The following is a summary of the Joint Stock Company Kaspi.kz (KSPI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kaspi.kz recorded a strong start to 2024 with Payments TPV growing by 35%, and reported revenue and net income growth of 25% each.

• Their Marketplace had a 62% GMV and revenue increase of 108%, with net income rising 36%.

• Fintech platform saw TFV growing by 48%, resulting in 26% revenue growth and 3% net income growth YoY.

• The company observed overall revenue growth of 40% and net income growth of 28% year-over-year.

• The cost of funding increased 36% YoY, in line with guidance predictions, while dividends declared amounted to KZT850 per ADS for Q1.

Business Progress:

• Kaspi.kz focuses on expanding Payments, Marketplace and Fintech platforms which significantly contribute to the company's bottom line.

• They have made considerable efforts in the e-Grocery business showing growth of 125% YoY and the automotive sector through which they sold approximately 1,200 vehicles during the quarter.

• The Fintech platform aims at growing the consumer deposit base, which showed a 10% YoY growth, accompanying a faster growth in the loan portfolio.

• In expansion efforts, Kaspi.kz has identified the fragmented car market as a potential area to bring about speed and transparency in the purchasing process.

• The company adopts a city by city expansion approach, focusing on economic hubs. They have decided to bypass the crowded food delivery and ridesharing sectors, sticking to areas where significant value addition can be achieved.

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