion, which is already higher than when
we updated the market just last month."
10.0 million Kaspi.kz Super App users. Engagement at all-time
highs
MAU up 61% to 10.0 million, DAU up 98% to 5.4 million, avg. 33
transactions per consumer/month
Kaspi.kz's Super App serves as single gateway to our Ecosystem
and gives our Payments, Marketplace and Fintech Platforms leading
market positions and unrivalled competitive advantages.
Super App user and engagement levels continue to reach all-time
highs. During the first quarter of 2021, Kaspi.kz Super App MAU
(Monthly Active Users) increased by 61% year-over-year to 10.0
million.
Highly discoverable digital transaction linked products and
services ensure the Kaspi.kz Super App is integral to consumers'
daily lives. DAU (Daily Active Users) increased 98% year-over-year,
a substantially faster rate than MAU. The ratio of DAU to MAU
reached 54%, up from 44% during the quarter ending 31 March 2020,
which is amongst the highest levels of user engagement of any Super
App globally.
Engagement is closely tied to one of our most important
strategic objectives, namely, to facilitate digital transactions
across all areas of the typical household budget. Average monthly
transactions per active consumer increased by 83% year-over-year to
32.5 from 17.8 during the quarter ending 31 March 2020.
To drive engagement and transaction levels even higher, our top
strategic priority is to onboard as many merchants, as rapidly as
possible. Total number of active merchants increased by 279%
year-over-year reaching 88K. Only 36% of merchants are available on
both Payments and Marketplace Platforms representing a substantial
future growth opportunity. We expect that a high proportion of
Payments Platform merchants will subsequently go on to become
m-Commerce and e-Commerce merchants, enhancing the breadth and
depth of their relationship with the Kaspi.kz Ecosystem.
We will also launch new products and services and the success of
Kaspi Travel, which has achieved 20% share of the flight bookings
market in just four months, as well as being profitable on a
stand-alone basis, shows that a large and highly engaged Super App
user base can be leveraged into new sizeable and fast-growing
addressable markets.
Underpinned by the success of Kaspi Pay we continue to see
multiple opportunities across all aspects of our Ecosystem to drive
consumer, engagement and transaction growth, well into the
future.
Kaspi.kz 1Q21 financial highlights
Payments and Marketplace adj. net income up 111% and 113% YoY
& accounted for 47% of net income
During the first quarter of 2021, total revenue increased 14%
year-over-year to reach KZT182,793 million. Top-line growth was
powered by our Payments Platform which despite a long track record
delivering consistently high growth, continues to surprise on the
upside. Our Marketplace Platform saw a substantial GMV
acceleration, across both its e-Commerce and m-Commerce
propositions, combined with a materially higher take-rate. Although
Fintech revenue declined, this was mainly the result of KZT11
billion unrealised FX revaluation gains, that arose in the first
quarter of last year, due to heightened expectations of currency
devaluation and were then largely reversed in the second quarter of
2020. Lower yielding Buy-Now-Pay-Later (BNPL) and Merchant Finance
products also impacted Fintech revenue, but these trends are in
line with our internal budgeting and long-term strategic plan. We
expect Fintech revenue to return to growth over the remainder of
2021.
For the quarter ending 31 March 2021, adj. net income increased
25% year-over-year to KZT78,620 million. Adj. net income margin
increased to 43.0% from 39.3% during the same quarter in 2020. Our
profitability has benefitted from material cost savings as we have
transitioned payment volumes away from third-party network
providers to our own proprietary payments network and the operating
leverage inherent in both our Payments and Marketplace platforms,
partially offset by softer but expected Fintech trends.
Our net income mix continues to transform rapidly and for the
quarter ending 31 March 2021 our faster growing Payments and
Marketplace Platforms accounted for 47% of net income, up from 28%
in the same period in 2020.
We continue to expect Payments and Marketplace to account for
the majority of our full-year 2021 adj. net income.
