Kaspi.kz Boosts Dividends on Strong E-Commerce Growth and AI Rollout — Joint Stock Company Kaspi.kz

Event summary

Kaspi.kz proposed an 18% increase in quarterly dividends to KZT1,000 per ADS, reflecting strong H1 2026 performance.
E-Commerce GMV surged 28% YoY to KZT1.3 trillion ($2.6 billion), with purchases up 33% YoY.
Kasper AI assistant saw 20% consumer adoption in its first month, with 80% of interactions producing tailored recommendations.
Marketplace GMV grew 15% YoY to KZT2.3 trillion ($4.8 billion), while Fintech revenue increased 23% YoY.

The big picture

Kaspi.kz is doubling down on AI-driven personalization, positioning itself as a leader in the evolving digital ecosystem. The company's strong e-Commerce performance and strategic acquisitions underscore its ambition to expand beyond Kazakhstan into Türkiye. With dividends increasing and fintech revenue growing, Kaspi.kz is balancing short-term profitability with long-term innovation.

What we're watching

AI Adoption Pace: How quickly Kaspi.kz can scale Kasper AI adoption and improve task completion rates.
Türkiye Expansion: Whether the Hepsi Bank acquisition will drive meaningful fintech revenue growth in 2027.
Funding Costs: The impact of higher funding costs on Fintech EBITDA margins amid loan portfolio growth.