Kaspi.kz sees FY25 net income growth around 15% year-over-year

The company said, “Taking the above into account, we expect Kaspi.kz (KSPI) excluding Turkiye to deliver around 15% consolidated net income growth YoY in 2025. This is a more conservative outlook than our previous guidance of around 20%, but still points to another year of decent bottom-line growth. If elevated deposit rates eventually moderate, this would be an important tailwind to our earnings growth, and we believe Hepsiburada and Turkiye is a significant medium-term opportunity for us.”