Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41921 |
Entity Registrant Name | Joint Stock Company Kaspi.kz |
Entity Incorporation, State or Country Code | 1P |
Entity Address, Address Line One | 154A Nauryzbai Batyr Street |
Entity Address, City or Town | Almaty |
Entity Address, Postal Zip Code | 050013 |
Entity Address, Country | KZ |
Entity Common Stock, Shares Outstanding | 189,333,465 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001985487 |
Title of 12(b) Security | American Depositary Shares, each representing one common share, no par value |
Trading Symbol | KSPI |
Security Exchange Name | NASDAQ |
Auditor Firm ID | 1056 |
Auditor Name | Deloitte LLP |
Auditor Location | Almaty, Kazakhstan |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 154A Nauryzbai Batyr Street |
Entity Address, City or Town | Almaty |
Country Region | +7 |
City Area Code | 727 |
Local Phone Number | 3306710 |
Entity Address, Postal Zip Code | 050013 |
Entity Address, Country | KZ |
Contact Personnel Name | Tengiz Mosidze |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
REVENUE | ₸ 1,913,490 | ₸ 1,270,592 | ₸ 884,822 |
Net fee revenue | 987,967 | 679,782 | 467,493 |
Interest revenue | 833,516 | 574,426 | 422,075 |
Retail revenue | 68,807 | ||
Other gains (losses) | 23,200 | 16,384 | (4,746) |
COSTS AND OPERATING EXPENSES | (891,486) | (550,018) | (356,020) |
Interest expenses | (478,010) | (278,676) | (171,491) |
Transaction expenses | (27,470) | (22,188) | (16,542) |
Cost of goods and services | (166,356) | (82,747) | (56,829) |
Technology & product development | (88,657) | (60,807) | (44,388) |
Sales & marketing | (21,891) | (25,618) | (8,702) |
General & administrative expenses | (29,468) | (24,772) | (23,685) |
Provision expenses | (79,634) | (55,210) | (34,383) |
NET INCOME BEFORE TAX | 1,022,004 | 720,574 | 528,802 |
Income tax | (173,234) | (131,730) | (93,588) |
NET INCOME | 848,770 | 588,844 | 435,214 |
Attributable to: | |||
Shareholders of the Company | 841,351 | 585,026 | 431,914 |
Non-controlling interest | 7,419 | 3,818 | 3,300 |
NET INCOME | ₸ 848,770 | ₸ 588,844 | ₸ 435,214 |
Earnings per share | |||
Basic (KZT) | ₸ 4,431 | ₸ 3,051 | ₸ 2,247 |
Diluted (KZT) | ₸ 4,381 | ₸ 3,016 | ₸ 2,222 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Net income | ₸ 848,770 | ₸ 588,844 | ₸ 435,214 |
Items that will not be reclassified subsequently to profit or loss: | |||
Movement in investment revaluation reserve for equity instruments at FVTOCI | 42 | (68) | 86 |
Items that may be reclassified subsequently to profit or loss: | |||
Gains (losses) arising during the period, net of tax KZT Nil | 15,274 | (9,623) | (2,201) |
Foreign exchange differences on translation of foreign operations | (13) | (161) | (18) |
Expected recoveries/(credit losses) recognized in profit or loss | 669 | (2,053) | 43 |
Reclassification of gains (losses) included in profit or loss, net of tax KZT Nil | 3,149 | (18) | (511) |
Total other comprehensive income | 19,121 | (11,923) | (2,601) |
Total Comprehensive Income | 867,891 | 576,921 | 432,613 |
Attributable to: | |||
Shareholders of the Company | 860,271 | 573,228 | 429,340 |
Non-controlling interest | ₸ 7,620 | ₸ 3,693 | ₸ 3,273 |
Consolidated Statements of Ot_2
Consolidated Statements of Other Comprehensive Income (Parenthetical) - KZT (₸) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Gains (losses) arising during the period, taxes | ₸ 0 | ₸ 0 | ₸ 0 |
Reclassification of gains (losses) included in profit or loss, taxes | ₸ 0 | ₸ 0 | ₸ 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position ₸ in Millions, TJS in Millions | Dec. 31, 2023 KZT (₸) | Dec. 31, 2022 KZT (₸) |
ASSETS | ||
Cash and cash equivalents | ₸ 820,466 | ₸ 615,360 |
Mandatory cash balances with National Bank of the Republic of Kazakhstan | 47,110 | 42,917 |
Due from banks | 30,683 | 25,668 |
Investment securities and derivatives | 1,377,772 | 1,076,272 |
Loans to customers | 4,235,957 | 3,154,810 |
Property, equipment and intangible assets | 174,346 | 131,840 |
Other assets | 135,598 | 74,780 |
TOTAL ASSETS | 6,821,932 | 5,121,647 |
LIABILITIES | ||
Due to banks | 154 | 16,432 |
Customer accounts | 5,441,456 | 4,000,690 |
Debt securities issued | 99,468 | 140,378 |
Subordinated debt | 62,369 | 67,608 |
Other liabilities | 115,272 | 70,850 |
TOTAL LIABILITIES | 5,718,719 | 4,295,958 |
Equity [abstract] | ||
Issued capital | 130,144 | 130,144 |
Treasury shares | (152,001) | (94,058) |
Additional paid-in capital | 506 | 506 |
Revaluation reserve/(deficit) of financial assets and other reserves | 9,719 | (9,201) |
Share-based compensation reserve | 34,810 | 29,274 |
Retained earnings | 1,054,945 | 762,500 |
Total equity attributable to Shareholders of the Company | 1,078,123 | 819,165 |
Non-controlling interests | 25,090 | 6,524 |
TOTAL EQUITY | ₸ 1,103,213 | ₸ 825,689 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes in Equity - KZT (₸) ₸ in Millions | Total | Issued Capital | Treasury Shares | Additional Paid-in- Capital | Revaluation Reserve/(Deficit) Of Financial Assets And Other Reserves | Share- Based Compensation Reserve | Retained Earnings | Total Equity Attributable To Shareholders Of The Company | Non- Controlling Interest |
Beginning balance at Dec. 31, 2020 | ₸ 394,660 | ₸ 130,144 | ₸ (34,319) | ₸ 506 | ₸ 5,171 | ₸ 8,788 | ₸ 280,828 | ₸ 391,118 | ₸ 3,542 |
Net income | 435,214 | 431,914 | 431,914 | 3,300 | |||||
Other comprehensive loss | (2,601) | (2,574) | (2,574) | (27) | |||||
Total Comprehensive Income | 432,613 | (2,574) | 431,914 | 429,340 | 3,273 | ||||
Dividends declared | (340,362) | (340,362) | (340,362) | ||||||
Dividends declared by subsidiary to non-controlling interest | (1,847) | (1,847) | |||||||
Share options accrued | 19,631 | 19,631 | 19,631 | ||||||
Share options exercised | 1,705 | (7,177) | 5,472 | ||||||
Ending balance at Dec. 31, 2021 | 504,695 | 130,144 | (32,614) | 506 | 2,597 | 21,242 | 377,852 | 499,727 | 4,968 |
Net income | 588,844 | 585,026 | 585,026 | 3,818 | |||||
Other comprehensive loss | (11,923) | (11,798) | (11,798) | (125) | |||||
Total Comprehensive Income | 576,921 | (11,798) | 585,026 | 573,228 | 3,693 | ||||
Dividends declared | (210,102) | (210,102) | (210,102) | ||||||
Dividends declared by subsidiary to non-controlling interest | (2,137) | (2,137) | |||||||
Share options accrued | 19,984 | 19,984 | 19,984 | ||||||
Share options exercised | 2,228 | (11,952) | 9,724 | ||||||
Share buy-back program | (63,672) | (63,672) | (63,672) | ||||||
Ending balance at Dec. 31, 2022 | 825,689 | 130,144 | (94,058) | 506 | (9,201) | 29,274 | 762,500 | 819,165 | 6,524 |
Net income | 848,770 | 841,351 | 841,351 | 7,419 | |||||
Other comprehensive loss | 19,121 | 18,920 | 18,920 | 201 | |||||
Total Comprehensive Income | 867,891 | 18,920 | 841,351 | 860,271 | 7,620 | ||||
Acquisitions of subsidiaries with non-controlling interest | 18,183 | 18,183 | |||||||
Adjustment arising from change in non- controlling interest (Note 28) | (1,337) | (1,337) | 1,337 | ||||||
Dividends declared | (560,132) | (560,132) | (560,132) | ||||||
Dividends declared by subsidiary to non-controlling interest | (8,574) | (8,574) | |||||||
Share options accrued | 20,859 | 20,859 | 20,859 | ||||||
Share options exercised | 2,760 | (15,323) | 12,563 | ||||||
Share buy-back program | (60,703) | (60,703) | (60,703) | ||||||
Ending balance at Dec. 31, 2023 | ₸ 1,103,213 | ₸ 130,144 | ₸ (152,001) | ₸ 506 | ₸ 9,719 | ₸ 34,810 | ₸ 1,054,945 | ₸ 1,078,123 | ₸ 25,090 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from (used in) operating activities [abstract] | |||
Interest received from loans to customers | ₸ 598,005 | ₸ 465,989 | ₸ 334,300 |
Other interest received | 71,129 | 46,387 | 30,747 |
Interest paid | (454,502) | (257,030) | (161,369) |
Expenses paid on obligatory insurance of individual deposits | (10,622) | (7,251) | (6,688) |
Net fee revenue received | 1,002,604 | 673,289 | 467,320 |
Retail revenue received | 68,807 | ||
Sales & marketing expenses paid | (34,753) | (24,440) | (12,112) |
Other income received | 21,584 | 27,017 | 10,585 |
Transaction expenses paid | (27,470) | (22,188) | (16,542) |
Cost of goods and services purchased | (164,372) | (78,287) | (56,158) |
Technology & product development expenses paid | (50,892) | (38,810) | (26,009) |
General & administrative expenses paid | (16,543) | (12,749) | (12,345) |
Cash flows from operating activities before changes in operating assets and liabilities | 1,002,975 | 771,927 | 551,729 |
(Increase)/decrease in operating assets: | |||
Mandatory cash balances with NBRK | (4,193) | (10,183) | (5,075) |
Due from banks | (4,771) | 27,319 | (5,520) |
Financial assets at FVTPL | (4,997) | 12,396 | (4,296) |
Loans to customers | (1,132,091) | (760,660) | (1,057,590) |
Other assets | (5,407) | (24,788) | (11,663) |
Increase/(decrease) in operating liabilities: | |||
Due to banks | (27,590) | (60,057) | 76,430 |
Customer accounts | 1,434,259 | 1,186,731 | 597,542 |
Financial liabilities at FVTPL | 1,019 | (2,261) | (585) |
Other liabilities | 28,708 | 13,982 | 14,500 |
Cash inflow from operating activities before income tax | 1,287,912 | 1,154,406 | 155,472 |
Income tax paid | (181,784) | (133,422) | (85,121) |
Net cash inflow from operating activities | 1,106,128 | 1,020,984 | 70,351 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property, equipment and intangible assets | (50,257) | (59,468) | (24,901) |
Proceeds on sale of property and equipment | 221 | 528 | 383 |
Proceeds on disposal of investment securities at FVTOCI | 2,481,230 | 1,091,918 | 1,362,302 |
Purchase of investment securities at FVTOCI | (2,620,502) | (1,520,139) | (1,047,426) |
Acquisitions of subsidiaries, net of cash and cash equivalent acquired | (29,052) | (5,110) | |
Proceeds on sale of subsidiary | 4,500 | ||
Net cash (outflow)/inflow from investing activities | (218,360) | (487,161) | 289,748 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends paid | (560,132) | (210,102) | (340,362) |
Dividends paid by subsidiary to non-controlling interest | (8,574) | (2,137) | (1,847) |
Purchase of treasury shares | (60,703) | (63,672) | |
Repayment of debt securities issued | (41,261) | ||
Repayment of subordinated debt | (5,300) | (10,371) | |
Net cash outflow from financing activities | (675,970) | (275,911) | (352,580) |
Effect of changes in foreign exchange rate on cash and cash equivalents | (6,692) | 15,347 | 4,174 |
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS | 205,106 | 273,259 | 11,693 |
CASH AND CASH EQUIVALENTS, beginning of period | 615,360 | 342,101 | 330,409 |
CASH AND CASH EQUIVALENTS, end of period | ₸ 820,466 | ₸ 615,360 | ₸ 342,101 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Corporate Information | 1. Corporate information Overview Kaspi.kz operates a two-sided Super App business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. Our offerings include payments, marketplace and fintech solutions for both consumers and merchants. Our business model, reinforced by our highly recognizable brand and continuing product innovation, generates powerful network effects, which has resulted in growth across all our platforms and strong financial performance. Kaspi.kz Segments Our segment reporting is based on our three business platforms: • Payments: Our Payments Platform facilitates transactions between and among merchants and consumers. For consumers, our Payments Platform is a highly convenient way to pay for shopping transactions, regular household bills and make peer-to-peer payments. For merchants, our Payments Platform enables them to accept payments online and in-store, issue and instantly settle invoices, pay suppliers and monitor merchants’ turnover. Our Payments Platform is our main customer acquisition tool and we consider it to be fundamental for high levels of customer engagement. Having achieved scale with consumers and merchants, our Payments Platform brings more value to consumers and merchants. Payments Platform proprietary data facilitates informed decision-making across multiple areas of our business. • Marketplace: Our Marketplace Platform connects both online and offline merchants with consumers, enabling merchants to increase their sales through an omnichannel strategy and allowing consumers to purchase a broad selection of products and services from a wide range of merchants. Marketplace has three main propositions—m-Commerce, e-Commerce and Kaspi Travel. m-Commerce is our mobile solution for shopping in person, while consumers can use e-Commerce to shop anywhere, anytime and typically with free delivery. Kaspi Travel allows consumers to book domestic and international flights, domestic rail tickets and international package holidays. We help merchants increase their sales by connecting them to our Payments and Fintech products, Kaspi Advertising and our delivery services. Other than in e-Grocery, our Marketplace Platform is a “3P” model, enabling third-party merchants to sell their products directly to consumers. Following the completion of our investment in Kolesa JSC (see “Information about the group of companies”), we have access to a widely recognized classifieds platforms in Kazakhstan and Autoelon.uz, an Uzbekistan car marketplace and member of the Kolesa Group. • Fintech: Our Fintech Platform provides consumers with BNPL, finance and savings products, and merchants with merchant finance services. All Fintech services can be accessed through our Super Apps, fully digitally, with users identified using Kaspi ID biometrics technology. We incentivize consumers and merchants to prepay any finance products prior to contractual maturity without penalty, which helps to drive frequency of transactions. We lend only in local currency and we fund our financing products mainly using Kaspi Deposits, which are primarily local currency savings accounts. As we add more opportunities to transact with the Kaspi.kz Super App, we anticipate that consumers will keep more of their deposits with us. Information about the group of companies Joint Stock Company Kaspi.kz (“the Company” or “the Group”) was incorporated in the Republic of Kazakhstan in 2008. The Company is regulated by the National Bank of the Republic of Kazakhstan (“NBRK”) and the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market. The registered address of the Company is 154A, Nauryzbai Batyr street, Almaty, 050013, the Republic of Kazakhstan. On 8 October 2021, the Group acquired 100 % of Portmone Group. This transaction was accounted as an asset acquisition as the Group did not acquire any substantive processes or activities that would constitute a “business”. Substantially all of the consideration paid has been allocated to the cost of intangible assets acquired, which is mainly represented by its customer base and software. On 21 January 2022, Kaspi Cloud LLC, a separate legal entity fully owned by Kaspi Office LLC, was established. Kaspi Cloud LLC is providing data center services to other companies of the Group, that support the storage, maintenance and processing of information using server software and equipment. On 12 December 2022, the Group acquired 100 % of Kaspi Office 2 LLC. This transaction was accounted as an asset acquisition, as the concentration test applied in accordance with IFRS 3 “ Business Combinations ” indicated that substantially all of the gross assets’ fair value acquired are concentrated in a single identifiable asset, represented by one of the Group’s office buildings in Almaty. As such, the acquired assets are determined not to be a business. Substantially all of the consideration paid has been allocated to the cost of buildings acquired and liabilities assumed. In April 2023 Kaspi Office 2 LLC was merged with Kaspi Office LLP. On 3 February 2023, Kaspi Shop LLC, our subsidiary, acquired a 51 % share in “Magnum E-commerce Kazakhstan” LLC, followed by an acquisition of an additional 39.01 % of the shares in “Magnum E-commerce Kazakhstan” LLC to 90.01 %. The remaining 9.99 % is owned by “Magnum Cash&Carry” LLС, the largest retail food chain in Kazakhstan. For more details please see Note 28. On 12 October 2023, Kaspi Shop LLC, our subsidiary, acquired 39.758 % of the shares of Kolesa JSC from Krysha & Kolesa Holding B.V. (“the Kolesa Group”), an indirect subsidiary of Baring Vostok Private Equity Fund V. On 12 October 2023, Mikheil Lomtadze, Chairman of the Management Board and significant shareholder of the Group, who is also a significant shareholder of Kolesa Group, has assigned 11 % of the shares of Kolesa Group to Kaspi Shop LLC in trust, under a trust management agreement to Kaspi Shop LLC, which enables Kaspi Shop LLC to hold approximately 50.76 % of the voting rights in Kolesa Group, allowing Kaspi Shop LLC to vote with these shares in a manner consistent with Kaspi Shop LLC’s interests. Therefore, the Trust Management Agreement gives control over the board of directors of Kolesa Group. For more details please see Note 28. The Company is the parent of the following directly and indirectly held subsidiaries: Subsidiary Type of operation Country of operation Ownership Ownership Ownership Kaspi Pay LLC Payment processing services Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kaspi Shop LLC Marketplace Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kaspi Travel LLC Online travel Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kolesa Group Classifieds Kazakhstan - - Indirectly ( 39.76 %) Magnum E-commerce E-Grocery Kazakhstan - - Indirectly ( 90.01 %) Kaspi Bank JSC Banking Kazakhstan Indirectly ( 98.95 %) Indirectly ( 98.95 %) Indirectly ( 98.95 %) ARK Balance LLC Distressed asset management Kazakhstan Indirectly ( 98.95 %) Indirectly ( 98.95 %) Indirectly ( 98.95 %) Kaspi Office LLC Real estate Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kaspi Group JSC Holding Company Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Digital Classifieds LLC Classifieds Azerbaijan Indirectly ( 100 %) Indirectly ( 100 %) Indirectly ( 100 %) Portmone Group Payment processing services Ukraine Indirectly ( 100 %) Indirectly ( 100 %) Indirectly ( 100 %) Kaspi Cloud LLC Storage and processing of information Kazakhstan - Indirectly ( 100 %) Indirectly ( 100 %) Kaspi Office 2 LLC Real estate Kazakhstan - Indirectly ( 100 %) - The shareholders are as follows: 2021 2022 2023 % % % Baring Funds* 28.71 28.80 27.53 Mikheil Lomtadze 23.30 24.55 24.67 Vyacheslav Kim 24.13 23.35 23.47 Public Investors 21.01 20.18 20.92 Management 2.85 3.12 3.41 Total 100.00 100.00 100.00 * As at 31 December 2021, 2022 and 2023, Asia Equity Partners Limited, held 22.33 %, 22.36 % and 21.06 % of total shares, respectively, and Baring Fintech Nexus Limited, held 6.38 %, 6.44 % and 6.47 % of total shares, respectively, on behalf of Baring Funds. The Board of Directors of the Company authorized the issuance of these consolidated financial statements on 26 February 2024. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of presentation Foreign currency translation The consolidated financial statements have been prepared in Kazakhstani tenge, which is also the functional currency of the Company. The individual financial statements of each group company are presented in the currency of the primary economic environment in which it operates (its functional currency). In preparing the financial statements of each individual entity, monetary assets and liabilities denominated in currencies other than the entity’s functional currency (foreign currencies) are translated at the appropriate spot rates or exchange rates prevailing at the reporting date. Transactions in foreign currencies are initially recorded at their spot rates at the date of the transaction. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Rates of exchange The exchange rates at the period-end used by the Group in the preparation of the consolidated financial statements are as follows: 2021 2022 2023 KZT/USD 431.80 462.65 454.56 KZT/EUR 489.10 492.86 502.24 Going concern These consolidated financial statements have been prepared on the assumption that the Group is a going concern, as the Group has the resources to continue in operation for at least the next twelve months. In making this assessment, management has considered a wide range of information in relation to present and future economic conditions, including projections of cash flows, profit and capital resources. |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Material Accounting Policy Information [Abstract] | |