Payments Platform
RTPV up 98%, revenue up 76% & adj. net income up 111%
YoY
Our Payments Platform has always offered consumers a highly
convenient way to shop, pay bills and make peer-to-peer (P2P)
payments via the Kaspi.kz Super App. As has been the case globally,
COVID-19 has accelerated consumer adoption of contactless mobile
payments and our focus now is on helping merchants and consumers
emerge stronger from the pandemic.
Payments Platform and P2P payments specifically is also amongst
our most important tools to attract new consumers and increase
engagement, making it illustrative of the health of the broader
Kaspi.kz Ecosystem. With this in mind, we continue adding new
opportunities to spend and pay, which is a function of adding new
merchants. In the first quarter of 2021, we accelerated merchant
onboarding yet again, up 271% year-over-year to 83K merchants. The
real benefit of this will come in subsequent quarter as new
merchants gradually shift a growing share of their volumes to Kaspi
Pay.
As we give our consumers new opportunities to pay, consumer
growth has shown no signs of slowing. Payments Platform active
consumers increased 51% year-over-year, to reach 8.2 million, in
the first quarter of 2021.
By creating our own closed-loop proprietary payments network, we
have eliminated the need for 3rd party processors and our Payments
Platform offers merchants and consumers at scale, a complete
end-to-end experience. The result is that Kaspi Pay has firmly
established itself as a major disruptive force, becoming the
digital payments platform of choice for all types of merchants in
Kazakhstan.
We achieved 152K active Kaspi Pay POS devices by March 2021, up
9.4x year-over-year and equivalent to 46% share of the country's
total POS network.
This unique and disruptive proposition, led Kaspi Pay POS
Solutions to reach 52% of all Kaspi Gold POS in-store retail
transactions in March 2021, up from 38% just three months earlier
and 4% in March 2020.
Consumers continue to swiftly embrace Kaspi Pay's contactless QR
technology. Number of transactions using Kaspi Pay POS Solutions
increased 14x year-over-year, with QR accounting for 74% of
transactions in the first quarter 2021.
For us Kaspi Pay's initial success is just the start of a
multi-year strategy, as we set out to transform commerce for
merchants. With all consumer and merchant metrics showing rapid
momentum, we're in an incredibly strong position to lead the
digital transformation of payments and shopping in Kazakhstan and
over time across the wider region.
During the quarter ending 31 March 2021, Total Payment Value
(TPV) increased by 149% year- over-year to reach KZT8.7 trillion.
Revenue Generating TPV (RTPV) increased 98% to reach KZT2.3
trillion.
Average balances increased 90% year-over-year to KZT444 billion.
Consumers move funds to Kaspi.kz to facilitate future transactions
and rapid growth in accounts is an encouraging lead indicator for
future RTPV growth.
Payments Platform revenue grew by 76% year-over-year to reach
KZT40,100 million. Take-rate in the quarter ending 31 March 2021
was 1.2% in line with our 2021 full-year guidance of 'around
1.2%'.
For the quarter ending 31 March 2021, Payments Platform adj. net
income increased by 111% year-over-year to KZT22,845 million, with
net income profitability of 57.0% up significantly from 47.5% in
the first quarter of 2020. Payments Platform profitability
continues to benefit from cost savings as we transition payment
volumes away from third-party network providers to our own
proprietary payments network, combined with the platforms inherent
operating leverage.
For the remainder of this year we will continue to aggressively
ramp-up our merchant base and expect this to 1) contribute to
substantial growth in RTPV per consumer, 2) a more diverse mix of
Payments Platform revenue streams and 3) higher profitability as
our proprietary network disintermediates third party costs.
With Payments Platform KPIs and financials accelerating we are
upgrading our 2021 guidance. Kaspi Pay is less than a year into its
journey and we remain extremely positive about the outlook for our
Payments Platform in 2021 and beyond.
