Kaspi.kz reports Q2 2026 earnings amid rising credit losses

Kazakhstan’s largest lender, Kaspi.kz, will hold its Q2 2026 earnings call on July 31, giving investors their first full look at how the bank’s super-app model is holding up as the economy slows. The call follows a quarter in which Kaspi reported record payments volume and loan growth, but also warned that credit losses were creeping higher as consumer wallets tighten. Analysts expect the call to focus on two things: whether Kaspi can keep its 30%-plus return on equity intact, and how much it will set aside for bad loans in the second half of the year.

Kaspi’s super-app—payments, marketplace, banking and consumer loans all in one—has been the main driver of its stock surge since its 2020 London IPO. The company now handles more than half of Kazakhstan’s card transactions and has added 4 million monthly active users in the past year. But rising inflation and a weaker tenge have started to cool spending, while the central bank has nudged interest rates up to 16% to fight price pressures. That mix has pushed non-performing loans to 5.8% in Q1 2026, up from 4.2% a year earlier, according to company filings.

During the call, investors will listen for Kaspi’s updated NPL guidance and the outlook for its merchant-lending book, which has grown at 40% annually. Last quarter the bank set aside $185 million for credit losses, roughly 1.7% of its $10.9 billion loan portfolio. If provisioning rises above 2%, it could shave 100 basis points off next year’s profit forecast, according to Sberbank CIB estimates.

The bigger question is whether Kaspi can pivot to higher-margin products such as insurance and wealth management to offset softer loan demand. Management has said those businesses now contribute 12% of revenue, up from 7% two years ago. The call will show whether that shift is accelerating—or if the bank is still banking on credit growth to keep earnings humming.