Material Accounting Policies | 3. Material accounting policies Basis of accounting These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The Company and its subsidiaries maintain their accounting records in accordance with IFRS. The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. The Group presents its statements of financial position in order of liquidity. Offsetting Financial assets and financial liabilities are offset and the net amount reported in the Consolidated Statements of Financial Position only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liability simultaneously. Income and expense are not offset in the Consolidated Statements of Profit or Loss unless required or permitted by any accounting standards or interpretations, and as specifically disclosed in the accounting policies of the Group. The principal accounting policies adopted are set out below. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company has power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Non-controlling interests Non-controlling interests represent the portion of profit or loss and net assets of subsidiaries not owned, directly or indirectly, by the Company. Non-controlling interests are presented separately in the Consolidated Statements of Profit or Loss and within equity in the Consolidated Statements of Financial Position, separately from those attributable to the shareholders of the Company. Leases The Group as lessee The Group as lessee recognizes a right-of-use asset and a corresponding liability to pay future rentals on the Consolidated Statements of Financial Position. The asset will be amortized over the shorter of the length of the lease and the useful economic life, subject to review for impairment, and the liability is measured at the present value of future lease payments discounted at the applicable incremental borrowing rate. The Group recognizes lease payments for short-term leases (leases with lease period of one year or less) or leases in which the base asset has a low value as an expense during the lease period. In a long-term lease, assets are recognized at the lease commencement date as a right-of-use asset and a lease liability. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost, including value added tax, less accumulated depreciation and impairment losses. Cash and cash equivalents Cash and cash equivalents include cash on hand, cash balances with NBRK, reverse repurchase agreements and unrestricted balances on correspondent accounts and deposits with other banks with original maturities within three months and are free from contractual encumbrances. Cash and cash equivalents are measured at amortized cost. Mandatory cash balances with NBRK Mandatory cash balances with NBRK represent funds in correspondent accounts with the NBRK and cash which are not available to finance the Group’s day to day operations and, hence, are not considered as part of cash and cash equivalents for the purpose of the Consolidated Statements of Cash Flows. Due from banks In the normal course of business, the Group maintains advances and deposits for various periods of time with other banks. Due from banks initially are recognized at fair value. Due from banks are subsequently measured at amortized cost using the effective interest method, and are carried net of allowance for impairment losses. Property, equipment Property, equipment and intangible assets, except land and buildings, are carried at historical cost less accumulated depreciation and any recognized impairment loss, if any. Depreciation on assets under construction and those not placed in service commences from the date the assets are ready for their intended use. Depreciation of property, equipment and amortization of intangible assets is charged on the carrying value of property, equipment and intangible assets and is designed to write off assets over their useful economic lives. Depreciation has been calculated on a straight-line basis at 2 % per annum for buildings and construction and 10 %- 33.3 % for furniture and computers and intangible assets. Leasehold improvements are amortized over the shorter of the life of the related leased asset or the lease term. Expenses related to repairs and renewals are charged when incurred and included in cost of goods and services in the Consolidated Statements of Profit or Loss, unless they qualify for capitalization. Buildings and constructions held for use in the supply of services, or for administrative purposes, are stated in the Consolidated Statements of Financial Position at their revalued amounts, being the fair value at the date of revaluation determined on the basis of market data by qualified independent appraisers, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amounts do not differ materially from those that would be determined using fair values at the end of the reporting period. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or derecognition of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Investment property Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is carried at historical cost net of accumulated depreciation and recognized impairment loss. Depreciation is calculated on a straight-line basis over the useful life of the assets. The expenses associated with the registration of ownership, maintenance and valuation of investment property are included in the cost of goods and services. The depreciation expense and payment of taxes associated with ownership of investment property are included in general and administrative expenses. Investment property is included within other non-financial assets (Note 14). Goodwill Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired in a business combination. Goodwill derived is based on a reasonable estimation of excess earning power expected from future business development and is recognized within other non-financial assets (Note 14). If the aggregate of the consideration transferred is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a gain from bargain purchase in the Consolidated Statements of Profit or Loss within Other gain (losses). Goodwill is not amortized but is reviewed for impairment at least annually at the reporting period or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. An impairment loss recognized for goodwill is not reversed in a subsequent period. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. On disposal of a subsidiary or the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets (trademarks, brands) Intangible assets, such as patents, trademarks and brands are reported at cost less accumulated amortization (where they have finite useful lives) and accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives at a 10 %- 33.3 % per annum. The estimated useful life and amortization method are reviewed as at each reporting date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are not amortized. The Group performs an analysis of product life cycle and studies market trends to provide evidence that the product will generate net cash inflows for the group for an indefinite period. Each period, the useful lives of such assets are reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for the asset. Such assets are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. Impairment of non-financial assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net income before tax as reported in the Consolidated Statements of Profit or Loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Consolidated Statements of Financial Position and the corresponding tax bases. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor net income before tax. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates Deferred income tax assets and deferred income tax liabilities are offset and reported net on the Consolidated Statements of Financial Position if: • The Group has a legally enforceable right to set off current income tax assets against current income tax liabilities; and • Deferred income tax assets and the deferred income tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. Provision for Uncertain Tax Positions The Group records a provision for uncertain tax positions if it is probable that the Group will have to make a payment to tax authorities upon their examination of a tax position. This provision is measured at the Group’s best estimate of the amount expected to be paid. Provisions are reversed to income in provision for (recovery of) income taxes in the period in which management determines they are no longer required or as determined by statute. Taxes Other than Taxes on Income The Republic of Kazakhstan also has various other taxes that are not taxes on income, which are assessed on the Group’s activities. These taxes are included as a component of cost of goods and services or general & administrative expenses in the Consolidated Statements of Profit or Loss. Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. The expense relating to a provision is presented in the Consolidated Statements of Profit or Loss net of any reimbursement. Share-based compensation Equity-settled share-based payments (such as “share options”) are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves. For cash-settled share-based payments (such as “phantom shares”), a liability is recognized for services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. The Group applies the graded vesting method on granted share options that vest in installments over the vesting period. Each installment is separately measured and attributed to expense over the vesting period. Contingencies Contingent liabilities are not recognized in the consolidated statements of the financial position but are disclosed unless the possibility of any outflow in settlement is remote. A contingent asset is not recognized in the Consolidated Statements of Financial Position but disclosed when an inflow of economic benefits is probable. Financial instruments The Group recognizes financial assets and liabilities on its Consolidated Statements of Financial Position when it becomes a party to the contractual obligation of the instrument. Regular way purchases and sales of financial assets and liabilities are recognized using settlement date accounting. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets All recognized financial assets that are within the scope of IFRS 9 are required to be measured subsequently at amortized cost or fair value on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Under IFRS 9, all debt financial assets that do not meet a “solely payment of principal and interest” (“SPPI”) criterion, are classified at initial recognition as fair value through profit or loss (“FVTPL”). Under this criterion, debt instruments that do not correspond to a “basic lending arrangement”, are measured at FVTPL. For debt financial assets that meet the SPPI criterion, classification at initial recognition is determined based on the business model under which these instruments are managed: • Financial assets, other than equity investments, that are managed on a “hold to collect” basis are measured at amortized cost; • Financial assets, other than equity investments, that are managed on a “hold to collect and for sale” basis are measured at fair value through other comprehensive income (“FVTOCI”); • Financial assets, including equity investments, that are managed on another basis, including trading financial assets, will be measured at FVTPL. Equity financial assets are required to be classified at initial recognition as FVTPL unless an irrevocable designation is made to classify an instrument as FVTOCI. For equity investments classified as FVTOCI, all realised and unrealised gains and losses, except for dividend income, are recognized in other comprehensive income with no subsequent reclassification to profit or loss. Financial assets, other than equity investments, that are measured subsequently at amortized cost or at FVTOCI are subject to impairment. After initial measurement, amortized cost financial assets are measured using the effective interest rate method, less any impairment losses. The fair value of FVTPL and FVTOCI financial assets is determined under IFRS 13 “ Fair Value Measurement” (“IFRS 13”). The fair value gains or losses for FVTPL are recognized in the statements of profit or loss and for FVTOCI are recognized in the other comprehensive income, until these instruments are disposed. Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured are measured at cost less any identified impairment losses at the end of each reporting period. These instruments are accounted for at fair value under IFRS 9. The Group has designated these investments in equity instruments at FVTOCI as the Group plans to hold them in the long term for strategic reasons. The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps. All derivative financial instruments are classified as held for trading and measured at fair value through profit or loss and are not designated for hedge accounting. Expected credit loss (“ECL”) measurement – definitions ECL is a probability-weighted measurement of the present value of future cash shortfalls (i.e., the weighted average of credit losses, with the respective risks of default occurring in a given time period used as weights). An ECL measurement is unbiased and should be determined by evaluating a range of possible outcomes. An ECL measurement of allowance for impairment losses is based on four components used by the Group: • Exposure at Default (“EAD”) – an estimate of exposure at a future default date, taking into account expected changes in exposure after the reporting date, including repayments of principal and interest, and expected drawdowns on committed facilities. • Probability of Default (“PD”) – an estimate of the likelihood of default to occur over a given time period. • Loss Given Default (“LGD”) – an estimate of a loss arising on default. It is based on the difference between contractual cash flows due and those that the lender would expect to receive, including from any collateral. It usually expressed as a percentage of EAD. • Discount Rate – a tool to discount an expected loss from the present value at the reporting date. The discount rate represents the effective interest rate (“EIR”) for the financial instrument or an approximation thereof. Default and credit-impaired assets The financial asset is considered to be in default, or credit impaired, when it meets one or more of the following criteria: For loans to customers: • The borrower is more than 90 days past due on its contractual payments; • The bank has sold part of borrower’s debt with losses; • The loan had experienced a forced restructuring due to a deterioration in borrower creditworthiness; • The borrower is deceased (retail loans); • The borrower’s debt was partially or fully written off due to a significant increase in credit risk. For other financial assets, debt securities and due from banks: • The counterparty or issuer rated at C or less per global rating agencies; • The counterparty or issuer is more than 30 days past due; • The counterparty or issuer has significant deterioration of operating results. Significant increase in credit risk (“SICR”) The SICR assessment is performed on an individual basis and on a portfolio basis. SICR for individually significant loans is assessed on an individual basis by monitoring the triggers stated below. The criteria used to identify a SICR are monitored and reviewed periodically for appropriateness by the Group’s risk department. The Group considers a financial instrument to have experienced a SICR when one or more of the following quantitative, qualitative or subsidiary criteria have been met: For loans to customers: • Increase in lifetime probability of default over defined thresholds; • The number of days past due is more than 30 but less than 90; • External factors affect the solvency of individual groups of individuals (such as natural disasters, closure of the city-forming enterprise in the region, etc.). For other financial assets, debt securities and due from banks: • Deterioration of the counterparty’s or issuer’s rating by 4 notches; • Deterioration of the counterparty’s or issuer’s rating up to CCC+ as per global rating agencies; • Deterioration of operating results of the counterparty or issuer. ECL measurement – description of estimation techniques General principle For financial assets that are not purchased or originated credit impaired (“POCI”) assets ECLs are generally measured based on the risk of default over one of two different time periods, depending on whether the borrower’s credit risk has increased significantly in a three-stage model for ECL measurement: Stage 1: a group of financial instruments for which no significant increase in the credit risk level has been recorded since initial recognition and provisions for this group are created as 12-month ECL, and interest income is calculated based on the gross carrying amount of the financial asset. Stage 2: a group of financial instruments for which a significant increase in the credit risk level has been recorded since the initial recognition and provisions for which equal ECL for the instrument’s lifetime, and interest income is calculated based on the gross carrying amount of the financial asset. Stage 3: a group of credit-impaired financial instruments, for which provisions equal the ECL amount for the instrument’s lifetime, and interest income is accrued based on the carrying amount of the asset, net of the loss allowance. ECL for POCI financial assets is always measured on a lifetime basis (Stage 3), and at the reporting date, the Group only recognizes the cumulative changes in lifetime expected credit losses since initial recognition. The Group performs individual assessments for credit-impaired loans. The Group performs assessments on a portfolio basis for retail loans and loans issued to small and medium entities (“SMEs”). This approach incorporates aggregating the portfolio into homogeneous segments based on borrower-specific information, such as delinquency, historical data on losses and forward-looking macroeconomic information. Macroeconomic overlay and macroeconomic scenarios The Group incorporates forward looking information in its impairment calculations via macroeconomic models, which leads to a direct adjustment of default probabilities. To develop a future realization of these macroeconomic parameters, the Group uses three scenarios - a base scenario, an optimistic scenario and a pessimistic scenario. The latter two scenarios are assigned weights of 25 % and 18 % (31 December 2022: 17 % and 33 %). The base scenario is assigned a weight of 57 % (31 December 2022: 50 %) in the calculation. For each scenario a set of values for the relevant macroeconomic variables is used as an input for the macroeconomic model, which subsequently is applied to adjust the relevant input parameter. The List of Macroeconomic Indicators • Change of nominal exchange rate USD/KZT; • Change of base rate KZT; • Unemployment. Based on the results of annual ECL model validation results, conducted during 4th quarter 2023, the Group introduced changes based on behavior of our portfolios. The main changes were associated with addition of a key macroeconomic indicator and changes in methodology of discount factor and LGD for secured loans estimation. Key macroeconomic indicator in the form of Change of base rate KZT were added to the model as the result of increase in variable’s significance and represents percentage change of the KZT base rate value. In the year ended 31 December 2022, Real GDP growth was replaced by nominal USD/KZT exchange rate, due to the loss of the influence of the former and increase in the relevance of the latter. The weights of forecasted scenarios were reassessed accordingly. Changes to the model in aggregate led to a change in the probability of default values. The effect on ECL was equivalent to a KZT 5,405 million decrease in loss allowance as at 31 December 2022. ECL measurement – description of estimation techniques Principles of individual assessment – ECL assessments on an individual basis are done by weighting the estimates of credit losses for different possible outcomes against the probabilities of each outcome. The Group defines three possible outcomes for each loan. Principles of portfolio assessments – to assess the staging of exposure and to measure a loss allowance on a collective basis, the Group combines its exposures into segments on the basis of shared credit risk characteristics, so that exposure to risk within a group are homogeneous. Examples of shared characteristics include product type and the amount of loan. Two types of PDs are used to calculate ECLs: 12-month and lifetime PD: • 12-month PDs – the estimated probability of a default occurring within the next • Lifetime PDs – the estimated probability of a default occurring over the remaining life of a financial instrument. This parameter is used to calculate lifetime ECLs. An assessment of a lifetime PD is based on the latest available historic default data and adjusted for forward looking information. To calculate lifetime PD, the Group uses different statistical approaches depending on the segment and product type, such as the extrapolation of 12-month PDs based on migration matrixes, developing lifetime PD curves based on the historical default data, hazard rate approach or other. LGD represents the Group’s expectation of the extent of loss on a defaulted exposure and assessed on a collective basis based on the latest available recovery statistics. For unsecured loans, the Group calculates LGD based on historical NPL collection statistics. For loans secured by cars, real estate, cash and liquid securities, the Group calculates LGD based on specific collateral characteristics, such as projected collateral values and historical sales discounts. Modification of loans to customers The Group modifies loans to customers in temporary financial difficulty in order to allow a borrower to recover solvency. Modification of loans is provided in the form of short-term revision of loan terms and may include the reduction of interest rate, reduction of monthly payment amount, extension of the loan term, or a combination of these measures that do not lead to derecognition of the financial asset. After the recovery period, pre-modification contractual terms are to be applied. The recovery period is agreed in the modification terms, but in most cases is set for 6 months. Modification of loan is provided only once and to the borrowers with overdue less than 90 days on a modification date, where sufficient grounds exist to support its recoverability. During the recovery period, such modified loans are classified to Stage 3, with corresponding increase in loss allowance. After the recovery period, such modified loans are allocated to the relevant impairment category, based on its days past due and impairment methodology. Restructuring of loans to customers The Group restructures loans of defaulted borrowers by providing an interest free extended schedule. The new loan schedule has an annuity structure with no grace period. Loans that were restructured after derecognition are deemed to be POCI (purchased or originated credit impaired). The difference recognized as a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The Group continues to recognize restructured impaired loans at Stage 3 for at least 1 year , in case if loan was not derecognized otherwise and classified as POCI. Derecognition of financial assets The Group derecognizes a financial asset only when the |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [abstract] | |