Marketplace Platform
e-Commerce GMV up 139%, m-Commerce GMV up 77% & adj. net
income up 113% YoY
Our Marketplace Platform connects both online and offline
merchants with consumers, enabling merchants to increase their
sales using an omnichannel strategy and consumers to buy a broad
selection of products and services from a wide range of merchants.
COVID-19 related restrictions on the operation of physical retail
have led to significant changes in the shopping behaviour of
consumers, and our Marketplace Platform with its 63% market share
in e-commerce and Kaspi Delivery solution is perfectly positioned
to meet shoppers and merchants rapidly evolving needs. As street
retail continues to open up, our advantage is a single brand
experience, irrespective of online or offline.
Just as in our Payments Platform, the rapid expansion of our
merchant base is an important strategic objective this year. During
the quarter ending 31 March 2021, Marketplace merchants reached
36.6K, up 52% year-over-year. We expect merchant growth to
accelerate significantly over the reminder of the year, with more
merchants leading to faster growth in new consumers and GMV per
consumer.
Our Marketplace platform continues to rapidly evolve in line
with our strategic plan, namely; e-Commerce accounted for 45% of
Gross Merchandize Value (GMV), up from 33% in the first quarter of
2020.
Marketplace GMV increased 75% year-over-year to KZT278 billion
for the quarter ending 31 March 2021, which is a substantial
acceleration in momentum from the end of 2020. Growth was driven by
accelerating trends in both e-Commerce and m-Commerce. During the
first quarter of 2021, e- commerce (GMV) growth reached 139%
year-over-year. M-commerce, our solution to digitalize shopping at
offline merchants, benefited as street retail continued to reopen
and delivered 77% year-over-year GMV growth.
An 118bps year-over-year increase in take-rate to 8.2% in the
quarter ending March 31 2021 resulted in Marketplace revenue
growing significantly faster than GMV, increasing 105%
year-over-year to KZT23,289 million. Higher take-rate is the result
of ongoing mix shift away from consumer electronics, the success of
our promotional activities and to a lesser extent our initial
efforts to monetize Kaspi Logistics and Kaspi Marketing
Services.
The expansion of free delivery for consumers was an important
contributor to accelerating e-Commerce trends. In the quarter
ending 31 March 2021 delivery volumes, whether delivered by Kaspi
or merchants themselves, increased 284% year-over-year. Kaspi
Delivery's footprint has been expanded to 73 cities, up from 54
twelve months ago.
For the quarter ending 31 March 2021 adj. net income reached
KZT14,455 million, representing an 113% increase year-over-year.
Net income profitability increased to 62.1% from 59.7% in the same
period in 2020. Higher profitability was achieved despite the
ramp-up in delivery volumes, which at this stage are a negative
drag on profitability. For 2021 we continue to expect Marketplace
adj. net income profitability to be around high-60%.
Going forward, we believe the breadth and depth of our merchant
proposition is one of the most important drivers of GMV/consumer
and our long-term competitive advantage. In this regard, we expect
to continue merchant onboarding at elevated levels. With an
enhanced merchant offering, we expect to see Marketplace GMV growth
accelerate further in 2021, with high growth and improving
profitability sustainable well into the mid-term.
Fintech Platform
TFV up 40% YoY, Buy-now-pay-later reached 37% of origination,
FY21 CoR now expected to be below 2.5%
The short-term nature of all our financing and more specifically
BNPL products allow us to quickly ramp-up or scale back origination
as we observe changes in the consumer environment. During the first
quarter of 2021, Total Finance Value (TFV) accelerated 40%
year-over-year to an all-time high KZT723 billion. This is another
step-up compared with 12% growth in the final quarter of 2020 and
in sharp contrast to 14% and 62% declines in the third and second
quarters of 2020 respectively.
Our average net loan portfolio increased by 12% year-over-year,
reaching KZT1.4 trillion for the quarter ending 31 March 2021.
Overall loan portfolio growth below origination growth in part
reflects higher early repayments levels, as an increasingly healthy
consumer returns to behaviour more comparable with pre-pandemic
trends. With the consumer backdrop continuing to improve and our
increased focus on low ticket BNPL origination we expect a further
uptick in portfolio conversion throughout the remainder of
2021.