Revenue | 4. Revenue Revenue includes fee revenue, interest revenue, retail revenue, rewards and other gains (losses). Rewards earned by retail customers of the Group are deducted from revenue. 2021 2022 2023 REVENUE 884,822 1,270,592 1,913,490 Fee revenue 519,474 724,742 1,027,545 Interest revenue 422,075 574,426 833,516 Retail revenue - - 68,807 Rewards ( 51,981 ) ( 44,960 ) ( 39,578 ) Other gains (losses) ( 4,746 ) 16,384 23,200 Revenue by segments for the years ended 31 December 2021, 2022 and 2023 is presented below: 2021 2022 2023 Payments 217,085 333,343 478,684 Payments fee revenue 166,449 256,750 368,925 Interest revenue 50,636 76,593 109,759 Marketplace 153,604 239,609 448,223 Marketplace fee revenue 151,742 236,884 375,189 Retail revenue - - 68,807 Other gains 1,862 2,725 4,227 Fintech 566,114 745,023 1,026,721 Interest revenue 371,439 500,256 723,757 Fintech fee revenue 201,283 231,108 283,991 Other gains (losses) ( 6,608 ) 13,659 18,973 - ( 2,423 ) ( 560 ) Segment Revenue 936,803 1,315,552 1,953,068 Rewards ( 51,981 ) ( 44,960 ) ( 39,578 ) REVENUE 884,822 1,270,592 1,913,490 For the year ended 31 December 2022, intergroup represents Payments interest revenue that was offset by Fintech interest expenses (part of the Fintech costs and operating expenses) due to Fintech loans being partially funded from Payments’ interest free balances. For the year ended 31 December 2023, intergroup represents Marketplace fee revenue that was offset by Marketing expense, for activities to attract consumers of Fintech loans. Other gains (losses) are mainly due to net gains (losses) on foreign exchange operations and financial assets and liabilities at FVTPL. For the years ended 31 December 2021, 2022 and 2023, the net gain (loss) on foreign exchange operations were KZT ( 656 ) million, KZT 1,377 million and KZT 10,892 million, respectively. For the years ended 31 December 2021, 2022 and 2023, the net gain (loss) on financial assets and liabilities at FVTPL were KZT ( 7,066 ) million, KZT 11,471 million and KZT 4,385 million, respectively. Fee revenue and retail revenue are presented by timing of revenue recognition in the table below: 2021 2022 2023 Goods and services transferred at point in time 308,480 480,514 786,267 Payments fee revenue - Transaction Revenue 156,738 243,630 342,271 Marketplace fee revenue 151,742 236,884 375,189 Retail revenue - - 68,807 210,994 244,228 310,645 Payments fee revenue - Membership Revenue 9,711 13,120 26,654 Fintech fee revenue - Membership Revenue 9,452 4,568 3,249 Fintech fee revenue - Fintech banking service fees 191,831 226,540 280,742 TOTAL FEE AND RETAIL REVENUE 519,474 724,742 1,096,912 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment Reporting | 5. Segment Reporting The Group reports its business in three operating segments. The following tables present the summary of each segments’ revenue and net income: 2021 2022 2023 SEGMENT REVENUE 936,803 1,315,552 1,953,068 Payments 217,085 333,343 478,684 Marketplace 153,604 239,609 448,223 Fintech 566,114 745,023 1,026,721 Intergroup - ( 2,423 ) ( 560 ) NET INCOME 435,214 588,844 848,770 Payments 126,653 199,489 308,901 Marketplace 99,716 152,248 247,955 Fintech 208,845 237,107 291,914 Operating segments are identified based on how the Group manages the business on a day-to-day basis and the types of products and services provided. Operating segments are reported in a manner consistent with internal reports, which are reviewed and used by the management board (who are identified as Chief Operating Decision Makers, “CODM”). The operating performance measure of each operating segment is revenue and net income. Costs and operating expenses that are deducted from revenue, include interest expenses (2021: KZT 171,491 million; 2022: KZT 278,676 million; 2023: KZT 478,010 million) and provision expenses (2021: KZT 34,383 million; 2022: KZT 55,210 million; 2023: KZT 79,634 million), both attributable to Fintech Segment, share-based compensation expenses and other expenses recognized across the segments. Management believes that other segment expenses are not material for analysis of our ongoing operations. Expenses associated with share-based compensation are recognized across the segments. The following table presents the summary of share-based compensation expense by segments: 2021 2022 2023 SHARE-BASED COMPENSATION ( 20,057 ) ( 19,984 ) ( 20,859 ) Payments ( 4,620 ) ( 5,946 ) ( 7,200 ) Marketplace ( 1,934 ) ( 2,009 ) ( 2,335 ) Fintech ( 13,503 ) ( 12,029 ) ( 11,324 ) |
Costs and Operating Expenses
Costs and Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [abstract] | |
Costs and Operating Expenses | 6. Costs and operating expenses 2021 2022 2023 COSTS AND OPERATING EXPENSES ( 356,020 ) ( 550,018 ) ( 891,486 ) Interest expenses ( 171,491 ) ( 278,676 ) ( 478,010 ) Transaction expenses ( 16,542 ) ( 22,188 ) ( 27,470 ) Cost of goods and services ( 56,829 ) ( 82,747 ) ( 166,356 ) Technology & product development ( 44,388 ) ( 60,807 ) ( 88,657 ) Sales & marketing ( 8,702 ) ( 25,618 ) ( 21,891 ) General & administrative expenses ( 23,685 ) ( 24,772 ) ( 29,468 ) Provision expenses (see Note 1,7) ( 34,383 ) ( 55,210 ) ( 79,634 ) Interest expenses include interest expenses on customer accounts, mandatory insurance of retail deposits and interest expenses on debt securities, including subordinated debt. Transaction expenses are mainly composed of the costs associated with accepting, processing and otherwise enabling payment transactions. Those costs include fees paid to payment processors, payment networks and various service providers. Cost of goods and services include costs incurred to operate retail network, 24-hour call support and communication with customers, product packaging and delivery, and other expenses which can be attributed to the Group’s operating activities related to the provision of the products and services. It also includes the price paid by us for consumer products, the subsequent sale of which generates Retail revenue. Technology & product development consist of staff and contractor costs that are incurred in connection with the research and development of new and maintenance of existing products and services, development, design, data science and maintenance of our products and services, and infrastructure costs. Infrastructure costs include depreciation of servers, networking equipment, data center, kartomats, postomats and payment equipment, rent, utilities, and other expenses necessary to support our technologies and platforms. Collectively, these costs reflect the investments we make in order to offer a wide variety of products and services to our customers. In 2022, it also included also our losses in the amount of KZT 690 million as a result of January events. Sales & marketing consist primarily of online and offline advertising expenses, promotion expenses, staff costs and other expenses that are incurred directly to attract or retain consumers and merchants. It also includes our charity and sponsorship activities. In 2022, it included also our KZT 10,000 million contribution to the Kazakhstan Halkyna fund. General & administrative expenses consist primarily of costs incurred to provide support to our business, including legal, human resources, finance, risk, compliance, executive, professional services fees, office facilities and other support functions. Employee benefits, depreciation and amortization expenses and operating lease expenses are presented as follows: 2021 2022 2023 Employee benefits Depreciation & amortization Operating Employee benefits Depreciation & amortization Operating lease Employee benefits Depreciation & amortization Operating lease Cost of goods ( 17,361 ) ( 831 ) ( 1,084 ) ( 20,408 ) ( 1,085 ) ( 1,040 ) ( 23,522 ) ( 237 ) ( 1,268 ) Technology & ( 24,478 ) ( 9,359 ) ( 1,641 ) ( 31,585 ) ( 12,860 ) ( 2,558 ) ( 43,344 ) ( 21,727 ) ( 3,899 ) Sales & ( 403 ) - - ( 1,176 ) - ( 51 ) ( 2,024 ) - ( 144 ) General & ( 16,043 ) ( 1,876 ) ( 2,097 ) ( 15,340 ) ( 2,849 ) ( 2,112 ) ( 17,436 ) ( 3,590 ) ( 471 ) Total ( 58,285 ) ( 12,066 ) ( 4,822 ) ( 68,509 ) ( 16,794 ) ( 5,761 ) ( 86,326 ) ( 25,554 ) ( 5,782 ) Expenses associated with share-based compensation are recognized across the functions in which the compensation recipients are employed. The following table sets forth an analysis of share-based compensation expense by function for the periods indicated: 2021 2022 2023 SHARE-BASED COMPENSATION ( 20,057 ) ( 19,984 ) ( 20,859 ) Cost of goods and services ( 1,148 ) ( 1,673 ) ( 1,747 ) Technology & product development ( 9,020 ) ( 9,137 ) ( 10,410 ) Sales & marketing ( 27 ) ( 653 ) ( 686 ) General & administrative expenses ( 9,862 ) ( 8,521 ) ( 8,016 ) |
Provision Expense
Provision Expense | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Provision expense | 7. Provision expense The movements in loss allowance were as follows: Loans to customers Due Financial assets at FVTOCI Cash and Other Contin- Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 1 Stage 2 Stage 3 Stage 1 Stage 3 Stage 1 Loss allowance as at 31 December 2020 40,062 7,674 74,153 26 374 - 2,564 3 2,058 28 126,942 Changes in provisions -Transfer to Stage 1 5,556 ( 1,145 ) ( 4,411 ) - - - - - - - - -Transfer to Stage 2 ( 335 ) 832 ( 497 ) - - - - - - - - -Transfer to Stage 3 ( 2,033 ) ( 4,723 ) 6,756 - - - - - - - - Net changes, resulting from changes ( 8,490 ) 9,608 16,509 ( 8 ) ( 54 ) - 278 ( 2 ) 2,392 ( 14 ) 20,219 New assets issued 54,379 - - - 8 - - - - - 54,387 Repaid assets (except for write off) ( 25,096 ) ( 1,664 ) ( 13,265 ) - ( 198 ) - - - - - ( 40,223 ) Total effect on Consolidated 20,793 7,944 3,244 ( 8 ) ( 244 ) - 278 ( 2 ) 2,392 ( 14 ) 34,383 Write-off, net of recoveries - - ( 11,458 ) - - - ( 180 ) - ( 605 ) 4 ( 12,239 ) Foreign exchange difference - - 4 1 - - - - 1 - 6 As at 31 December 2021 64,043 10,582 67,791 19 130 - 2,662 1 3,846 18 149,092 Net changes, resulting from changes in credit risk parameters include decrease of provisions due to partial repayment of loans. As at 31 December 2021, 2022 and 2023, the allowance for impairment losses on financial assets at FVTOCI of KZT 2,792 million, KZT 738 million and KZT 1,408 million, respectively, is included in the ‘Revaluation reserve/(deficit) of financial assets and other reserves’ within equity. Reclassification of financial assets from financial assets carried at FVTOCI to other assets relates to the bonds, which have matured, but not repaid as at 31 December 2022. Loans to customers Due Financial assets at FVTOCI Cash and Other Contin- Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 1 Stage 2 Stage 3 Stage 1 Stage 3 Stage 1 Loss allowance as at 31 December 2021 64,043 10,582 67,791 19 130 - 2,662 1 3,846 18 149,092 Changes in provisions -Transfer to Stage 1 3,544 ( 1,138 ) ( 2,406 ) - - - - - - - - -Transfer to Stage 2 ( 6,970 ) 7,208 ( 238 ) - ( 3 ) 3 - - - - - -Transfer to Stage 3 ( 13,854 ) ( 7,014 ) 20,868 - - - - - - - - Net changes, resulting from changes ( 14,545 ) 4,429 33,307 ( 14 ) 3 653 - 2 1,348 21 25,204 New assets issued 65,888 - - - 10 - - - - - 65,898 Repaid assets (except for write off) ( 30,502 ) ( 2,282 ) ( 11,485 ) - ( 58 ) - - - - - ( 44,327 ) Modification effect - - 8,435 - - - - - - - 8,435 Total effect on Consolidated 20,841 2,147 30,257 ( 14 ) ( 45 ) 653 - 2 1,348 21 55,210 Write-off, net of recoveries - - 19,029 - - - - - ( 80 ) - 18,949 Reclassification of financial assets - - - - - - ( 2,662 ) - 2,662 - - Foreign exchange difference - - 12 1 - - - - 18 - 31 As at 31 December 2022 67,604 11,785 135,313 6 82 656 - 3 7,794 39 223,282 Loans to customers Due Financial assets at FVTOCI Cash and Other Contin- Total Stage 1 Stage 2 Stage 3 POCI Stage 1 Stage 1 Stage 2 Stage 3 Stage 1 Stage 3 Stage 1 Loss allowance as at 31 December 67,604 11,785 135,313 6 82 656 - 3 7,794 39 223,282 Changes in provisions -Transfer to Stage 1 15,923 ( 1,448 ) ( 14,475 ) - - - - - - - - - -Transfer to Stage 2 ( 10,396 ) 16,184 ( 5,788 ) - - ( 1 ) 1 - - - - - -Transfer to Stage 3 ( 25,126 ) ( 5,745 ) 30,871 - - - ( 530 ) 530 - - - - Net changes, resulting from changes ( 25,885 ) ( 2,531 ) 61,320 261 - 5 31 606 20 2,060 ( 4 ) 35,883 New assets issued 75,077 - - - - 28 - - - - - 75,105 Repaid assets (except for write off) ( 37,258 ) ( 1,955 ) ( 12,662 ) - - - - - - - - ( 51,875 ) Modification effect - - 20,521 - - - - - - - - 20,521 Total effect on Consolidated 11,934 ( 4,486 ) 69,179 261 - 33 31 606 20 2,060 ( 4 ) 79,634 Write-off, net of recoveries - - ( 49,055 ) - - - - - - ( 4,214 ) - ( 53,269 ) Foreign exchange difference - - ( 3 ) - - - - - - - - ( 3 ) As at 31 December 2023 59,939 16,290 166,042 261 6 114 158 1,136 23 5,640 35 249,644 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Income tax | 8. Income tax The Group provides for taxes for the current period based on the tax accounts maintained and prepared in accordance with the respective tax regulations of the Republic of Kazakhstan, the Republic of Azerbaijan, Ukraine and Uzbekistan, where the Company and its subsidiaries operate and which may differ from IFRS. The Group is subject to certain permanent tax differences due to non-tax deductibility of certain expenses and a tax-free regime for certain income. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Temporary differences relate mostly to different methods of income and expense recognition as well as to recorded values of certain assets. Deferred income tax liabilities comprise: 2021 2022 2023 Vacation reserve, accrued bonuses and share-based 779 873 1,242 Property, equipment and intangible assets ( 3,263 ) ( 4,078 ) ( 4,012 ) Other 17 - 527 Net deferred tax liability ( 2,467 ) ( 3,205 ) ( 2,243 ) Relationships between net income before tax and income tax expenses are explained as follows: 2021 2022 2023 Net income before tax 528,802 720,574 1,022,004 Tax at the statutory tax rate of 20 % ( 105,760 ) ( 144,115 ) ( 204,400 ) Non-taxable income 12,303 12,892 38,038 Adjustment recognized in the period for current tax 1,626 315 - Non-deductible expense ( 1,757 ) ( 822 ) ( 6,872 ) Income tax expense ( 93,588 ) ( 131,730 ) ( 173,234 ) Current income tax expense ( 95,066 ) ( 131,307 ) ( 174,196 ) Adjustment recognized in the period for current tax 1,626 315 - Deferred income tax benefit/(expense) ( 148 ) ( 738 ) 962 Income tax expense ( 93,588 ) ( 131,730 ) ( 173,234 ) Non-taxable income was represented by interest income on governmental and other qualified securities in accordance with the tax legislation. Statutory income tax rate is 20 % in Kazakhstan and Azerbaijan, 18 % in Ukraine and 15 % in Uzbekistan. 2021 2022 2023 Net deferred tax liability: At the beginning of the period ( 2,319 ) ( 2,467 ) ( 3,205 ) Change in deferred income tax balances recognized in ( 148 ) ( 738 ) 962 At the end of the period ( 2,467 ) ( 3,205 ) ( 2,243 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings Per Share | 9. Earnings per share Earnings per share are determined by dividing the net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. For the purpose of diluted earnings per share calculation, the Group considers dilutive effects of share-based compensation. 2021 2022 2023 Net income attributable to the shareholders of the 431,914 585,026 841,351 Weighted average number of common shares for basic 192,187,223 191,725,280 189,859,971 Weighted average number of common shares for diluted 194,341,305 193,991,446 192,062,409 Earnings per share – basic (KZT) 2,247 3,051 4,431 Earnings per share – diluted (KZT) 2,222 3,016 4,381 Reconciliation of the number of shares used for basic and diluted EPS: 2021 2022 2023 Weighted average number of common shares for basic 192,187,223 191,725,280 189,859,971 Number of potential common shares attributable 2,154,082 2,266,166 2,202,438 Weighted average number of common shares 194,341,305 193,991,446 192,062,409 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | 10. Cash and cash equivalents 2022 2023 Cash on hand 179,766 259,639 Current accounts with other banks 196,194 274,534 Short-term deposits with other banks 229,389 216,217 Reverse repurchase agreements 10,011 70,076 Total cash and cash equivalents 615,360 820,466 Cash on hand includes cash balances with ATMs and cash in transit. As at 31 December 2022 and 2023, current accounts and short-term deposits with the National Bank of the Republic of Kazakhstan ("NBRK") are KZT 220,109 million and KZT 90,098 million, respectively. As at 31 December 2022 and 2023, the fair value of collateral of reverse repurchase agreements classified as cash and cash equivalents are KZT 10,022 million and KZT 70,160 million, respectively. |
Investment Securities and Deriv
Investment Securities and Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Investment securities and derivatives [abstract] | |
Investment Securities and Derivatives | 11. Investment securities and derivatives Investment securities and derivatives comprise: 2022 2023 Total financial assets at FVTOCI 1,076,242 1,377,130 Total financial assets at FVTPL 30 642 Total investment securities and derivatives 1,076,272 1,377,772 Financial assets at FVTOCI comprise: 2022 2023 Debt securities 1,075,955 1,376,728 Equity investments 287 402 Total financial assets at FVTOCI 1,076,242 1,377,130 Interest 2022 Interest 2023 Debt securities Bonds of the Ministry of Finance of the Republic 0.60 - 16.03 350,670 0.60 - 16.70 930,726 Corporate bonds 2.00 - 11.80 186,819 2.00 - 15.88 252,946 Discount notes of the NBRK 16.03 538,100 14.44 191,369 Sovereign bonds of foreign countries 0.63 366 0.63 - 3.50 1,687 Total debt securities 1,075,955 1,376,728 As at 31 December 2022 and 2023, sovereign debt securities represented by bonds of the Ministry of Finance of the Republic of Kazakhstan, discount notes of the NBRK, sovereign bonds of foreign countries amounted to KZT 889,136 million and KZT 1,123,782 million, respectively. The contractual maturity of investment debt securities is disclosed in Note 26. Financial assets at FVTPL comprise: 2022 2023 Derivative financial instruments 30 642 Total financial assets at FVTPL 30 642 As at 31 December 2023, financial assets at FVTPL included swap and spot instruments of KZT 642 million (2022: KZT 30 million) with a notional amount of KZT 165,555 million (2022: KZT 102,563 million). As at 31 December 2023, financial liabilities at FVTPL included swap and spot instruments of KZT 187 million (2022: KZT 3 million) with a notional amount of KZT 164,686 million (2022: KZT 102,498 million) and forwards of KZT 978 million (2022: KZT 144 million) with a notional amount of KZT 14,739 million (2022: KZT 8,598 million) and are disclosed in Note 19. |
Loans to Customers
Loans to Customers | 12 Months Ended |
Dec. 31, 2023 | |
Loans to customers [abstract] | |
Loans to Customers | 12. Loans to customers 2022 2023 Gross loans to customers 3,369,512 4,478,489 Less: allowance for impairment losses (Note 7) ( 214,702 ) ( 242,532 ) Total loans to customers 3,154,810 4,235,957 All loans to customers issued by the Group were allocated to the Fintech segment for internal segment reporting purposes. Movements in allowances for impairment losses on loans to customers for the years ended 31 December 2021, 2022 and 2023 are disclosed in Note 7. As at 31 December 2022 and 2023, accrued interest of KZT 35,924 million and KZT 46,207 million, respectively, was included in loans to customers. Loans with principal or accrued interest in arrears for more than 90 days are classified as non-performing loans (“NPL”). Allowance for impairment losses to NPLs reflects the Group’s total provision as a percentage of NPL’s. Considering the ratio represents allowance for impairment losses for all loans as a percentage of NPLs, the ratio can be more than 100 %. These loans were classified in Stage 3. The following table sets forth the Group’s outstanding NPLs as compared to the total allowance for impairment losses on total loans to customers: Gross NPLs Total Total As at 31 December 2022 211,581 214,702 101 % As at 31 December 2023 244,161 242,532 99 % Provision expenses on loans to customers: 2021 2022 2023 Provision expenses on loans to customers: Loans to customers ( 31,981 ) ( 53,245 ) ( 76,888 ) Total provision expenses on loans to customers ( 31,981 ) ( 53,245 ) ( 76,888 ) The Group did not provide loans which individually exceeded 10 % of the Group’s equity. The gross carrying amount and related allowance for impairment losses on loans to customers by stage were as follows: Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Gross loans to customers 3,058,897 40,934 264,927 4,754 3,369,512 Allowance for impairment losses ( 67,604 ) ( 11,785 ) ( 135,313 ) - ( 214,702 ) Carrying amount 2,991,293 29,149 129,614 4,754 3,154,810 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Gross loans to customers 4,048,478 55,804 363,703 10,504 4,478,489 Allowance for impairment losses ( 59,939 ) ( 16,290 ) ( 166,042 ) ( 261 ) ( 242,532 ) Carrying amount 3,988,539 39,514 197,661 10,243 4,235,957 During the years ended 31 December 2022 and 2023, the Group has restructured loans to customers, which were classified as NPL, in the amount of KZT 55,190 million and KZT 98,925 million, respectively, by providing an interest free extended repayment schedule. During the years ended 31 December 2022 and 2023, KZT 5,951 million and KZT 35,168 million of restructured loans were collected. As at 31 December 2022 and 2023, the Group’s restructured loans in Stage 3 amounted to the gross carrying amount of KZT 22,534 million and KZT 57,571 million, respectively. As at 31 December 2022 and 2023, the Group’s restructured loans in Stage 2 amounted to the gross carrying amount of KZT nil and KZT 8,821 million, respectively. As at 31 December 2022 and 2023, the Group’s restructured loans in Stage 1 amounted to the gross carrying amount of KZT nil and KZT 1,568 million, respectively. As at 31 December 2022 and 2023, the Group recognized restructured loans as POCI loans with gross carrying amount of KZT 4,754 million and KZT 10,504 million, respectively. |
Property, Equipment and Intangi
Property, Equipment and Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Property Equipment And Intangible Assets [Abstract] | |
Property, Equipment and Intangible assets | 13. Property, equipment and intangible assets Buildings Furniture Intangible Construc- Total At initial/revalued cost 31 December 2021 42,266 65,267 27,152 26 134,711 Additions 23,084 36,117 5,446 55 64,702 Disposals ( 836 ) ( 2,387 ) ( 1,079 ) - ( 4,302 ) Transfers 3 ( 3 ) - - - 31 December 2022 64,517 98,994 31,519 81 195,111 Additions 18,019 24,258 4,744 2,028 49,049 Acquisitions of subsidiaries 12 5,229 20,255 - 25,496 Disposals ( 59 ) ( 2,208 ) ( 3,530 ) ( 135 ) ( 5,932 ) 31 December 2023 82,489 126,273 52,988 1,974 263,724 Accumulated depreciation 31 December 2021 8,357 28,243 13,010 - 49,610 Charge for the year 2,258 10,752 4,191 - 17,201 Disposals ( 815 ) ( 1,740 ) ( 985 ) - ( 3,540 ) 31 December 2022 9,800 37,255 16,216 - 63,271 Charge for the year 2,658 18,103 5,338 - 26,099 Acquisitions of subsidiaries 1 512 - - 513 Disposals ( 57 ) ( 265 ) ( 183 ) - ( 505 ) 31 December 2023 12,402 55,605 21,371 - 89,378 Net book value 31 December 2023 70,087 70,668 31,617 1,974 174,346 31 December 2022 54,717 61,739 15,303 81 131,840 As at 31 December 2022 and 2023, property and equipment included fully depreciated property and equipment of KZT 13,322 million and KZT 21,380 million, respectively. The Group’s revaluation policy requires the entire class of buildings and construction to be revalued every five years. In 2021, the Group had its buildings and construction revalued by independent appraisers, and the revalued amounts approximate their carrying value. The fair value of buildings and construction was determined based on the market comparable approach that reflects recent transaction prices for similar properties. In measuring fair value of the Group’s buildings and construction, the measurements were categorized into Level 3. During the years ended 31 December 2022 and 2023, there were no movements between Level 3 and other levels. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other Assets [Abstract] | |
Other Assets | 14. Other assets 2022 2023 Other financial assets: Settlement with brokers 31,243 30,687 Receivables from VISA and Master Card 3,498 4,159 Prepayments for customers online transactions 5,166 3,947 Other 10,277 7,502 Total other financial assets 50,184 46,295 Less: allowance for impairment losses (Note 7) ( 7,068 ) ( 4,761 ) Total net other financial assets 43,116 41,534 Other non-financial assets: Goodwill (Note 28) - 34,078 Prepayments for goods and services 11,729 23,339 Investment property 16,829 16,065 Inventory 2,274 14,370 Taxes receivable 1,054 6,433 Other 504 658 Total other non-financial assets 32,390 94,943 Less: allowance for impairment losses ( 726 ) ( 879 ) Total net other non-financial assets 31,664 94,064 Total other assets 74,780 135,598 Movements in allowances for impairment losses of other assets are disclosed in Note 7. Investment property movement is presented as follows: 2022 2023 Cost As at 1 January 19,556 17,954 Additions - 21 Disposals ( 1,602 ) ( 647 ) As at 31 December 17,954 17,328 Accumulated depreciation As at 1 January ( 982 ) ( 1,125 ) Depreciation charge ( 244 ) ( 219 ) Disposals 101 81 As at 31 December ( 1,125 ) ( 1,263 ) Net book value 16,829 16,065 As at 31 December 2022 and 2023, the fair value of investment property was KZT 20,869 million and KZT 21,187 million, respectively. In measuring fair value of the Group’s investment property, the measurements were categorized into Level 3. |
Due to Banks
Due to Banks | 12 Months Ended |
Dec. 31, 2023 | |
Categories of financial liabilities [abstract] | |
Due to Banks | 15. Due to banks 2022 2023 Recorded at amortized cost: Repurchase agreements 16,119 154 Time deposits of banks and other financial institutions 313 - Total due to banks 16,432 154 As at 31 December 2022 and 2023, accrued interest of KZT 58 million and KZT 1 million, respectively, was included in due to banks. Fair value of securities pledged as collateral of repurchase agreements, which were classified as due to banks as at 31 December 2022 and 2023, amounted to KZT 15,014 million and KZT 154 million, respectively. |
Customer Accounts
Customer Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Customer Accounts Disclosure [Abstract] | |
Customer Accounts | 16. Customer accounts 2022 2023 Individuals Term deposits 3,057,870 4,316,825 Current accounts 700,957 826,328 Total due to individuals 3,758,827 5,143,153 Corporate customers Term deposits 59,638 44,233 Current accounts 182,225 254,070 Total due to corporate customers 241,863 298,303 Total customer accounts 4,000,690 5,441,456 As at 31 December 2022 and 2023, accrued interest of KZT 29,214 million and KZT 44,044 million, respectively, was included in term deposits within customer accounts. As at 31 December 2022 and 2023, customer accounts of KZT 42,733 million and KZT 60,260 million, respectively, were held as security against loans to customers. As at 31 December 2022 and 2023, customer accounts of KZT 108,665 million ( 2.72 % of total customer accounts) and KZT 97,806 million ( 1.80 % of total customer accounts), respectively, were due to the top twenty customers. As at 31 December 2022 and 2023, customer accounts were predominately denominated in KZT, comprising 87 % and 91 %, respectively and customer accounts in other foreign currencies were 13 % and 9 %, respectively. |
Debt Securities Issued
Debt Securities Issued | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Debt Securities Issued | 17. Debt securities issued Currency Maturity Nominal interest 2022 2023 Third bond program – first issue KZT January 2025 9.90 51,045 51,048 Third bond program – second issue KZT January 2024 9.80 48,418 48,420 Third bond program – third issue KZT January 2023 9.70 40,915 - Total debt securities issued 140,378 99,468 As at 31 December 2022 and 2023, accrued interest of KZT 5,620 million and KZT 3,998 million, respectively, was included in debt securities issued. All debt securities issued are recorded at amortized cost. The Group did not have any defaults or other breaches with respect to its debt securities issued as at 31 December 2022 and 2023. |
Subordinated Debt
Subordinated Debt | 12 Months Ended |
Dec. 31, 2023 | |
Subordinated liabilities [abstract] | |
Subordinated Debt | 18. Subordinated debt Currency Maturity date Nominal interest 2022 2023 Third bond program – fourth issue KZT June 2025 10.7 % 62,269 62,274 Debt component of preference shares KZT n/a n/a 90 95 Second bond program – third issue KZT February 2023 2% plus inflation rate 5,249 - Total subordinated debt 67,608 62,369 The debt component of preference shares relates to subsidiary Kaspi Bank JSC (“the Bank” - subsidiary of the Company), and is held by the non-controlling interest. As at 31 December 2022 and 2023, accrued interest of KZT 3,508 million and KZT 3,179 million, respectively, was included in subordinated debt. All subordinated debt are recorded at amortized cost as at 31 December 2022 and 2023. The above liabilities are subordinated to the claims of depositors and other creditors of the issuer in the event of liquidation. The Group did not have any defaults or other breaches with respect to its subordinated debt as at 31 December 2022 and 2023. Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statements of cash flows as cash flows from financing activities. Non-cash changes 1 January 2022 Financing cash flows Foreign exchange movement Changes in amortized cost 2022 Debt securities issued 139,711 - - 667 140,378 Subordinated debt 67,665 - - ( 57 ) 67,608 Non-cash changes 1 January 2023 Financing cash flows Foreign exchange movement Changes in amortized cost 2023 Debt securities issued 140,378 ( 41,261 ) - 351 99,468 Subordinated debt 67,608 ( 5,300 ) - 61 62,369 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Liabilities Abstract | |
Other Liabilities | 19. Other liabilities 2022 2023 Other financial liabilities: Payables for customers’ online transactions 23,542 49,679 Payables to suppliers - 13,603 Accrued expenses 3,080 2,709 Accrued dividends payable to non-controlling interest 1,235 1,241 Derivative financial liabilities 147 1,165 Other 238 324 Total financial liabilities 28,242 68,721 Other non-financial liabilities: Other taxes payable 10,520 15,295 Deferred revenue 10,950 12,436 Accumulated employee benefits, vacation liabilities 4,521 6,210 Deferred tax liabilities 3,245 3,162 Current income tax payable 5,957 1,096 Other 7,415 8,352 Total non-financial liabilities 42,608 46,551 Total other liabilities 70,850 115,272 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | 20. Share capital The table below provides a reconciliation of the change in the number of authorized shares, shares issued and fully paid, treasury shares and shares outstanding: Authorized shares Issued and fully paid shares Treasury shares Shares outstanding Common shares 31 December 2021 216,742,000 199,500,000 ( 7,312,777 ) 192,187,223 GDR options exercised (Note 21) - - 499,472 499,472 GDR buyback program - - ( 2,376,725 ) ( 2,376,725 ) 31 December 2022 216,742,000 199,500,000 ( 9,190,030 ) 190,309,970 GDR options exercised (Note 21) - - 618,788 618,788 GDR buyback program - - ( 1,595,293 ) ( 1,595,293 ) 31 December 2023 216,742,000 199,500,000 ( 10,166,535 ) 189,333,465 During the years ended 31 December 2022 and 2023, the Board of Directors approved six separate GDR buyback programs. The Group accounts for GDRs repurchased in Treasury Shares component of Share Capital. One GDR represents one share. The following table summarizes the details of the GDR buyback programs: Start date Maturity Number of Total amount 1st buy-back program 22 April 2022 21 July 2022 998,429 22,841 2nd buy-back program 22 July 2022 21 October 2022 788,153 21,325 3rd buy-back program 22 October 2022 24 February 2023 1,131,380 38,474 4th buy-back program 22 March 2023 21 July 2023 531,995 18,740 5th buy-back program 22 July 2023 21 October 2023 283,689 12,614 6th buy-back program (ongoing) 22 October 2023 01 March 2024 238,372 10,381 31 December 2023 3,972,018 124,375 The Group accounts for GDRs repurchased as treasury shares. The table below provides a reconciliation of the change in outstanding share capital fully paid: Issued and fully paid shares Treasury Total 31 December 2021 130,144 ( 32,614 ) 97,530 GDR options exercised - 2,228 2,228 GDR buyback program - ( 63,672 ) ( 63,672 ) 31 December 2022 130,144 ( 94,058 ) 36,086 GDR options exercised - 2,760 2,760 GDR buyback program - ( 60,703 ) ( 60,703 ) 31 December 2023 130,144 ( 152,001 ) ( 21,857 ) All shares are KZT denominated. The Group has one class of common shares which carry no right to fixed dividend. Share premium represents an excess of contributions received over the nominal value of shares issued and amounts received as a result of the resale of shares over their purchase price. The following tables represent dividends declared: Dividends Dividend September 2022 95,787 KZT 500 December 2022 114,315 KZT 600 Total for 2022 210,102 Dividends Dividend March 2023 269,365 KZT 1,350 September 2023 129,702 KZT 750 December 2023 161,065 KZT 850 Total for 2023 560,132 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-Based Compensation | 21. Share-based compensation In 2021, 2022 and 2023, the share option program was expanded to include more senior executives and other core Group personnel. The share-based awards are used to attract, incentivize and retain employees over the long-term by the management of the Group. Share-based compensation expense According to IFRS 2, this accelerates the recognition of compensation expenses resulting in a higher proportion of expenses being recognized in the early years of overall plan. 2021 2022 2023 Share-based compensation expense ( 20,057 ) ( 19,984 ) ( 20,859 ) Share options ( 19,631 ) ( 19,984 ) ( 20,859 ) Phantom shares ( 426 ) - - Phantom share expenses of KZT 426 million represent revaluation during the 1 st year of the previous phantom share program vested and discontinued in 2021. GDR Options The fair value of GDR options at the date of grant is determined using the Black-Scholes model. The fair value determined at the grant date is expensed over the five year vesting period, based on the Group’s estimate of the number of GDR options that will eventually vest. Recipients of GDR options are entitled to receive dividends once GDR options vested and exercised. The inputs into the Black-Scholes model are as follows: 2021 2022 2023 Black-Scholes model inputs: Weighted average share price in USD 60.7 63.7 67.3 Expected volatility 45.3 % 43.5 % 42.4 % Risk-free rate 2.9 % 3.6 % 4.2 % Dividend yield 7.2 % 7.0 % 7.0 % Expected volatility is based on the historical share price volatility over the past 3 years. The following table summarizes the details of the GDR options outstanding: 2022 2023 (GDRs) (GDRs) Outstanding at the beginning of the period 2,154,082 2,266,166 Granted 611,556 564,800 Forfeited - ( 9,740 ) Exercised ( 499,472 ) ( 618,788 ) Expired - - Outstanding at the end of the period 2,266,166 2,202,438 In the years ended 31 December 2022 and 2023, 499,472 GDR options and 618,788 GDR options, respectively, were exercised and GDRs were issued from treasury shares. The following table represents Share-based compensation reserve outstanding: Share-Based 31 December 2021 21,242 GDR options accrued 19,984 GDR options exercised ( 11,952 ) 31 December 2022 29,274 GDR options accrued 20,859 GDR options exercised ( 15,323 ) 31 December 2023 34,810 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and Contingencies | 22. Commitments and contingencies In the normal course of business, in order to meet the needs of its customers, the Group became a party to financial instruments with off-balance sheet risk. Guarantees issued included below represent financial guarantees, where payment is not probable as at the respective reporting date, and therefore have not been recorded in the Consolidated Statements of Financial Position. The Group’s maximum exposure to credit loss under contingent liabilities and commitments to extend credit, in the event of non-performance by the other party where all counterclaims, collateral or security prove valueless, is represented by the contractual amounts of those instruments. The Group uses the same credit policy in undertaking contingent commitments as it does for on-balance instruments. As at 31 December 2022 and 2023, provision for losses on contingent liabilities were KZT 39 million and KZT 35 million, respectively. The Group’s contingent liabilities and credit commitments comprised the following: 2022 2023 Nominal amount Nominal amount Commitments on loans and unused credit lines: Revocable loans 157,478 174,771 Guarantees issued and similar commitments 564 558 Total contingent liabilities and credit commitments 158,042 175,329 Commitments on loans and unused credit lines represent the Group’s revocable commitments to extend loans within unused credit line limits. Those commitments where the borrower has to apply each time it wants to draw the credit facility from unused credit lines and the Group may approve or deny the extension of the credit facility based on the borrower’s financial performance, debt service and other credit risk characteristics are considered revocable. Those commitments where the Group is contractually obligated with no conditions to extend the loan are considered to be irrevocable. Legal proceedings From time to time and in the normal course of business, claims against the Group are received from customers and counterparties. Management is of the belief that no material losses will be incurred and, accordingly, no provision has been made in these consolidated financial statements. Pensions and retirement plans Employees of the Group receive pension benefits from pension funds in accordance with the laws and regulations of the Republic of Kazakhstan. As at 31 December 2022 and 2023, the Group was not liable for any supplementary pensions, post-retirement health care, insurance benefits, or retirement indemnities to its current or former employees. Taxes Due to the presence in Kazakhstani commercial legislation and tax legislation in particular, of provisions allowing more than one interpretation, and also due to the practice developed in a generally unstable environment by the tax authorities of making arbitrary judgment of business activities, if a particular treatment based on management’s judgment of the Group’s business activities is to be challenged by the tax authorities, the Group may be assessed additional taxes, penalties and interest. Such uncertainty may relate to valuation of financial instruments, loss and impairment provisions and market level for deals’ pricing. The Group believes that it has already made all tax payments, and therefore no allowance has been made in the consolidated financial statements. Tax years remain open to review by the tax authorities for five years. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Transactions with Related Parties | 23. Transactions with related parties In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. The Group had the following transactions outstanding with related parties: 2022 2023 Transactions Total Transactions Total Consolidated statements of financial position Loans to customers 3,057 3,369,512 2,435 4,478,489 - entities controlled by the key management personnel of - 2,435 - other related parties 3,057 - Allowance for impairment losses on loans to customers ( 7 ) ( 214,702 ) ( 2 ) ( 242,532 ) - entities controlled by the key management personnel of - ( 2 ) - other related parties ( 7 ) - Other assets 20 74,780 1,196 135,598 - entities controlled by the key management personnel of 3 1,196 - other related parties 17 - Customer accounts 16,442 4,000,690 15,259 5,441,456 - entities controlled by the key management personnel of 5,462 9,526 - key management personnel of the Group 478 5,662 - other related parties 10,502 71 Other liabilities 1,339 70,850 5,050 115,272 - entities controlled by the key management personnel of 198 5,004 - key management personnel of the Group - 46 - other related parties 1,141 - 2021 2022 2023 Transactions with related parties Total category as per financial statements caption Transactions with related parties Total category as per financial statements caption Transactions with related parties Total category as per financial statements caption Consolidated Statements of Net fee revenue - 467,493 - 679,782 4,161 987,967 - entities controlled by the key - - 4,008 - key management personnel - - 153 Interest revenue 362 422,075 314 574,426 259 833,516 - other related parties 362 314 259 6 Other gains (losses) - ( 4,746 ) - 16,384 2 23,200 - entities controlled by the key - - 2 COSTS AND OPERATING Interest expense ( 166 ) ( 171,491 ) ( 403 ) ( 278,676 ) ( 544 ) ( 478,010 ) - entities controlled by the key ( 6 ) ( 176 ) ( 507 ) - key management personnel ( 22 ) ( 19 ) ( 34 ) - other related parties ( 138 ) ( 208 ) ( 3 ) Transaction expenses - ( 16,542 ) - ( 22,188 ) ( 137 ) ( 27,470 ) - entities controlled by the key - - ( 137 ) Cost of goods and services - ( 56,829 ) - ( 82,747 ) ( 5,129 ) ( 166,356 ) - entities controlled by the key - - ( 5,129 ) During the years ended 31 December 2021, 2022 and 2023, transaction expenses attributable to loans to customers and paid to entities controlled by the key management personnel of the Group, were KZT 10,981 million, KZT 4,862 million and KZT 5,748 million, respectively. Up until its acquisition in October 2023, Kolesa Group was an entity controlled by the key management personnel of the Group and was a party to an agreement, under which we were paying fees to Kolesa Group for car loans generated on Kolesa’s car classifieds platform, which are presented as transaction expenses attributable to loans to customers in the table above. For the years ended 31 December 2022 and 2023, the total value of goods purchased from entities controlled by the key management personnel was KZT Nil and KZT 4,310 million, respectively, from which KZT Nil and KZT 3,906 million, respectively, recognised in cost of goods and services. For the year ended 31 December 2023, the Group acquired from entities controlled by the key management personnel a commercial property for KZT 4,779 million and a land plot for KZT 1,665 million. Compensation to directors and other members of key management is presented as follows: 2021 2022 2023 Transactions with related parties Total category Transactions with related parties Total category Transactions with related parties Total category Employee benefits ( 782 ) ( 58,285 ) ( 800 ) ( 68,509 ) ( 535 ) ( 86,326 ) Share-based compensation ( 11,381 ) ( 20,057 ) ( 7,298 ) ( 19,984 ) ( 4,815 ) ( 20,859 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Restated) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments (Restated) | 24. Fair value of financial instruments (restated) a. Fair value of financial instruments IFRS defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. b. Fair value of the Group's financial assets and financial liabilities measured at fair value on a recurring basis Some of the Group's financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). Financial assets/ 2022 2023 Fair value hierarchy Valuation technique(s) and key input(s) Non-derivative financial 1,236 3,968 Level 1 Quoted prices in an active market. Non-derivative financial 1,074,972 1,370,806 Level 2 Quoted prices in markets that are not active. Non-derivative financial - 2,322 Level 3 DCF method with weighted average discount ratio 18.3 % Unlisted equity 34 34 Level 3 Adjusted net assets based on most recent published financial statements of unlisted companies with discount for marketability and liquidity. Discount ratios varies from 10 % to 30 %. Derivative financial 30 642 Level 2 DCF method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Derivative financial 147 1,165 Level 2 DCF method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. As at 31 December 2022, the fair value of the investment securities in Level 2 includes short-term and long-term sovereign debt securities of KZT 669,785 million and KZT 218,985 million, respectively. As at 31 December 2023, the fair value of the investment securities in Level 2 includes short-term and long-term sovereign debt securities of KZT 407,086 million and KZT 713,131 million, respectively. Those investment securities are by nature and for regulatory purposes treated as high quality liquid assets, but are classified as Level 2 due to insufficient trading on regulated market. There were no transfers between Level 1 and Level 2 during the years ended 31 December 2022 and 2023. The reconciliation of Level 3 fair value measurements of financial assets is presented as follows: Fair value through other comprehensive income Unquoted debt securities Total 1 January 2023 - - Total gains or losses: - in profit or loss - - - in other comprehensive income - - Purchases - - Issues - - Disposals/settlements - - Transfer into level 3 2,322 2,322 Transfers out of level 3 - - 31 December 2023 2,322 2,322 Transfer into Level 3 As at 31 December 2023, the Group has transferred debt securities with a fair value of 2,322 million from level 2 to Level 3, as there were no recent observable arm’s length transactions on the market for more than 30 days , and in accordance with valuation technique, the fair value of these securities was categorized as Level 3. Subsequent to the issuance of the Group’s 2022 consolidated financial statements, the Group's management determined that the previously issued financials contained misclassifications relating to the determination of whether the market in which the financial instruments were traded is considered active market or not. As a result, classification of fair value measurements of non-derivative financial assets at FVTOCI within the fair value hierarchy have been restated from the amounts previously reported under IFRS. The impact of restatements is as follows: Financial assets Fair value hierarchy 2022 Adjustment 2022 Non-derivative financial assets at FVTOCI Level 1 838,260 ( 837,024 ) 1,236 Non-derivative financial assets at FVTOCI Level 2 237,948 837,024 1,074,972 The adjustment of these misclassifications did not result in any changes to the Group’s Consolidated Statements of Financial Position, consolidated statements of profits and losses and other comprehensive loss, consolidated statements of cash flows, or basic and diluted earnings per share. c. Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis (but fair value disclosures are required). Except as detailed in the following table, management of the Group considers that the carrying amount of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values. 2022 Carrying Fair Fair value hierarchy Due from banks 25,668 25,234 Level 2 Loans to customers 3,154,810 3,192,581 Level 3 Due to banks 16,432 16,400 Level 2 Customer accounts 4,000,690 3,899,302 Level 2 Debt securities issued 140,378 133,825 Level 2 Subordinated debt 67,608 63,500 Level 2 2023 Carrying Fair Fair value hierarchy Due from banks 30,683 30,048 Level 2 Loans to customers 4,235,957 4,230,722 Level 3 Due to banks 154 154 Level 2 Customer accounts 5,441,456 5,382,189 Level 2 Debt securities issued 99,468 96,666 Level 2 Subordinated debt 62,369 60,895 Level 2 Assets and liabilities for which fair value approximates carrying value For financial assets and liabilities that have a short-term maturity (less than 3 months ), it is assumed that the carrying amounts approximate to their fair value. This assumption is also applied to demand deposits and savings accounts without a maturity. Due from banks The estimated fair value of term due from banks is determined by discounting the contractual cash flows using interest rates currently offered for due from banks with similar terms. Loans to customers Loans to individual customers are made at fixed rates. The fair value of fixed rate loans has been estimated by reference to the market rates available at the reporting date for loans with similar maturity profile. Due to banks Th e estimated fair value of due to banks i s determined by discounting the contractual cash flows using interest rates currently offered for due to banks with similar terms. Customer accounts The estimated fair value of term deposits is determined by discounting contractual cash flows using interest rates currently offered for deposits with similar terms. For current accounts which are non-interest bearing, the Group considers fair value to equal carrying value, which is equivalent to the amount payable on the balance sheet date. Debt securities issued, subordinated debt Debt securities issued and subordinated debt are valued using quoted prices. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Regulatory Matters [Abstract] | |