Yield decreased to 29.8% from 32.1% during the quarter ending 31
March 2020. Gradually declining yield reflects changes in the
product mix, with general purpose consumer loans accounting for a
lower share of TFV. Buy Now Pay Later accounted for 37% of
origination in the first quarter of 2021, up from 30% in the first
quarter of 2020. Our new Merchant and Micro Business Finance
products continue to gain traction quickly, accounting for 5% of
TFV in 1Q21.
Our consumers enjoy the simplicity and convenience of BNPL and
for our merchants BNPL is a highly effective tool to drive higher
conversion and sales. As a result, we will continue strategically
prioritising BNPL in 2021 and although this will mean a slightly
lower Fintech yield, it will have positive implications for our CoR
and should be more than offset by the benefits of higher
Marketplace transactions and GMV.
Fintech Platform active lending consumers reached 3.6 million
during the quarter ending 31 March 2021, equivalent to an increase
of 5% year-on-year. Growth in new active consumers is at a slower
rate than in our Payments and Marketplace Platforms, in part
reflecting our more cautious approach to new customer origination
and bias towards origination for existing customers.
Active deposit consumers however increased 33% year-over-year as
consumers increasingly transfer funds into the Kaspi.kz Ecosystem,
fuelling growth in our Payments and Marketplace Platforms and
leaving us well positioned to fund higher TFV origination during
the rest of 2021. Our loan to deposit ratio decreased to 67% from
78 % in the first quarter of 2020.
During the quarter ending 31 March 2021 our underlying credit
related cost of risk improved to 1.9% from 2.1% in the first
quarter of 2020. Improving cost of risk reflects mix shift in
favour of lower risk BNPL, the strength of our data driven real
time risk management capabilities, as well as our continuous
efforts to improve the success of our collection processes. With
consumer behaviour having largely normalised, we now target
full-year 2021 CoR to be below 2.5%, an improvement on our previous
guidance of below 3%.
Fintech Platform revenue declined by 5% year-over-year reaching
KZT119,404 million during the quarter ending 31 March 2021.
Declining year-over-year top-line growth was mainly the result of
KZT11 billion unrealised FX revaluation gains in the first quarter
of 2020, due to heightened expectations of currency devaluation
which were then largely reversed in the second quarter of 2020.
Lower yielding Buy-Now-Pay-Later (BNPL) and Merchant Finance
products also impacting Fintech revenue, but these trends were in
line with our internal planning and growth is expected to
accelerate over the remainder of 2021.
In the first quarter of 2021, our Fintech Platform's adj. net
income declined by 9% year-over- year reaching net income of
KZT41,320 million, with adj. net income margin reaching 34.6% from
36.0% in the quarter ending 31 March 2020.
Fintech Return on Equity [3] during the quarter ending 31 March
2021 remained extremely healthy at 53.0%.
Assuming the macro-backdrop continues to improve for the
remainder of 2021, we expect a substantial acceleration in TFV
origination. Although we will continue to prioritise our BNPL
product, approximately 10% of TFV growth will come from our
recently launched merchant financing and SME Fintech products. As a
result, we now expect yield to be around 30%, which is slightly
lower than our previous assumption. However, we now expect CoR to
be below 2.5% and the combined effect of these changes is broadly
net income neutral. Overall, we continue to expect another year of
healthy profitability growth from our Fintech Platform.
Our cash generation capacity remains as strong as ever. As has
been the case in previous years we seek to maintain a 50bps buffer
above local NBK capital adequacy requirements but thereafter, in
the absence of M&A, are committed to returning excess cash to
shareholders.
Stock based compensation
Following the introduction of our share-based LTIP program in
2020, amortisation of stock based compensation during the first
quarter of 2021 amounted to KZT4,180 million.
In March 2021, share options in the quantity of 382,223 shares
were exercised from treasury shares under the share-based LTIP
plan. Total shares outstanding as at 31 March 2021 were
192,187,223.