Regulatory Matters | 25. Regulatory matters The management of Kaspi Bank JSC (“the Bank”) monitors capital adequacy ratio based on requirements of standardized approach of Basel Committee of Banking Supervision “Basel III: A global regulatory framework for more resilient banks and banking systems” (December 2010, updated in June 2011). The capital adequacy ratios calculated on the basis of the Bank’s consolidated financial statements under Basel III with updated RWA methodology are presented in the following table: 2022 2023 Tier 1 capital (k1.2) 17.0 % 17.4 % Total capital (k.2) 18.0 % 18.1 % The Bank complies with NBRK’s capital requirements. The minimum regulatory capital adequacy requirements are 6.5 % for k1.2 and 8 % for k.2, excluding a conservation buffer of 3 % and systemic buffer of 1 % for each. The following table presents Bank’s capital adequacy ratios in accordance with the NBRK requirements: 2022 2023 Tier 1 capital (k1.2) 12.2 % 12.6 % Total capital (k.2) 13.1 % 13.0 % |
Risk management policy
Risk management policy | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of risk management strategy related to hedge accounting [abstract] | |
Risk Management Policy | 26. Risk management policy The Group permanently advances it’s risk management environment, to fit up-to-date challenges and risks the Group is exposed to. The Group is exposed to the following types of risks: credit risk, liquidity risk and market risk. Credit risk The Group is exposed to credit risk, which is the risk that a customer will be unable to pay amounts in full when due. The Group’s credit risk exposure arises primarily from our consumer finance business through the Fintech Platform. To manage credit risk during loan origination, the Group centralized all processes related to decision making, verification and accounting through it’s headquarters. The Group has developed an automated, centralized and big data-driven proprietary loan approval process that enables it to make instant credit decisions. The risk management division is responsible for maintaining credit risk assessment models and decision-making process. The quality of approved loans are monitored by risk management division on day-to-day basis with periodical validation of the models. During the credit decision process, the Group uses proprietary risk algorithms and predictive credit risk assessment models for the evaluation of the risks of potential borrowers using statistical modelling based on (i) a wealth of proprietary internal data such as application, transactional, behavioral, shopping and payment history information, which is supplemented by (ii) external data such as data received from credit bureaus (First Credit Bureau LLP and State Credit Bureau JSC) and pension centre (the State Pension Payment Centre) with regard to each customer. The additional proprietary data constantly accumulated around the Group’s customers’ activity that enables it to continuously deepen its credit decision process. The risk management division, in terms of credit risk, consists of independent modelling, anti-fraud, monitoring and provisioning division. Maximum Exposure The Group’s maximum exposure to credit risk varies significantly and is dependent on both individual risks and general market economy risks. For financial assets recorded on statements of financial position, the maximum exposure equals to a carrying value of those assets prior to any offset or collateral. For financial guarantees and other contingent liabilities the maximum exposure to credit risk is the maximum amount the Group would have to pay if the guarantee was called on or in the case of commitments, if the loan amount was called on. As at 31 December 2022 and 2023, the maximum exposure to credit risk after offset and collateral was equal to its carrying value of all financial assets except for loans to customers. As at 31 December 2022 and 2023, the maximum exposure to credit risk after offset and collateral of loans to customers were KZT 2,750,424 million and KZT 3,823,734 million, respectively. Collateral held as security and other credit enhancements The Group holds collateral or other credit enhancements to mitigate credit risk associated with financial assets. The main types of collateral obtained are as follows: • For reverse repurchase transactions – securities; • For loans to customers that are secured – charges over real estate properties and vehicles. Although, the Group uses collateral as credit enhancement to mitigate its exposure to credit risk, major part of its loan portfolio is represented by unsecured loans. Thus, as at 31 December 2022 and 2023, unsecured gross carrying amount of loans to customers were KZT 2,942,812 million and KZT 4,046,581 million, respectively. As at 31 December 2022 and 2023, credit impaired loans with a net carrying value of KZT 29,174 million and KZT 26,932 million, respectively were either fully or partially collateralized, reflecting the extent to which collateral and other credit enhancements mitigate credit risk. Credit quality of financial assets The tables below present information about the significant changes in the gross carrying amount of loans to customers during the period that contributed to changes in the allowance for impairment losses during the years ended 31 December 2022 and 2023: Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers at amortized cost Gross carrying amount as at 1 January 2022 2,407,687 29,831 135,635 - 2,573,153 Changes in the gross carrying amount - Transfer to Stage 1 8,927 ( 3,094 ) ( 5,833 ) - - - Transfer to Stage 2 ( 46,924 ) 47,497 ( 573 ) - - - Transfer to Stage 3 ( 157,484 ) ( 19,421 ) 176,905 - - New loans to customers originated or 2,422,809 - - 4,754 2,427,563 Loans to customers that have been repaid or ( 1,576,118 ) ( 13,879 ) ( 29,049 ) - ( 1,619,046 ) Write-offs - - ( 64,231 ) - ( 64,231 ) Recovery from off-balance loans to customers - - 52,060 - 52,060 Other changes - - 13 - 13 Gross carrying amount as at 31 December 3,058,897 40,934 264,927 4,754 3,369,512 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers at amortized cost Gross carrying amount as at 1 January 2023 3,058,897 40,934 264,927 4,754 3,369,512 Changes in the gross carrying amount - Transfer to Stage 1 32,712 ( 4,991 ) ( 27,721 ) - - Transfer to Stage 2 ( 58,058 ) 66,931 ( 8,873 ) - - Transfer to Stage 3 ( 194,471 ) ( 19,322 ) 213,793 - New loans to customers originated or 3,413,069 - - 9,553 3,422,622 Loans to customers that have been repaid or ( 2,203,671 ) ( 27,748 ) ( 15,305 ) ( 3,803 ) ( 2,250,527 ) Write-offs - - ( 82,959 ) - ( 82,959 ) Recovery from off-balance loans to customers - - 19,844 - 19,844 Other changes - - ( 3 ) - ( 3 ) Gross carrying amount as at 31 December 4,048,478 55,804 363,703 10,504 4,478,489 The Group uses an internal rating model to classify individually significant loans to customers in different risk categories: Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers that are individually Grades: Low to fair risk 8,119 - - - 8,119 Grade: Impaired - - 6,636 - 6,636 Loans to customers that are collectively 3,050,778 40,934 258,291 4,754 3,354,757 Total gross carrying amount 3,058,897 40,934 264,927 4,754 3,369,512 Allowance for impairment losses ( 67,604 ) ( 11,785 ) ( 135,313 ) - ( 214,702 ) Carrying amount as at 31 December 2022 2,991,293 29,149 129,614 4,754 3,154,810 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers that are individually Grades: Low to fair risk 5,669 - - - 5,669 Grade: Impaired - - 6,718 - 6,718 Loans to customers that are collectively 4,042,809 55,804 356,985 10,504 4,466,102 Total gross carrying amount 4,048,478 55,804 363,703 10,504 4,478,489 Allowance for impairment losses ( 59,939 ) ( 16,290 ) ( 166,042 ) ( 261 ) ( 242,532 ) Carrying amount as at 31 December 2023 3,988,539 39,514 197,661 10,243 4,235,957 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Due from banks High grade (A- and higher) 17,052 - - 17,052 Investment grade (BBB+ - BBB-) 7,799 - - 7,799 Not rated 823 - - 823 Total gross carrying amount 25,674 - - 25,674 Allowance for impairment losses ( 6 ) - - ( 6 ) Carrying amount as at 31 December 2022 25,668 - - 25,668 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Due from banks High grade (A- and higher) 29,652 - - 29,652 Investment grade (BBB+ - BBB-) 1,031 - - 1,031 Investment grade (BB+ - B-) 6 - 6 Total gross carrying amount 30,689 - - 30,689 Allowance for impairment losses ( 6 ) - - ( 6 ) Carrying amount as at 31 December 2023 30,683 - - 30,683 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Investment debt securities High grade (A- and higher) 558 - - 558 Investment grade (BBB+ - BBB-) 1,070,752 - - 1,070,752 Non-Investment grade (BB+ - B-) 2,393 - - 2,393 Not rated - 2,252 - 2,252 Сarrying amount as at 31 December 2022 1,073,703 2,252 - 1,075,955 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Investment debt securities High grade (A- and higher) 33,681 - - 33,681 Investment grade (BBB+ - BBB-) 1,335,500 - - 1,335,500 Non-Investment grade (BB+ - B-) 4,037 - - 4,037 Not rated - 2,322 1,188 3,510 Сarrying amount as at 31 December 2023 1,373,218 2,322 1,188 1,376,728 Financial assets, other than loans to customers and other financial assets, are graded according to their external credit ratings issued by an international rating agencies, such as Standard and Poor’s, Fitch and Moody’s Investors Services. The highest possible rating is AAA. A- and BBB+ BB+ CCC+ Not Total Gross carrying value: 31 December 2022 Cash and cash equivalents, 197,445 234,998 - - 3,151 435,594 Mandatory cash balances - 42,917 - - - 42,917 Due from banks 17,052 7,799 - - 823 25,674 Investment securities and 558 1,071,110 2,401 - 2,942 1,077,011 31 December 2023 Cash and cash equivalents, 341,639 205,881 8,323 - 5,007 560,850 Mandatory cash balances - 47,110 - - - 47,110 Due from banks 29,652 1,031 6 - - 30,689 Investment securities and 33,702 1,336,627 4,048 - 4,803 1,379,180 As at 31 December 2022 and 2023, all loan commitments and financial guarantee contracts of the Group are classified in Stage 1 (12-month ECL) and have “low to fair” risk grade. Modified loans to customers As a result of the Group’s forbearance activities, loans to customers might be modified. Modification doesn't lead to a material change in the net present value (“NPV”), therefore the Group doesn't recognize a modification gain/loss. The following tables refer to modified loans to customers where modification does not result in derecognition. Loans to customers (with allowance for impairment losses based on lifetime ECL) modified during the years ended 31 December 2022 and 2023: 2022 2023 Gross carrying amount of loans to customers that are impaired 12,021 27,899 Gross carrying amount of modified loans to customers within period 54,035 109,386 Loans to customers transferred to non impaired category (cured loans) ( 21,043 ) ( 42,268 ) Loans to customers transferred to NPL ( 12,789 ) ( 17,435 ) Repaid loans to customers ( 4,325 ) ( 9,553 ) Gross carrying amount of loans to customers that are impaired 27,899 68,029 The net carrying amount of loans to customers at time of modification that are modified during the years ended 31 December 2022 and 2023 were KZT 37,221 million and KZT 78,766 million, respectively. The gross carrying amount of modified loans to customers for which the allowance for impairment losses changed from lifetime to 12-month ECL in the years ended 31 December 2022 and 2023 were KZT 12,656 million and 24,932 KZT million, respectively. Macro sensitivity The Group has performed ECL sensitivity analysis on its loan portfolio, in the event that key assumptions used to calculate ECL change by 1 percentage point. For the purpose of ECL estimation, the Group uses a change of the nominal USD/KZT exchange rate and change of base rate KZT of: change of the nominal USD/KZT exchange rate • 1.48 % and 1.80 % for 2024 and 2025, respectively, as a baseline scenario, • - 1.38 % and - 1.06 % for 2024 and 2025, respectively, as an upside scenario and • 4.34 % and 4.66 % for 2024 and 2025, respectively, as a downside scenario. change of base rate KZT • - 21.87 % and - 21.70 % for 2024 and 2025, respectively, as a baseline scenario, • - 28.28 % and - 28.28 % for 2024 and 2025, respectively, as an upside scenario and • 4.77 % and 4.94 % for 2024 and 2025, respectively, as a downside scenario. A change in the baseline nominal USD/KZT exchange rate by +/- 1 percentage point, with respective correction of the upside and downside scenarios, leads to a change in the allowance for impairment losses by KZT - 1,792 /+ 1,908 million as at 31 December 2023, respectively. A change in the baseline base rate KZT by +/- 1 percentage point, with respective correction of the upside and downside scenarios, leads to a change in the allowance for impairment losses by KZT - 182 /+ 237 million as at 31 December 2023, respectively. Liquidity risk The liquidity management framework of the Group mainly consists of following instruments: - Assessment of sufficient level of high quality liquid assets; - Cash flow forecasting; - Diversification of funding; - Social media marketing; - Up-to-date contingent funding plan; The liquidity risk is managed considering specific aspects of Kazakhstan economy, in particular limited funding instruments and possible dollarization due to currency devaluation expectations. The Group devotes great significance to social media marketing, to support the brand of the Group and mitigate various risks such as liquidity and reputational risks. The division of social media marketing covers mass media, social networks, blogs and other sources of information, available to current or potential customers. A major part of the Group’s obligations consists of customer accounts of individuals, with nominal maturity under 2 years . However, 95 % of deposits in 2022 were rolled over, which absent a liquidity event such as a run on the bank, allows the Group to maintain a long-term stable funding base. The average amount of individuals’ customer accounts balance is KZT 1,100 thousand as at 31 December 2023, which is another indicator of diversification and stability of the funding base. The Group retains a significant amount of high quality liquid assets, which consists mainly of cash, deposits within NBRK, short-term and mid-term notes of NBRK and bonds issued by the Ministry of Finance of the Republic of Kazakhstan. Market risk Price Risk The Group's market risk arises from fluctuations in the value of financial instruments because of changes in market prices whether those changes are caused by factors specific to the individual instrument or factors affecting all instruments traded in the market. The Group has established various limits on operations with securities, including instrument specific limits, in order to balance profit and risk in the securities portfolio. The Group's portfolio is predominantly comprised of Kazakhstan government debt securities. Interest rate risk The contractual maturities of assets and liabilities of the Group has modest gaps, which provides possibilities of instant reactions on changes of market interest rates. The Group has significant amounts of high quality liquid assets with a short maturity which helps to minimize the sensitivity to a sharp increase of interest rates in case of a liquidity shortfall on the market. An analysis of the financial assets and liabilities liquidity and interest rate risks is presented in the following table on discounted basis: Up to 1 month 3 months 1 year Over 2022 Cash and cash equivalents 246,442 85,596 - - - 332,038 Due from banks 798 2,200 22,670 - - 25,668 Investment securities 551,634 34,367 152,450 323,882 13,622 1,075,955 Loans to customers 320,313 441,337 1,305,181 955,362 132,617 3,154,810 Total interest bearing financial 1,119,187 563,500 1,480,301 1,279,244 146,239 4,588,471 Cash and cash equivalents 283,322 - - - - 283,322 Mandatory cash balances with 42,917 - - - - 42,917 Derivative financial assets 30 - - - - 30 Investment securities 253 - - - 34 287 Other financial assets 57,750 - - - - 57,750 Total non-interest bearing 384,272 - - - 34 384,306 Total financial assets 1,503,459 563,500 1,480,302 1,279,244 146,273 4,972,778 Due to banks 16,432 - - - - 16,432 Customer accounts 246,255 501,096 2,038,759 331,734 6,147 3,123,991 Debt securities issued 44,913 - - 95,465 - 140,378 Subordinated debt 3,252 5,249 17 59,090 - 67,608 Total interest bearing financial 310,852 506,345 2,038,776 486,289 6,147 3,348,409 Customer accounts 876,699 - - - - 876,699 Derivative financial liabilities 3 144 - - - 147 Other financial liabilities 35,297 143 - - - 35,440 Total non-interest bearing 911,999 287 - - - 912,286 Total financial liabilities 1,222,851 506,632 2,038,776 486,289 6,147 4,260,695 Guarantees issued and similar 170 349 45 4,627 - 5,191 Total financial liabilities and 1,223,021 506,981 2,038,821 490,916 6,147 4,265,886 Liquidity surplus/ (gap) 280,438 56,519 ( 558,519 ) 788,328 140,126 Cumulative liquidity surplus/(gap) 280,438 336,957 ( 221,562 ) 566,766 706,892 Interest sensitivity surplus/ (gap) 808,335 57,155 ( 558,475 ) 792,955 140,092 Cumulative interest sensitivity 808,335 865,490 307,015 1,099,970 1,240,062 Up to 1 month 3 months 1 year Over 2023 Cash and cash equivalents 331,907 77,388 - - - 409,295 Due from banks 896 1,614 25,894 2,279 - 30,683 Investment securities 371,756 54,521 108,440 629,089 212,922 1,376,728 Loans to customers 411,868 590,174 1,727,068 1,333,853 172,994 4,235,957 Total interest bearing financial 1,116,427 723,697 1,861,402 1,965,221 385,916 6,052,663 Cash and cash equivalents 411,171 - - - - 411,171 Mandatory cash balances with 47,110 - - - - 47,110 Derivative financial assets 37 605 - - - 642 Investment securities 368 - - - 34 402 Other financial assets 41,534 - - - - 41,534 Total non-interest bearing 500,220 605 - - 34 500,859 Total financial assets 1,616,647 724,302 1,861,402 1,965,221 385,950 6,553,522 Due to banks 154 - - - - 154 Customer accounts 364,505 851,492 3,081,866 64,056 5,918 4,367,837 Debt securities issued 50,481 - - 48,987 - 99,468 Subordinated debt 3,257 - 18 59,094 - 62,369 Total interest bearing financial 418,397 851,492 3,081,884 172,137 5,918 4,529,828 Customer accounts 1,073,619 - - - - 1,073,619 Derivative financial liabilities 187 532 - 446 - 1,165 Other financial liabilities 68,721 - - - - 68,721 Total non-interest bearing 1,142,527 532 - 446 - 1,143,505 Total financial liabilities 1,560,924 852,024 3,081,884 172,583 5,918 5,673,333 Guarantees issued and similar 457 100 - 4,546 5,103 Total financial liabilities and 1,561,381 852,124 3,081,884 177,129 5,918 5,678,436 Liquidity surplus/ (gap) 55,266 ( 127,822 ) ( 1,220,482 ) 1,788,092 380,032 Cumulative liquidity surplus/ (gap) 55,266 ( 72,556 ) ( 1,293,038 ) 495,054 875,086 Interest sensitivity surplus/ (gap) 698,030 ( 127,795 ) ( 1,220,482 ) 1,793,084 379,998 Cumulative interest sensitivity 698,030 570,235 ( 650,247 ) 1,142,837 1,522,835 As at 31 December 2022 and 2023, guarantee deposits in favour of international payments systems included in due from banks were KZT 24,823 million and KZT 27,357 million, respectively. Based on prior experience, the Group considers it highly unlikely that all customer accounts seek repayment on maturity. Historically the majority of such deposits are rolled over. Interest rate sensitivity analysis The Group manages fair value interest rate risk through periodic estimation of potential losses that could arise from adverse changes in market conditions. The Risk Management Department conducts monitoring of the Group’s current financial performance, estimates the Group’s sensitivity to changes in interest rates and its influence on the Group’s profitability. The sensitivity analysis includes interest rate risk, which has been determined based on “reasonably possible changes in the risk variable”. The level of these changes is determined by management and is contained within the risk reports provided to key management personnel. As at 31 December 2023, the impact on profit before income tax due to a +/- 3 p.p. change in interest rate amounted -/+ KZT Nil million (2022: -/+ KZT 150 million). As at 31 December 2023, the impact on equity due to a +/- 3 p.p. change in interest rate amounted KZT - 60,568 million /KZT+ 68,949 million (2022: KZT - 20,705 million/ 22,982 million). Currency risk The Group manages its currency risk by keeping modest open currency position. The Group only issues loans to customers in tenge, which protects the Group from hidden currency risk in case of a currency devaluation. The Group’s exposure to foreign currency exchange rate risk is presented in the table below: Tenge USD 462.65 EUR 492.86 Other 2022 Non-derivative financial assets Total non-derivative financial 4,411,208 514,781 25,753 6,371 4,958,113 Non-derivative financial Total non-derivative financial 3,743,473 499,768 7,403 2,706 4,253,350 NET POSITION ON NON- 667,735 15,013 18,350 3,665 Derivative financial instruments Accounts payable on spot and ( 33,894 ) ( 55,518 ) ( 17,250 ) ( 4,581 ) ( 111,243 ) Accounts receivable on spot and 50,898 55,419 - 4,604 110,921 NET POSITION ON DERIVATIVE 17,004 ( 99 ) ( 17,250 ) 23 ( 322 ) NET POSITION 684,739 14,914 1,100 3,688 Tenge USD 454.56 EUR 502.24 Other 2023 Non-derivative financial assets Total non-derivative financial 6,021,554 499,951 24,629 6,746 6,552,880 Non-derivative financial Total non-derivative financial 5,188,795 474,723 6,634 2,016 5,672,168 NET POSITION ON NON- 832,759 25,228 17,995 4,730 Derivative financial instruments Accounts payable on spot and ( 70,704 ) ( 93,313 ) ( 16,574 ) - ( 180,591 ) Accounts receivable on spot and 94,070 83,917 - 1,165 179,152 NET POSITION ON DERIVATIVE 23,366 ( 9,396 ) ( 16,574 ) 1,165 ( 1,439 ) NET POSITION 856,125 15,832 1,421 5,895 Currency risk sensitivity analysis The Group analyzed sensitivity to an increase and decrease in the USD and EUR against the KZT. 25 % is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the possible change in foreign currency exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation as at 31 December 2022 and 2023 for a 25 % change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. As at 31 December 2023, the impact on profit or loss and on equity due to +/- 25 % change in USD rate were KZT +/- 3,958 million (2022: KZT +/- 3,729 million). As at 31 December 2023, the impact on profit or loss and on equity due to +/- 25 % change in EUR rate were KZT +/- 355 million (2022: KZT +/- 275 million). |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Condensed Financial Information - Parent Company Only | 27. Condensed financial information - parent company only As described in Note 25, the Bank must comply with NBRK’s capital requirements. Further, the Bank cannot lend more than 10 % of Bank’s total capital to the Company, which restricts the use of the Bank’s net assets. The Group performed a test on the restricted net assets of its bank subsidiary and concluded that the restricted net assets exceed 25 % of the consolidated net assets of the Group as at 31 December 2022 and 2023. The following is condensed financial information for the Company. Condensed Statements of Profit or Loss and Other Comprehensive Income for the years ended 31 December 2021, 2022 and 2023 2021 2022 2023 REVENUE 317,436 432,661 602,137 Dividend income from banking subsidiaries* 173,709 200,930 283,352 Dividend income from other subsidiaries* 139,475 213,819 296,700 Interest income 4,212 16,762 22,324 Other (losses) gains 40 1,150 ( 238 ) COSTS AND OPERATING EXPENSES ( 20,476 ) ( 21,173 ) ( 24,544 ) General and administrative expenses ( 20,466 ) ( 20,818 ) ( 24,528 ) Fee and commission expense ( 10 ) ( 355 ) ( 16 ) NET INCOME BEFORE TAX 296,960 411,488 577,594 Income tax ( 620 ) ( 3,357 ) ( 3,705 ) NET INCOME 296,340 408,131 573,889 OTHER COMPREHENSIVE INCOME - - - TOTAL COMPREHENSIVE INCOME 296,340 408,131 573,889 * Joint Stock Company Kaspi.kz directly holds 100 % ownership interest in Kaspi Group JSC, the parent company of banking group and indirectly holds 98.95 % ownership interest in Kaspi Bank JSC through Kaspi Group JSC. As allowed under IAS 27.10, the investment in banking subsidiaries and other subsidiaries were accounted for under the cost method. Using the equity method, the income in undistributed earnings of banking subsidiaries were KZT 6,622 million, KZT 7,252 million and KZT 8,607 million for 2021, 2022 and 2023, respectively, and the income in undistributed earnings of other subsidiaries were KZT ( 354 ) million, KZT 19,122 million and KZT 78,196 million for 2021, 2022 and 2023, respectively. Condensed Statements of Financial Position as at 31 December 2022 and 2023 2022 2023 ASSETS: Cash and cash equivalents 226,232 200,484 Investments in banking subsidiaries* 171,107 171,107 Investments in other subsidiaries* 44,103 44,103 Other assets 1,153 894 TOTAL ASSETS 442,595 416,588 LIABILITIES: Other liabilities 90 170 TOTAL LIABILITIES 90 170 EQUITY: Issued capital 130,144 130,144 Treasury shares ( 94,058 ) ( 152,001 ) Share-based compensation reserve 29,274 34,812 Retained earnings 377,145 403,463 TOTAL EQUITY 442,505 416,418 TOTAL LIABILITIES AND EQUITY 442,595 416,588 * Using the equity method, the investment in banking subsidiaries were KZT 199,331 million and KZT 208,824 million for 31 December 2022 and 2023, respectively, and the investment in other subsidiaries were KZT 88,881 million and KZT 77,624 million for 31 December 2022 and 2023, respectively. In accordance with NBRK regulations, dividends paid by the Bank to the Company are subject to certain limitations. See Note 25 for more information. Condensed Statements of Cash Flows For the Years ended 31 December 2021, 2022 and 2023 2021 2022 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Interest income received 3,577 14,221 18,991 Fees and commissions paid ( 10 ) ( 355 ) ( 16 ) Other income received - - 41 General and administrative expenses paid ( 835 ) ( 835 ) ( 3,669 ) Cash flows from operating activities before changes in 2,732 13,031 15,347 Changes in operating assets and liabilities Other assets ( 486 ) ( 378 ) 426 Other liabilities ( 1 ) 46 80 Cash inflow from operating activities before income tax 2,245 12,699 15,853 Income tax paid - ( 594 ) ( 539 ) Net cash inflow from operating activities 2,245 12,105 15,314 CASH FLOWS FROM INVESTING ACTIVITIES: Dividends received from subsidiaries 313,185 414,749 580,052 Purchase of investments in subsidiaries - ( 16,251 ) - Net cash inflow from investing activities 313,185 398,498 580,052 CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid ( 340,362 ) ( 210,102 ) ( 560,132 ) Purchase of treasury shares - ( 63,672 ) ( 60,703 ) Net cash outflow from financing activities ( 340,362 ) ( 273,774 ) ( 620,835 ) Effect of changes in foreign exchange rate on cash and 40 1,150 ( 279 ) NET (DECREASE)/ INCREASE IN CASH AND CASH ( 24,892 ) 137,979 ( 25,748 ) CASH AND CASH EQUIVALENTS, beginning of period 113,145 88,253 226,232 CASH AND CASH EQUIVALENTS, end of period 88,253 226,232 200,484 |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Business Combination | 28. Business combination During the year we entered into select strategic alliances and potential strategic acquisitions that are complementary to our business and operations, including opportunities that we believe can help us further improve growth across all our platforms and strong financial performance. The Group acquired “Magnum E-commerce Kazakhstan” LLC and Kolesa JSC during the year ended 31 December 2023. Magnum E-commerce Kazakhstan On 3 February 2023, Kaspi Shop LLC, subsidiary, acquired 51 % share in “Magnum E-commerce Kazakhstan” LLC with a cash investment of KZT 5 billion in its share capital. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as at the date of acquisition are set out in the table below: ASSETS: Cash and cash equivalents 1,034 Property, equipment 3,790 Intangible assets 20,255 Inventory 3,578 Other assets 7,705 TOTAL ASSETS 36,362 Due to banks 11,370 Other liabilities 10,645 Other taxes payable 2,341 TOTAL LIABILITIES 24,356 Total identifiable assets acquired and liabilities assumed 12,006 The non-controlling interest recognised at the acquisition date was measured by reference to the fair value and amounted to KZT 5,883 million. Bargain on purchase arising on acquisition Consideration transferred 5,000 Plus: Non- controlling interests 5,883 Less: Fair value of identifiable net assets acquired ( 12,006 ) Gain on bargain purchase of 51 % interest ( 1,123 ) Intangible assets, represented by trademark, acquired in a business combination are recognised initially at their fair value at the acquisition date (which is regarded as their cost) and have indefinite useful life. The trademark is renewable and is well established. The Group intends to renew the trademark continuously and evidence supports its ability to do so. The Group performs an analysis of product life cycle and studies market trends to provide evidence that the trademark will generate net cash inflows for the Group for an indefinite period. Carrying value of trademark as at 31 December 2023 is KZT 20,255 million. The acquired business contributed revenues of KZT 58,227 million and net income of KZT 2,008 million to the Group for the period from 3 February 2023 to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and net income for the year ended 31 December 2023 would have been KZT 62,436 million and KZT 1,815 million, respectively. During the year, the acquired an additional 30.01 % share in “Magnum E-commerce Kazakhstan” LLC to 90.01 %. The remaining 9.99 % is owned by “Magnum Cash&Carry” LLС, the largest retail food chain in Kazakhstan. Increase in share was recognised as an adjustment arising from change in non-controlling interest. The Group is planning to expand its existing operations by investing KZT 65 billion during the next 3 years. Management believes the acquisition resulted in a bargain purchase gain, because the seller was motivated to divest such business as it was no longer part of the seller’s long-term strategy. Bargain purchase gain is recognised in Other gain (losses) in the Consolidated Statements of Profit or Loss. Kolesa Group On 12 October 2023, Kaspi Shop LLC, subsidiary, acquired 39.758 % of the shares of Kolesa JSC from Krysha & Kolesa Holding B.V., an indirect subsidiary of Baring Vostok Private Equity Fund V, for cash consideration of KZT 42,195 million (USD 88.5 million). On 12 October 2023, Mikheil Lomtadze, Chairman of the Management Board and significant shareholder of the Group, who is also a significant shareholder of Kolesa Group, has assigned 11 % of the shares of Kolesa Group to Kaspi Shop LLC in trust, under a trust management agreement to Kaspi Shop LLC, which enables Kaspi Shop LLC to hold approximately 50.76 % of the voting rights in Kolesa Group, allowing Kaspi Shop LLC to vote with these share in a manner consistent with Kaspi Shop LLC’s interests. Therefore, the Trust Management Agreement gives control over the board of directors of Kolesa Group. However, as Kaspi Shop does not own 11 % of the shares of Kolesa Group under the trust management agreement, NCI is calculated from 60.24 % in these consolidated financial statements. The initial accounting for the acquisition of Kolesa JSC has only been provisionally determined at the end of the reporting period, due to the acquisition being completed late in the year. The main reason for being provisional is related to the reasonable time needed to obtain all of the information necessary to identify and measure net assets acquired, liabilities assumed and resulting goodwill, including the valuation of the acquired intangible assets. At the date of finalization of these consolidated financial statements, the necessary market valuations and other calculations had not been finalised and they have therefore only been provisionally determined based on the Group management’s best estimate. ASSETS: Cash and cash equivalents 17,109 Inventory 3,930 Loans to subsidiary 959 Property, equipment and intangible assets 938 Other assets 710 TOTAL ASSETS 23,646 Other liabilities 1,815 Other taxes payable 1,414 TOTAL LIABILITIES 3,229 Total identifiable assets acquired and liabilities assumed 20,417 The non-controlling interest recognised at the acquisition date was measured by reference to the fair value and amounted to KZT 12,300 million. Goodwill on acquisition Consideration transferred 42,195 Plus: Non- controlling interests 12,300 Less: Fair value of identifiable net assets acquired ( 20,417 ) Goodwill on acquisition 34,078 Based on a provisional assessment of net assets, the Group has recognised goodwill on the acquisition transaction which amounted to KZT 34,078 million. The goodwill is primarily related to sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition. None of the goodwill is expected to be deductible for income tax purposes. The acquired business contributed revenues of KZT 15,884 million and net income of KZT 3,671 million to the Group for the period from 12 October 2023 to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and net income for the year ended 31 December 2023 would have been KZT 58,858 million and KZT 10,958 million, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 29. Subsequent events On 16 January 2024, the 6th GDR repurchase program, which was approved in October 2023 in the amount of up to $ 100 million, was terminated. A total of 303,286 GDRs for KZT 13,233 million were repurchased. On 23 January 2024, the Company completed its IPO on the Nasdaq Global Select Market, placing its American depositary shares (ADSs). The Company has renamed its Regulation S GDRs as ADSs. On 09 February 2024, the Group fully repaid its outstanding debt under the third issue of third bond program at the maturity in the amount of KZT 46,491 million at par value. On 23 February 2024, the Board of Directors of the Company proposed a dividend of KZT 850 per share, subject to shareholder approval. |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Material Accounting Policy Information [Abstract] | |
Basis of Accounting | Basis of accounting These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The Company and its subsidiaries maintain their accounting records in accordance with IFRS. The consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. The Group presents its statements of financial position in order of liquidity. |
Offsetting | Offsetting Financial assets and financial liabilities are offset and the net amount reported in the Consolidated Statements of Financial Position only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liability simultaneously. Income and expense are not offset in the Consolidated Statements of Profit or Loss unless required or permitted by any accounting standards or interpretations, and as specifically disclosed in the accounting policies of the Group. The principal accounting policies adopted are set out below. |
Basis of Consolidation | Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company has power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. |
Non-controlling Interests | Non-controlling interests Non-controlling interests represent the portion of profit or loss and net assets of subsidiaries not owned, directly or indirectly, by the Company. Non-controlling interests are presented separately in the Consolidated Statements of Profit or Loss and within equity in the Consolidated Statements of Financial Position, separately from those attributable to the shareholders of the Company. |
Leases | Leases The Group as lessee The Group as lessee recognizes a right-of-use asset and a corresponding liability to pay future rentals on the Consolidated Statements of Financial Position. The asset will be amortized over the shorter of the length of the lease and the useful economic life, subject to review for impairment, and the liability is measured at the present value of future lease payments discounted at the applicable incremental borrowing rate. The Group recognizes lease payments for short-term leases (leases with lease period of one year or less) or leases in which the base asset has a low value as an expense during the lease period. In a long-term lease, assets are recognized at the lease commencement date as a right-of-use asset and a lease liability. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost, including value added tax, less accumulated depreciation and impairment losses. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand, cash balances with NBRK, reverse repurchase agreements and unrestricted balances on correspondent accounts and deposits with other banks with original maturities within three months and are free from contractual encumbrances. Cash and cash equivalents are measured at amortized cost. |
Mandatory Cash Balances with NBRK | Mandatory cash balances with NBRK Mandatory cash balances with NBRK represent funds in correspondent accounts with the NBRK and cash which are not available to finance the Group’s day to day operations and, hence, are not considered as part of cash and cash equivalents for the purpose of the Consolidated Statements of Cash Flows. |
Due from Banks | Due from banks In the normal course of business, the Group maintains advances and deposits for various periods of time with other banks. Due from banks initially are recognized at fair value. Due from banks are subsequently measured at amortized cost using the effective interest method, and are carried net of allowance for impairment losses. |
Property, Equipment | Property, equipment Property, equipment and intangible assets, except land and buildings, are carried at historical cost less accumulated depreciation and any recognized impairment loss, if any. Depreciation on assets under construction and those not placed in service commences from the date the assets are ready for their intended use. Depreciation of property, equipment and amortization of intangible assets is charged on the carrying value of property, equipment and intangible assets and is designed to write off assets over their useful economic lives. Depreciation has been calculated on a straight-line basis at 2 % per annum for buildings and construction and 10 %- 33.3 % for furniture and computers and intangible assets. Leasehold improvements are amortized over the shorter of the life of the related leased asset or the lease term. Expenses related to repairs and renewals are charged when incurred and included in cost of goods and services in the Consolidated Statements of Profit or Loss, unless they qualify for capitalization. Buildings and constructions held for use in the supply of services, or for administrative purposes, are stated in the Consolidated Statements of Financial Position at their revalued amounts, being the fair value at the date of revaluation determined on the basis of market data by qualified independent appraisers, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amounts do not differ materially from those that would be determined using fair values at the end of the reporting period. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or derecognition of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. |
Investment Property | Investment property Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is carried at historical cost net of accumulated depreciation and recognized impairment loss. Depreciation is calculated on a straight-line basis over the useful life of the assets. The expenses associated with the registration of ownership, maintenance and valuation of investment property are included in the cost of goods and services. The depreciation expense and payment of taxes associated with ownership of investment property are included in general and administrative expenses. Investment property is included within other non-financial assets (Note 14). |
Goodwill | Goodwill Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired in a business combination. Goodwill derived is based on a reasonable estimation of excess earning power expected from future business development and is recognized within other non-financial assets (Note 14). If the aggregate of the consideration transferred is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as a gain from bargain purchase in the Consolidated Statements of Profit or Loss within Other gain (losses). Goodwill is not amortized but is reviewed for impairment at least annually at the reporting period or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. An impairment loss recognized for goodwill is not reversed in a subsequent period. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. On disposal of a subsidiary or the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. |
Intangible Assets (Trademarks, Brands) | Intangible assets (trademarks, brands) Intangible assets, such as patents, trademarks and brands are reported at cost less accumulated amortization (where they have finite useful lives) and accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives at a 10 %- 33.3 % per annum. The estimated useful life and amortization method are reviewed as at each reporting date, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are not amortized. The Group performs an analysis of product life cycle and studies market trends to provide evidence that the product will generate net cash inflows for the group for an indefinite period. Each period, the useful lives of such assets are reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for the asset. Such assets are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. |
Impairment of Non-financial Assets | Impairment of non-financial assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. |
Taxation | Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net income before tax as reported in the Consolidated Statements of Profit or Loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Consolidated Statements of Financial Position and the corresponding tax bases. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor net income before tax. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates Deferred income tax assets and deferred income tax liabilities are offset and reported net on the Consolidated Statements of Financial Position if: • The Group has a legally enforceable right to set off current income tax assets against current income tax liabilities; and • Deferred income tax assets and the deferred income tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. Provision for Uncertain Tax Positions The Group records a provision for uncertain tax positions if it is probable that the Group will have to make a payment to tax authorities upon their examination of a tax position. This provision is measured at the Group’s best estimate of the amount expected to be paid. Provisions are reversed to income in provision for (recovery of) income taxes in the period in which management determines they are no longer required or as determined by statute. Taxes Other than Taxes on Income The Republic of Kazakhstan also has various other taxes that are not taxes on income, which are assessed on the Group’s activities. These taxes are included as a component of cost of goods and services or general & administrative expenses in the Consolidated Statements of Profit or Loss. |
Provisions | Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. The expense relating to a provision is presented in the Consolidated Statements of Profit or Loss net of any reimbursement. |
Share-based Compensation | Share-based compensation Equity-settled share-based payments (such as “share options”) are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves. For cash-settled share-based payments (such as “phantom shares”), a liability is recognized for services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. The Group applies the graded vesting method on granted share options that vest in installments over the vesting period. Each installment is separately measured and attributed to expense over the vesting period. |
Contingencies | Contingencies Contingent liabilities are not recognized in the consolidated statements of the financial position but are disclosed unless the possibility of any outflow in settlement is remote. A contingent asset is not recognized in the Consolidated Statements of Financial Position but disclosed when an inflow of economic benefits is probable. |
Financial Instruments | Financial instruments The Group recognizes financial assets and liabilities on its Consolidated Statements of Financial Position when it becomes a party to the contractual obligation of the instrument. Regular way purchases and sales of financial assets and liabilities are recognized using settlement date accounting. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. |