Outstanding share options as at 31 March 2021 were
1,582,892.
Conference call information
On 26 April 2021 Kaspi.kz will host a conference call and
webcast at 1.00pm (London) (8.00am U.S. Eastern Time, 6.00pm
Nur-Sultan time) to review and discuss the company's results for
the first quarter of 2021. To pre- register for this call, please
go to the link below. You will receive your access details via
email.
https://www.incommglobalevents.com/registration/client/7367/kaspikz-q1-2021-
conference/
About Kaspi.kz
Kaspi.kz is the largest Payments, Marketplace and Fintech
Ecosystem in Kazakhstan with a leading market share in each of its
key services and products. At the core of the Kaspi.kz Ecosystem is
the Kaspi.kz Super App, the leading mobile app in the country.
The Kaspi.kz Super App serves as a single gateway to all
services and is an integral part of people's daily lives in
Kazakhstan. As people's daily lives become increasingly
digitalised, Super App usage is expected to grow supported by
accelerating consumer adoption of cashless payments, e-Commerce and
digital financial services.
Kaspi.kz's Ecosystem business model, where the growth and
development of one service contributes to the growth and
development of other services, creates a powerful virtuous cycle. A
growing number of services being used by consumers results in
synergies across all Platforms, structurally high profitability and
creates a powerful self- reinforcing network effect, giving
Kaspi.kz strong competitive advantages.
Kaspi.kz has been listed on the London Stock Exchange since
2020.
For further information
david.ferguson@kaspi.kz
+44 7427 751 275
Forward-looking statements
Some of the information in this announcement may contain
projections or other forward-looking statements regarding future
events or the future financial performance of Kaspi.kz. You can
identify forward looking statements by terms such as "expect",
"believe", "anticipate", "estimate", "intend", "will", "could,"
"may" or "might", the negative of such terms or other similar
expressions. Kaspi.kz wish to caution you that these statements are
only predictions and that actual events or results may differ
materially. Kaspi.kz does not intend to update these statements to
reflect events and circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events. Many factors
could cause the actual results to differ materially from those
contained in projections or forward-looking statements of Kaspi.kz,
including, among others, general economic conditions, the
competitive environment, risks associated with operating in
Kazakhstan, rapid technological and market change in the industries
the Company operates in, as well as many other risks specifically
related to Kaspi.kz and its respective operations.
Kaspi.kz Consolidated Income Statement
1Q 2020, 1Q 2021, 1Q 2021 ADJUSTED,
KZT MM KZT MM KZT MM
----------------------------------- --------- --------- ------------------
Revenue 159,981 182,793 182,793
----------------------------------- --------- --------- ------------------
growth, % - - 14.3%
----------------------------------- --------- --------- ------------------
Interest Revenue 76,802 88,592 88,592
----------------------------------- --------- --------- ------------------
Fees, Commissions & Other 43,892 40,236 40,236
----------------------------------- --------- --------- ------------------
Transaction & Membership Revenue 18,596 32,006 32,006
----------------------------------- --------- --------- ------------------
Seller fees 11,085 22,652 22,652
----------------------------------- --------- --------- ------------------
Other gains and losses 9,606 (693) (693)
----------------------------------- --------- --------- ------------------
Cost of revenue (45,531) (56,094) (55,917)
----------------------------------- --------- --------- ------------------
growth, % - - 22.8%
----------------------------------- --------- --------- ------------------
% of revenue 28.5% 30.7% 30.6%
----------------------------------- --------- --------- ------------------
Interest Expenses (31,086) (40,882) (40,882)
----------------------------------- --------- --------- ------------------
Transaction Expenses (3,441) (2,987) (2,987)
----------------------------------- --------- --------- ------------------
Operating Expenses (11,004) (12,225) (12,048)
----------------------------------- --------- --------- ------------------
Total net revenue 114,450 126,699 126,876
----------------------------------- --------- --------- ------------------
growth, % - - 10.9%
----------------------------------- --------- --------- ------------------
margin, % 71.5% 69.3% 69.4%