Financial Assets | Financial assets All recognized financial assets that are within the scope of IFRS 9 are required to be measured subsequently at amortized cost or fair value on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Under IFRS 9, all debt financial assets that do not meet a “solely payment of principal and interest” (“SPPI”) criterion, are classified at initial recognition as fair value through profit or loss (“FVTPL”). Under this criterion, debt instruments that do not correspond to a “basic lending arrangement”, are measured at FVTPL. For debt financial assets that meet the SPPI criterion, classification at initial recognition is determined based on the business model under which these instruments are managed: • Financial assets, other than equity investments, that are managed on a “hold to collect” basis are measured at amortized cost; • Financial assets, other than equity investments, that are managed on a “hold to collect and for sale” basis are measured at fair value through other comprehensive income (“FVTOCI”); • Financial assets, including equity investments, that are managed on another basis, including trading financial assets, will be measured at FVTPL. Equity financial assets are required to be classified at initial recognition as FVTPL unless an irrevocable designation is made to classify an instrument as FVTOCI. For equity investments classified as FVTOCI, all realised and unrealised gains and losses, except for dividend income, are recognized in other comprehensive income with no subsequent reclassification to profit or loss. Financial assets, other than equity investments, that are measured subsequently at amortized cost or at FVTOCI are subject to impairment. After initial measurement, amortized cost financial assets are measured using the effective interest rate method, less any impairment losses. The fair value of FVTPL and FVTOCI financial assets is determined under IFRS 13 “ Fair Value Measurement” (“IFRS 13”). The fair value gains or losses for FVTPL are recognized in the statements of profit or loss and for FVTOCI are recognized in the other comprehensive income, until these instruments are disposed. Equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured are measured at cost less any identified impairment losses at the end of each reporting period. These instruments are accounted for at fair value under IFRS 9. The Group has designated these investments in equity instruments at FVTOCI as the Group plans to hold them in the long term for strategic reasons. The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps. All derivative financial instruments are classified as held for trading and measured at fair value through profit or loss and are not designated for hedge accounting. |
Expected Credit Loss ("ECL") Measurement - Definitions | Expected credit loss (“ECL”) measurement – definitions ECL is a probability-weighted measurement of the present value of future cash shortfalls (i.e., the weighted average of credit losses, with the respective risks of default occurring in a given time period used as weights). An ECL measurement is unbiased and should be determined by evaluating a range of possible outcomes. An ECL measurement of allowance for impairment losses is based on four components used by the Group: • Exposure at Default (“EAD”) – an estimate of exposure at a future default date, taking into account expected changes in exposure after the reporting date, including repayments of principal and interest, and expected drawdowns on committed facilities. • Probability of Default (“PD”) – an estimate of the likelihood of default to occur over a given time period. • Loss Given Default (“LGD”) – an estimate of a loss arising on default. It is based on the difference between contractual cash flows due and those that the lender would expect to receive, including from any collateral. It usually expressed as a percentage of EAD. • Discount Rate – a tool to discount an expected loss from the present value at the reporting date. The discount rate represents the effective interest rate (“EIR”) for the financial instrument or an approximation thereof. |
Default and Credit-Impaired Assets | Default and credit-impaired assets The financial asset is considered to be in default, or credit impaired, when it meets one or more of the following criteria: For loans to customers: • The borrower is more than 90 days past due on its contractual payments; • The bank has sold part of borrower’s debt with losses; • The loan had experienced a forced restructuring due to a deterioration in borrower creditworthiness; • The borrower is deceased (retail loans); • The borrower’s debt was partially or fully written off due to a significant increase in credit risk. For other financial assets, debt securities and due from banks: • The counterparty or issuer rated at C or less per global rating agencies; • The counterparty or issuer is more than 30 days past due; • The counterparty or issuer has significant deterioration of operating results. |
Significant Increase in Credit Risk ("SICR") | Significant increase in credit risk (“SICR”) The SICR assessment is performed on an individual basis and on a portfolio basis. SICR for individually significant loans is assessed on an individual basis by monitoring the triggers stated below. The criteria used to identify a SICR are monitored and reviewed periodically for appropriateness by the Group’s risk department. The Group considers a financial instrument to have experienced a SICR when one or more of the following quantitative, qualitative or subsidiary criteria have been met: For loans to customers: • Increase in lifetime probability of default over defined thresholds; • The number of days past due is more than 30 but less than 90; • External factors affect the solvency of individual groups of individuals (such as natural disasters, closure of the city-forming enterprise in the region, etc.). For other financial assets, debt securities and due from banks: • Deterioration of the counterparty’s or issuer’s rating by 4 notches; • Deterioration of the counterparty’s or issuer’s rating up to CCC+ as per global rating agencies; • Deterioration of operating results of the counterparty or issuer. |
ECL Measurement - Description of Estimation Technique | ECL measurement – description of estimation techniques General principle For financial assets that are not purchased or originated credit impaired (“POCI”) assets ECLs are generally measured based on the risk of default over one of two different time periods, depending on whether the borrower’s credit risk has increased significantly in a three-stage model for ECL measurement: Stage 1: a group of financial instruments for which no significant increase in the credit risk level has been recorded since initial recognition and provisions for this group are created as 12-month ECL, and interest income is calculated based on the gross carrying amount of the financial asset. Stage 2: a group of financial instruments for which a significant increase in the credit risk level has been recorded since the initial recognition and provisions for which equal ECL for the instrument’s lifetime, and interest income is calculated based on the gross carrying amount of the financial asset. Stage 3: a group of credit-impaired financial instruments, for which provisions equal the ECL amount for the instrument’s lifetime, and interest income is accrued based on the carrying amount of the asset, net of the loss allowance. ECL for POCI financial assets is always measured on a lifetime basis (Stage 3), and at the reporting date, the Group only recognizes the cumulative changes in lifetime expected credit losses since initial recognition. The Group performs individual assessments for credit-impaired loans. The Group performs assessments on a portfolio basis for retail loans and loans issued to small and medium entities (“SMEs”). This approach incorporates aggregating the portfolio into homogeneous segments based on borrower-specific information, such as delinquency, historical data on losses and forward-looking macroeconomic information. Macroeconomic overlay and macroeconomic scenarios The Group incorporates forward looking information in its impairment calculations via macroeconomic models, which leads to a direct adjustment of default probabilities. To develop a future realization of these macroeconomic parameters, the Group uses three scenarios - a base scenario, an optimistic scenario and a pessimistic scenario. The latter two scenarios are assigned weights of 25 % and 18 % (31 December 2022: 17 % and 33 %). The base scenario is assigned a weight of 57 % (31 December 2022: 50 %) in the calculation. For each scenario a set of values for the relevant macroeconomic variables is used as an input for the macroeconomic model, which subsequently is applied to adjust the relevant input parameter. The List of Macroeconomic Indicators • Change of nominal exchange rate USD/KZT; • Change of base rate KZT; • Unemployment. Based on the results of annual ECL model validation results, conducted during 4th quarter 2023, the Group introduced changes based on behavior of our portfolios. The main changes were associated with addition of a key macroeconomic indicator and changes in methodology of discount factor and LGD for secured loans estimation. Key macroeconomic indicator in the form of Change of base rate KZT were added to the model as the result of increase in variable’s significance and represents percentage change of the KZT base rate value. In the year ended 31 December 2022, Real GDP growth was replaced by nominal USD/KZT exchange rate, due to the loss of the influence of the former and increase in the relevance of the latter. The weights of forecasted scenarios were reassessed accordingly. Changes to the model in aggregate led to a change in the probability of default values. The effect on ECL was equivalent to a KZT 5,405 million decrease in loss allowance as at 31 December 2022. ECL measurement – description of estimation techniques Principles of individual assessment – ECL assessments on an individual basis are done by weighting the estimates of credit losses for different possible outcomes against the probabilities of each outcome. The Group defines three possible outcomes for each loan. Principles of portfolio assessments – to assess the staging of exposure and to measure a loss allowance on a collective basis, the Group combines its exposures into segments on the basis of shared credit risk characteristics, so that exposure to risk within a group are homogeneous. Examples of shared characteristics include product type and the amount of loan. Two types of PDs are used to calculate ECLs: 12-month and lifetime PD: • 12-month PDs – the estimated probability of a default occurring within the next • Lifetime PDs – the estimated probability of a default occurring over the remaining life of a financial instrument. This parameter is used to calculate lifetime ECLs. An assessment of a lifetime PD is based on the latest available historic default data and adjusted for forward looking information. To calculate lifetime PD, the Group uses different statistical approaches depending on the segment and product type, such as the extrapolation of 12-month PDs based on migration matrixes, developing lifetime PD curves based on the historical default data, hazard rate approach or other. LGD represents the Group’s expectation of the extent of loss on a defaulted exposure and assessed on a collective basis based on the latest available recovery statistics. For unsecured loans, the Group calculates LGD based on historical NPL collection statistics. For loans secured by cars, real estate, cash and liquid securities, the Group calculates LGD based on specific collateral characteristics, such as projected collateral values and historical sales discounts. |
Modification of Loans to Customers | Modification of loans to customers The Group modifies loans to customers in temporary financial difficulty in order to allow a borrower to recover solvency. Modification of loans is provided in the form of short-term revision of loan terms and may include the reduction of interest rate, reduction of monthly payment amount, extension of the loan term, or a combination of these measures that do not lead to derecognition of the financial asset. After the recovery period, pre-modification contractual terms are to be applied. The recovery period is agreed in the modification terms, but in most cases is set for 6 months. Modification of loan is provided only once and to the borrowers with overdue less than 90 days on a modification date, where sufficient grounds exist to support its recoverability. During the recovery period, such modified loans are classified to Stage 3, with corresponding increase in loss allowance. After the recovery period, such modified loans are allocated to the relevant impairment category, based on its days past due and impairment methodology. |
Restructuring of Loans to Customers | Restructuring of loans to customers The Group restructures loans of defaulted borrowers by providing an interest free extended schedule. The new loan schedule has an annuity structure with no grace period. Loans that were restructured after derecognition are deemed to be POCI (purchased or originated credit impaired). The difference recognized as a derecognition gain or loss, to the extent that an impairment loss has not already been recorded. The Group continues to recognize restructured impaired loans at Stage 3 for at least 1 year , in case if loan was not derecognized otherwise and classified as POCI. |
Derecognition of Financial Assets | Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety, the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. |
Financial Liabilities | Financial liabilities Financial liabilities, such as due to banks, customer accounts, debt securities issued, subordinated debt and other financial liabilities are initially recognized at fair value. Subsequently amounts due are stated at amortized cost and any difference between carrying and redemption value is recognized in the Consolidated Statements of Profit or Loss over the period of the borrowings using the effective interest method as a component of interest expense. |
Derecognition of Financial Liabilities | Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled, or expired. Where an existing financial liability is replaced by another from the same counterparty on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference between the carrying amount of the financial liability derecognized and the consideration paid is recognized in the Consolidated Statements of Profit or Loss. |
Recognition of Interest Income and Expense | Recognition of interest income and expense Financial assets include products such as consumer loans, merchant financing, BNPL and car financing, securities and deposits placed with banks. Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income and expense are recognized on an accrual basis using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument or (where appropriate), a shorter period to the gross carrying amount. Interest earned on assets at fair value is classified within interest income. All other fees and commissions are accounted for in accordance with IFRS 15. |
Revenue Recognition | Revenue recognition Net fee revenue of the group is comprised of fee revenue from each of our segments, which is accounted for in accordance with IFRS 15, net of rewards. IFRS 15 requires the application of a “five steps” process to determine the appropriate manner and timing for revenue recognition. The following accounting policies describe each of these steps for our material sources of revenue. Payments fee revenue includes transaction revenue (from both merchants and retail customers) and membership revenue . • Transaction revenue: - Transaction revenue from merchants, as our customers, is generated pursuant to for payments processing service agreements. The Company’s performance obligation is to process payments made to or by merchants and the transaction price is determined as a percentage of the value of goods or services being sold by merchants and/or otherwise transacted by consumers and therefore processed through Kaspi.kz. The incentives in form of bonus (rewards) are accounted as variable consideration payable and decrease the transaction price. Allocation of the transaction price is based on the relative standalone selling prices and transactions underlying each performance obligation. Revenue is recognized at point in time when a transaction is processed. The Company has determined that it is a principal to payments processing services for merchants that use the Kaspi Payments platform, as it is primarily responsible for fulfilling the contractual terms because it is primarily responsible for the quality of the payment processing services and directly deals with the the retail customer and merchant. In addition, the Company has discretion in establishing the price that it charges to merchants for the specified services. Therefore, the Company recognizes revenue of the gross amount of agreed consideration to which it expects to be entitled in exchange for the services transferred. Transaction fees from merchants are earned for processing payment services such as bill payments for regular household needs, QR code payments for purchases both online and in-store, B2B (business to business) and processing of our debit cards and third-party issued cards through the Kaspi Payments platform. - Transaction revenue from retail customers, as our customers, is generated pursuant to debit payment card service agreements. The Company’s performance obligation is to process payments initiated by retail customers. The transaction price is determined as a percentage of the payment amount and is allocated to each performance obligation (transaction processing) on a stand alone basis. Revenue is recognized at point in time when a transaction is processed. The Company is the principal for payment processing services relating to retail customers’ (debit card holders) use of the Kaspi Payments platform. As a result, revenue is recognized on a gross basis, as the Company is primarily responsible for fulfilling the payment processing on its own payments platform and has discretion in establishing the selling price of the payment processing service to the retail customer, irrespective of the costs the Company incur in instances where the Company may utilize other payment intermediaries. Transaction fees from customers using Kaspi Payments platform are earned for processing payment services such as debit card transactions and P2P payments to other banks’ cards. When using third-party payments platforms or networks (e.g. Visa/Mastercard), the Company is an agent for the payment processing services to retail customers (debit card holders) and, therefore, revenue is recognized on a net basis, as the Company is not primarily responsible for fulfilling the payment processing on third parties’ payments platforms/networks and has no discretion in establishing the selling price of the payment processing service to the retail customer on third party payment platforms/networks. Transaction fees from customers using third-party payments platform are earned for processing debit card transactions. • Membership revenue is generated from annual and monthly fees earned during the period. Membership fee revenue is deferred and recognized over the terms of the applicable memberships on a straight-line basis. Membership fees are paid on a monthly basis or paid up front at the beginning of the applicable membership period by retail customers and merchants for accessing various Kaspi.kz services. Memberships are cancellable and non-refundable. Marketplace fee revenue includes seller fees paid by merchants from our 3P marketplace business, Kaspi Travel, advertising and delivery transactions originated during both online and in store shopping. It also includes revenue from Kolesa Group, largest car and real estate classifieds platform in Kazakhstan, Autoelon.uz- car marketplace and member of the Kolesa Group in Uzbekistan and Digital Classifieds LLC mobile classified app in Azerbaijan. • 3P Marketplace business fee revenue is generated through merchants, our customer in this case, selling their products and services directly to retail consumers through Kaspi.kz SuperApp pursuant to contracts with the Company. The facilitation of transfer of products and services through the Kaspi.kz Super App from the merchant to the retail consumer is considered a performance obligation of the Company and the transaction price is generally determined as a percentage of the value of goods or services being sold by the merchant to the retail consumer. The incentives in form of bonus (rewards) are accounted as variable consideration payable and decrease the transaction price. Allocation of the transaction price is based on the relative standalone selling price of the transaction service underlying each performance obligation. The Company recognizes revenue from the merchant when the retail customer obtains control over the merchant’s products or services. The Company is an agent in the transaction between a merchant and a retail consumer, as the Company does not obtain control over the specified good or service before it is transferred to the retail consumer, does not have discretion in establishing the prices for the specified good or service and is not primarily responsible for fulfilling the obligation to provide the specified good or service. Revenue is recognized on a net basis at point in time when the retail customer obtains control over the merchant’s products or services. Fintech fee revenue: • Banking service fees are the main part of Fintech fee revenue and are recognized under banking service agreements with retail customers, our customers in this case. The Company’s performance obligations under these agreements are to provide access to the various services of Kaspi.kz, such as access to a wide network of Kaspi ATMs with cash withdrawals up to certain limits, 24-hour service line support, transfers between Kaspi customers’ accounts and bill payments for services via the kaspi.kz website and mobile application, SMS and mobile push notification services. The transaction price is determined as a fixed, monthly fee for access to these services and is allocated on a single performance obligation basis over the period of the banking service agreements. The Company is a principal under these agreements, as it is primarily responsible for fulfilling the performance obligations and has discretion in establishing the prices for services. As a result, the revenue is recognized on a gross basis over the period in which the services are provided, typically monthly. • Membership fees are generated primarily from annual fees paid by retail customers, our customers in this case, for our Kaspi Red offering and are earned over time. Membership fee revenue is deferred and recognized over the term of the applicable membership, typically for one year , on a straight-line basis. Membership fees are paid entirely up front at the beginning of the applicable annual period by customers for accessing various Kaspi.kz services. Memberships are cancellable but payments are non-refundable. Since 2023 Membership fees for Fintech are generated only from late fees paid by Kaspi Red customers as we have removed annual membership fees. Retail revenue is generated by selling products directly to buyers via Kaspi.kz Super App. Revenue is initially measured at the amount of consideration to which the entity expect to be entitled for goods purchased and is recognized at a point in time upon delivery when control of the goods has transferred to the customer, reduced by the estimates for return allowances, promotional discounts and rebates. The Company is the principal in a transaction with an end consumer and earns revenue on a gross basis. Rewards are designed to change customer behavior and promote daily use of our Super App and ensure growth in customer engagement across all our platforms. Retail customers of the Group earn and accumulate bonuses (rewards) for purchases/transactions made with merchants that are also customers of the Group. Retail customers can then use bonuses earned for future purchases/transactions. Liabilities to pay bonuses are accrued on a transactional basis as a percentage from the transaction price of products sold or services provided and are accounted in Other liabilities (Note 19). They do not have an expiration and are accounted as 1 bonus=1 KZT. Bonuses are accounted as variable consideration paid to customers and do not give rise to a future material right. In accordance with IFRS 15 “Revenue from contracts with customers” these bonuses are presented as a deduction from revenue. For segment reporting purposes we continue to account for rewards as selling and marketing expenses and allocate accordingly. |