----------------------------------- --------- --------- ------------------
Technology & product development (5,875) (9,540) (7,722)
----------------------------------- --------- --------- ------------------
Sales and marketing (9,007) (15,344) (15,344)
----------------------------------- --------- --------- ------------------
General and administrative
expenses (3,423) (5,529) (3,344)
----------------------------------- --------- --------- ------------------
Provision expense (20,491) (7,409) (7,409)
----------------------------------- --------- --------- ------------------
Operating income 75,654 88,877 93,057
----------------------------------- --------- --------- ------------------
growth, % - - 23.0%
----------------------------------- --------- --------- ------------------
margin, % 47.3% 48.6% 50.9%
----------------------------------- --------- --------- ------------------
Income tax (12,721) (14,194) (14,437)
----------------------------------- --------- --------- ------------------
Net income 62,933 74,683 78,620
----------------------------------- --------- --------- ------------------
growth, % - - 24.9%
----------------------------------- --------- --------- ------------------
margin, % 39.3% 40.9% 43.0%
----------------------------------- --------- --------- ------------------
Kaspi.kz Consolidated Balance Sheet
31-Dec-2020, 31-Mar-2021,
KZT MM KZT
MM
------------------------------------------ ------------- ------------
Cash and cash equivalents 330,409 324,845
------------------------------------------ ------------- ------------
Mandatory cash balances with NBK 27,659 29,524
------------------------------------------ ------------- ------------
Due from banks 44,259 46,781
------------------------------------------ ------------- ------------
Investment securities and derivatives 869,572 850,270
------------------------------------------ ------------- ------------
Loans to customers 1,404,554 1,506,762
------------------------------------------ ------------- ------------
Property, equipment and intangible
assets 70,016 70,612
------------------------------------------ ------------- ------------
Other assets 51,645 57,806
------------------------------------------ ------------- ------------
Assets classified as held for
sale 8,628 -
------------------------------------------ ------------- ------------
Total assets 2,806,742 2,886,600
------------------------------------------ ------------- ------------
Due to banks -
------------------------------------------ ------------- ------------
Customer accounts 2 , 150 , 581 2,265,061
------------------------------------------ ------------- ------------
Debt securities issued 13 9 , 111 135,932
------------------------------------------ ------------- ------------
Payables to shareholders 360 71,261
------------------------------------------ ------------- ------------
Other liabilities 40,983 33,928
------------------------------------------ ------------- ------------
Subordinated debt 7 8 , 009 76,196
------------------------------------------ ------------- ------------
Liabilities directly associated
with the assets classified as
held for sale 3,038 -
------------------------------------------ ------------- ------------
Total liabilities 2, 412 , 082 2,582,378
------------------------------------------ ------------- ------------
Share capital 95,825 97,530
------------------------------------------ ------------- ------------
Additional paid-in-capital 506 506
------------------------------------------ ------------- ------------
Revaluation reserve of financial
assets 5 , 171 8,142
------------------------------------------ ------------- ------------
Share-Based Compensation reserve 8,788 4,572
------------------------------------------ ------------- ------------
Retained earnings 280,828 189,729
------------------------------------------ ------------- ------------
Total equity attributable to Shareholders
of the Company 391,118 300,479
------------------------------------------ ------------- ------------
Non-controlling interests 3,542 3,743
------------------------------------------ ------------- ------------
Total equity 394,660 304,222
------------------------------------------ ------------- ------------
Total liabilities and equity 2,806,742 2,886,600
------------------------------------------ ------------- ------------
[1] PwC, Kazakhstan retail e-commerce market analysis for 2020,
published March 2021
[2] Adjusted for stock-based compensation
[3] Calculated as the ratio of Fintech's net income to average
equity of Kaspi.kz adjusted for net income attributable to Payments
and Marketplace segments
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