Share Capital and Share Premium | Share capital and share premium Contributions to share capital are recognized at cost. Non-cash contributions are not included into the share capital until realized in cash. Costs directly attributable to the issue of new shares, other than on a business combination, are deducted from equity net of any related income taxes. Treasury shares repurchased from shareholders are recognized at cost of acquisition. When such repurchased treasury shares are further sold, any difference between their selling price and the cost of acquisition is charged to share capital (if positive) or to retained earnings (if negative). Where repurchased treasury shares are retired, the carrying value thereof is reduced by the amount paid by the Group at repurchase thereof, with the share capital respectively reduced by the par value of such retired shares restated, where applicable, for inflation, and the resulting difference is charged to retained earnings. Dividends on common shares are recognized in equity as a reduction in the period in which they are declared. Dividends that are declared after the reporting date are treated as a subsequent event under IAS 10 “ Events after the Reporting Period” and disclosed accordingly. |
Equity Reserves | Equity reserves The reserves recorded in equity (other comprehensive income) on the Group’s Consolidated Statements of Financial Position include revaluation reserve of financial assets and other reserves, which comprise changes in fair value of financial assets at FVTOCI and allowance for impairment losses for debt instruments measured at FVTOCI, and foreign currency translation reserve, which is used to record exchange differences arising from the translation of the net investment in foreign operation. |
Retirement and Other Benefit Obligations | Retirement and other benefit obligations In accordance with the requirements of the Republic of Kazakhstan in which the Group operates, certain percentages of pension payments are withheld from total disbursements to employee to be transferred to pension fund, such that a portion of salary expense is withheld from the employee and instead paid to a pension fund on behalf of the employee. This expense is charged to the Consolidated Statements of Profit or Loss in the period in which the related salaries are earned. Upon retirement, all retirement benefit payments are made by the pension fund. The Group does not have any pension arrangements separate from the pension system of the Republic of Kazakhstan. In addition, the Group has no post-retirement benefits or other significant compensated benefits requiring accrual. |
Areas of Significant Management Judgment and Sources of Estimation Uncertainty | Areas of significant management judgment and sources of estimation uncertainty The preparation of the Group’s consolidated financial statements requires management to make estimates, judgments and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical Judgments in Applying Accounting Policies | Critical judgments in applying accounting policies The critical judgments, apart from those involving estimations (see below), that the Group management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements. Significant judgments have been made in the business model assessment, significant increase in credit risk, models and assumptions used which are discussed in |
Key Sources of Estimation Uncertainty | Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Assessment of significant increase of credit risk As explained in Note 3, ECL are measured as an allowance equal to 12-month ECL for Stage 1 assets, or lifetime ECL assets for Stage 2 or Stage 3 assets. An asset moves to Stage 2 when its credit risk has increased significantly since initial recognition. IFRS 9 does not define what constitutes a significant increase in credit risk. In assessing whether the credit risk of an asset has significantly increased the Group takes into account qualitative and quantitative reasonable and supportable forward looking information. Incorporation of forward looking information When measuring ECL, the Group uses reasonable and supportable forward looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect credit risk. Refer to Note 26 for more details, including analysis of the sensitivity of the reported ECL to changes in estimated forward looking information. Models and assumptions used The Group uses various models and assumptions in measuring fair value of financial assets as well as in estimating ECL. Judgement is applied in identifying the most appropriate model for each type of asset, as well as for determining the assumptions used in these models, including assumptions that relate to key drivers of credit risk. See Note 26 for more details on ECL and Note 24 for more details on fair value measurement. Fair value measurement and valuation process In estimating the fair value of a financial asset or a liability, the Group uses market-observable data to the extent it is available and classifying such financial assets as Level 1 or Level 2 instruments. Where such inputs are not available, the Group uses valuation models to determine the fair value of its financial instruments with respective classification of such financial assets as Level 3 instruments. Refer to Note 24 for more details on fair value measurement. The Group considers that the accounting estimate related to valuation of financial instruments where quoted markets prices are not available is a key source of estimation uncertainty because: (i) it is highly susceptible to change from period to period because it requires management to make assumptions about interest rates, volatility, exchange rates, the credit rating of the counterparty, valuation adjustments and specific feature of the transactions and (ii) the impact that recognizing a change in the valuations would have on the assets reported on its Consolidated Statements of Financial Position as well as its profit or loss could be material. Had the management used different assumptions regarding the interest rates, volatility, exchange rates, the credit rating of the counterparty and valuation adjustments, a larger or smaller change in the valuation of financial instruments where quoted market prices are not available, would have resulted that could have had a material impact on the Group’s reported net income. |
Adoption of New and Revised Standards | Adoption of new and revised Standards New and revised IFRS Standards that are effective for the current year The following amendments and interpretations are effective for the Group effective Amendments to IAS 1 and IFRS Practice Statement 2 – "Disclosure of Accounting Policies” 1 January 2023 Amendments to IAS 12 Deferred Tax Relating to Assets and Liabilities Arising from a Single Transaction 1 January 2023 Amendments to IAS 8 – "Definition of Accounting Estimates” 1 January 2023 Amendments to IAS 12 Income Taxes— International Tax Reform—Pillar Two Model Rules 1 January 2023 The Group has adopted the amendments to IAS 1 for the first time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The management of the Group does not expect that the application of these amendments could have an impact on the Group's financial statements in future periods. As at 31 December 2023, the Republic of Kazakhstan has not yet implemented Pillar Two rules in its legislation, where the Group has generated 99.57 % of its revenue and 99.8 % of its net income before tax for the year ended 31 December 2023, and, as such, management does not expect material impact of these Amendments to IAS 12 Income Taxes— International Tax Reform—Pillar Two Model Rules on its financial statements. New and revised IFRS Standards in issue but not yet effective At the date of authorization of this financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: New or revised standard or interpretation Applicable to annual reporting periods beginning on or after Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to IAS 1 – Non-current Liabilities with Covenants 1 January 2024 IFRS S2 Climate-related Disclosures 1 January 2024 IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information 1 January 2024 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) 1 January 2024 Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1) 1 January 2024 The management does not expect adoption of the Standards listed above to have a material impact on the consolidated financial statements of the Group in future periods. |
Corporate Information (Tables)
Corporate Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Summary of Directly and Indirectly Held Subsidiaries | The Company is the parent of the following directly and indirectly held subsidiaries: Subsidiary Type of operation Country of operation Ownership Ownership Ownership Kaspi Pay LLC Payment processing services Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kaspi Shop LLC Marketplace Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kaspi Travel LLC Online travel Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kolesa Group Classifieds Kazakhstan - - Indirectly ( 39.76 %) Magnum E-commerce E-Grocery Kazakhstan - - Indirectly ( 90.01 %) Kaspi Bank JSC Banking Kazakhstan Indirectly ( 98.95 %) Indirectly ( 98.95 %) Indirectly ( 98.95 %) ARK Balance LLC Distressed asset management Kazakhstan Indirectly ( 98.95 %) Indirectly ( 98.95 %) Indirectly ( 98.95 %) Kaspi Office LLC Real estate Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Kaspi Group JSC Holding Company Kazakhstan Directly ( 100 %) Directly ( 100 %) Directly ( 100 %) Digital Classifieds LLC Classifieds Azerbaijan Indirectly ( 100 %) Indirectly ( 100 %) Indirectly ( 100 %) Portmone Group Payment processing services Ukraine Indirectly ( 100 %) Indirectly ( 100 %) Indirectly ( 100 %) Kaspi Cloud LLC Storage and processing of information Kazakhstan - Indirectly ( 100 %) Indirectly ( 100 %) Kaspi Office 2 LLC Real estate Kazakhstan - Indirectly ( 100 %) - |
Summary of Shareholders Percentage | The shareholders are as follows: 2021 2022 2023 % % % Baring Funds* 28.71 28.80 27.53 Mikheil Lomtadze 23.30 24.55 24.67 Vyacheslav Kim 24.13 23.35 23.47 Public Investors 21.01 20.18 20.92 Management 2.85 3.12 3.41 Total 100.00 100.00 100.00 * As at 31 December 2021, 2022 and 2023, Asia Equity Partners Limited, held 22.33 %, 22.36 % and 21.06 % of total shares, respectively, and Baring Fintech Nexus Limited, held 6.38 %, 6.44 % and 6.47 % of total shares, respectively, on behalf of Baring Funds. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Basis of Presentation [Abstract] | |
Schedule of Exchange Rates Used by the Group in Preparation of the Consolidated Financial Statements | The exchange rates at the period-end used by the Group in the preparation of the consolidated financial statements are as follows: 2021 2022 2023 KZT/USD 431.80 462.65 454.56 KZT/EUR 489.10 492.86 502.24 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue [abstract] | |
Summary of Rewards Earned By Retail Customers are Deducted From Revenue | Revenue includes fee revenue, interest revenue, retail revenue, rewards and other gains (losses). Rewards earned by retail customers of the Group are deducted from revenue. 2021 2022 2023 REVENUE 884,822 1,270,592 1,913,490 Fee revenue 519,474 724,742 1,027,545 Interest revenue 422,075 574,426 833,516 Retail revenue - - 68,807 Rewards ( 51,981 ) ( 44,960 ) ( 39,578 ) Other gains (losses) ( 4,746 ) 16,384 23,200 |
Summary of Revenue by Segments | Revenue by segments for the years ended 31 December 2021, 2022 and 2023 is presented below: 2021 2022 2023 Payments 217,085 333,343 478,684 Payments fee revenue 166,449 256,750 368,925 Interest revenue 50,636 76,593 109,759 Marketplace 153,604 239,609 448,223 Marketplace fee revenue 151,742 236,884 375,189 Retail revenue - - 68,807 Other gains 1,862 2,725 4,227 Fintech 566,114 745,023 1,026,721 Interest revenue 371,439 500,256 723,757 Fintech fee revenue 201,283 231,108 283,991 Other gains (losses) ( 6,608 ) 13,659 18,973 - ( 2,423 ) ( 560 ) Segment Revenue 936,803 1,315,552 1,953,068 Rewards ( 51,981 ) ( 44,960 ) ( 39,578 ) REVENUE 884,822 1,270,592 1,913,490 |
Summary of Fee Revenue and Retail Revenue are Presented by Timing of Revenue Recognition | Fee revenue and retail revenue are presented by timing of revenue recognition in the table below: 2021 2022 2023 Goods and services transferred at point in time 308,480 480,514 786,267 Payments fee revenue - Transaction Revenue 156,738 243,630 342,271 Marketplace fee revenue 151,742 236,884 375,189 Retail revenue - - 68,807 210,994 244,228 310,645 Payments fee revenue - Membership Revenue 9,711 13,120 26,654 Fintech fee revenue - Membership Revenue 9,452 4,568 3,249 Fintech fee revenue - Fintech banking service fees 191,831 226,540 280,742 TOTAL FEE AND RETAIL REVENUE 519,474 724,742 1,096,912 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Each Segments' Revenue and Net Income | The following tables present the summary of each segments’ revenue and net income: 2021 2022 2023 SEGMENT REVENUE 936,803 1,315,552 1,953,068 Payments 217,085 333,343 478,684 Marketplace 153,604 239,609 448,223 Fintech 566,114 745,023 1,026,721 Intergroup - ( 2,423 ) ( 560 ) NET INCOME 435,214 588,844 848,770 Payments 126,653 199,489 308,901 Marketplace 99,716 152,248 247,955 Fintech 208,845 237,107 291,914 |
Summary of Share-based Compensation Expense | The following table presents the summary of share-based compensation expense by segments: 2021 2022 2023 SHARE-BASED COMPENSATION ( 20,057 ) ( 19,984 ) ( 20,859 ) Payments ( 4,620 ) ( 5,946 ) ( 7,200 ) Marketplace ( 1,934 ) ( 2,009 ) ( 2,335 ) Fintech ( 13,503 ) ( 12,029 ) ( 11,324 ) |
Costs and Operating Expenses (T
Costs and Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [abstract] | |
Summary of Cost and Operating Expenses | 2021 2022 2023 COSTS AND OPERATING EXPENSES ( 356,020 ) ( 550,018 ) ( 891,486 ) Interest expenses ( 171,491 ) ( 278,676 ) ( 478,010 ) Transaction expenses ( 16,542 ) ( 22,188 ) ( 27,470 ) Cost of goods and services ( 56,829 ) ( 82,747 ) ( 166,356 ) Technology & product development ( 44,388 ) ( 60,807 ) ( 88,657 ) Sales & marketing ( 8,702 ) ( 25,618 ) ( 21,891 ) General & administrative expenses ( 23,685 ) ( 24,772 ) ( 29,468 ) Provision expenses (see Note 1,7) ( 34,383 ) ( 55,210 ) ( 79,634 ) |
Summary of Employee Benefits, Depreciation and Amortization Expenses and Operating Lease Expenses | Employee benefits, depreciation and amortization expenses and operating lease expenses are presented as follows: 2021 2022 2023 Employee benefits Depreciation & amortization Operating Employee benefits Depreciation & amortization Operating lease Employee benefits Depreciation & amortization Operating lease Cost of goods ( 17,361 ) ( 831 ) ( 1,084 ) ( 20,408 ) ( 1,085 ) ( 1,040 ) ( 23,522 ) ( 237 ) ( 1,268 ) Technology & ( 24,478 ) ( 9,359 ) ( 1,641 ) ( 31,585 ) ( 12,860 ) ( 2,558 ) ( 43,344 ) ( 21,727 ) ( 3,899 ) Sales & ( 403 ) - - ( 1,176 ) - ( 51 ) ( 2,024 ) - ( 144 ) General & ( 16,043 ) ( 1,876 ) ( 2,097 ) ( 15,340 ) ( 2,849 ) ( 2,112 ) ( 17,436 ) ( 3,590 ) ( 471 ) Total ( 58,285 ) ( 12,066 ) ( 4,822 ) ( 68,509 ) ( 16,794 ) ( 5,761 ) ( 86,326 ) ( 25,554 ) ( 5,782 ) |
Summary of Share-Based Compensation Expense | The following table sets forth an analysis of share-based compensation expense by function for the periods indicated: 2021 2022 2023 SHARE-BASED COMPENSATION ( 20,057 ) ( 19,984 ) ( 20,859 ) Cost of goods and services ( 1,148 ) ( 1,673 ) ( 1,747 ) Technology & product development ( 9,020 ) ( 9,137 ) ( 10,410 ) Sales & marketing ( 27 ) ( 653 ) ( 686 ) General & administrative expenses ( 9,862 ) ( 8,521 ) ( 8,016 ) |
Provision Expense (Tables)
Provision Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Summary of Movements in Loss Allowance | The movements in loss allowance were as follows: Loans to customers Due Financial assets at FVTOCI Cash and Other Contin- Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 1 Stage 2 Stage 3 Stage 1 Stage 3 Stage 1 Loss allowance as at 31 December 2020 40,062 7,674 74,153 26 374 - 2,564 3 2,058 28 126,942 Changes in provisions -Transfer to Stage 1 5,556 ( 1,145 ) ( 4,411 ) - - - - - - - - -Transfer to Stage 2 ( 335 ) 832 ( 497 ) - - - - - - - - -Transfer to Stage 3 ( 2,033 ) ( 4,723 ) 6,756 - - - - - - - - Net changes, resulting from changes ( 8,490 ) 9,608 16,509 ( 8 ) ( 54 ) - 278 ( 2 ) 2,392 ( 14 ) 20,219 New assets issued 54,379 - - - 8 - - - - - 54,387 Repaid assets (except for write off) ( 25,096 ) ( 1,664 ) ( 13,265 ) - ( 198 ) - - - - - ( 40,223 ) Total effect on Consolidated 20,793 7,944 3,244 ( 8 ) ( 244 ) - 278 ( 2 ) 2,392 ( 14 ) 34,383 Write-off, net of recoveries - - ( 11,458 ) - - - ( 180 ) - ( 605 ) 4 ( 12,239 ) Foreign exchange difference - - 4 1 - - - - 1 - 6 As at 31 December 2021 64,043 10,582 67,791 19 130 - 2,662 1 3,846 18 149,092 Loans to customers Due Financial assets at FVTOCI Cash and Other Contin- Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 1 Stage 2 Stage 3 Stage 1 Stage 3 Stage 1 Loss allowance as at 31 December 2021 64,043 10,582 67,791 19 130 - 2,662 1 3,846 18 149,092 Changes in provisions -Transfer to Stage 1 3,544 ( 1,138 ) ( 2,406 ) - - - - - - - - -Transfer to Stage 2 ( 6,970 ) 7,208 ( 238 ) - ( 3 ) 3 - - - - - -Transfer to Stage 3 ( 13,854 ) ( 7,014 ) 20,868 - - - - - - - - Net changes, resulting from changes ( 14,545 ) 4,429 33,307 ( 14 ) 3 653 - 2 1,348 21 25,204 New assets issued 65,888 - - - 10 - - - - - 65,898 Repaid assets (except for write off) ( 30,502 ) ( 2,282 ) ( 11,485 ) - ( 58 ) - - - - - ( 44,327 ) Modification effect - - 8,435 - - - - - - - 8,435 Total effect on Consolidated 20,841 2,147 30,257 ( 14 ) ( 45 ) 653 - 2 1,348 21 55,210 Write-off, net of recoveries - - 19,029 - - - - - ( 80 ) - 18,949 Reclassification of financial assets - - - - - - ( 2,662 ) - 2,662 - - Foreign exchange difference - - 12 1 - - - - 18 - 31 As at 31 December 2022 67,604 11,785 135,313 6 82 656 - 3 7,794 39 223,282 Loans to customers Due Financial assets at FVTOCI Cash and Other Contin- Total Stage 1 Stage 2 Stage 3 POCI Stage 1 Stage 1 Stage 2 Stage 3 Stage 1 Stage 3 Stage 1 Loss allowance as at 31 December 67,604 11,785 135,313 6 82 656 - 3 7,794 39 223,282 Changes in provisions -Transfer to Stage 1 15,923 ( 1,448 ) ( 14,475 ) - - - - - - - - - -Transfer to Stage 2 ( 10,396 ) 16,184 ( 5,788 ) - - ( 1 ) 1 - - - - - -Transfer to Stage 3 ( 25,126 ) ( 5,745 ) 30,871 - - - ( 530 ) 530 - - - - Net changes, resulting from changes ( 25,885 ) ( 2,531 ) 61,320 261 - 5 31 606 20 2,060 ( 4 ) 35,883 New assets issued 75,077 - - - - 28 - - - - - 75,105 Repaid assets (except for write off) ( 37,258 ) ( 1,955 ) ( 12,662 ) - - - - - - - - ( 51,875 ) Modification effect - - 20,521 - - - - - - - - 20,521 Total effect on Consolidated 11,934 ( 4,486 ) 69,179 261 - 33 31 606 20 2,060 ( 4 ) 79,634 Write-off, net of recoveries - - ( 49,055 ) - - - - - - ( 4,214 ) - ( 53,269 ) Foreign exchange difference - - ( 3 ) - - - - - - - - ( 3 ) As at 31 December 2023 59,939 16,290 166,042 261 6 114 158 1,136 23 5,640 35 249,644 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Summary of Deferred Income Tax Liabilities | Deferred income tax liabilities comprise: 2021 2022 2023 Vacation reserve, accrued bonuses and share-based 779 873 1,242 Property, equipment and intangible assets ( 3,263 ) ( 4,078 ) ( 4,012 ) Other 17 - 527 Net deferred tax liability ( 2,467 ) ( 3,205 ) ( 2,243 ) |
Summary between Net Income before Tax and Income Tax Expenses | Relationships between net income before tax and income tax expenses are explained as follows: 2021 2022 2023 Net income before tax 528,802 720,574 1,022,004 Tax at the statutory tax rate of 20 % ( 105,760 ) ( 144,115 ) ( 204,400 ) Non-taxable income 12,303 12,892 38,038 Adjustment recognized in the period for current tax 1,626 315 - Non-deductible expense ( 1,757 ) ( 822 ) ( 6,872 ) Income tax expense ( 93,588 ) ( 131,730 ) ( 173,234 ) Current income tax expense ( 95,066 ) ( 131,307 ) ( 174,196 ) Adjustment recognized in the period for current tax 1,626 315 - Deferred income tax benefit/(expense) ( 148 ) ( 738 ) 962 Income tax expense ( 93,588 ) ( 131,730 ) ( 173,234 ) |
Summary of Net Deferred Tax Liability | 2021 2022 2023 Net deferred tax liability: At the beginning of the period ( 2,319 ) ( 2,467 ) ( 3,205 ) Change in deferred income tax balances recognized in ( 148 ) ( 738 ) 962 At the end of the period ( 2,467 ) ( 3,205 ) ( 2,243 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of Earnings Per Share | For the purpose of diluted earnings per share calculation, the Group considers dilutive effects of share-based compensation. 2021 2022 2023 Net income attributable to the shareholders of the 431,914 585,026 841,351 Weighted average number of common shares for basic 192,187,223 191,725,280 189,859,971 Weighted average number of common shares for diluted 194,341,305 193,991,446 192,062,409 Earnings per share – basic (KZT) 2,247 3,051 4,431 Earnings per share – diluted (KZT) 2,222 3,016 4,381 |
Reconciliation Number of Shares Used for Basic and Diluted EPS | Reconciliation of the number of shares used for basic and diluted EPS: 2021 2022 2023 Weighted average number of common shares for basic 192,187,223 191,725,280 189,859,971 Number of potential common shares attributable 2,154,082 2,266,166 2,202,438 Weighted average number of common shares 194,341,305 193,991,446 192,062,409 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | 2022 2023 Cash on hand 179,766 259,639 Current accounts with other banks 196,194 274,534 Short-term deposits with other banks 229,389 216,217 Reverse repurchase agreements 10,011 70,076 Total cash and cash equivalents 615,360 820,466 |
Investment Securities and Der_2
Investment Securities and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment securities and derivatives [abstract] | |
Summary of Investments Securities and Derivatives | Investment securities and derivatives comprise: 2022 2023 Total financial assets at FVTOCI 1,076,242 1,377,130 Total financial assets at FVTPL 30 642 Total investment securities and derivatives 1,076,272 1,377,772 |
Summary of Financial Assets at FVTOCI | Financial assets at FVTOCI comprise: 2022 2023 Debt securities 1,075,955 1,376,728 Equity investments 287 402 Total financial assets at FVTOCI 1,076,242 1,377,130 Interest 2022 Interest 2023 Debt securities Bonds of the Ministry of Finance of the Republic 0.60 - 16.03 350,670 0.60 - 16.70 930,726 Corporate bonds 2.00 - 11.80 186,819 2.00 - 15.88 252,946 Discount notes of the NBRK 16.03 538,100 14.44 191,369 Sovereign bonds of foreign countries 0.63 366 0.63 - 3.50 1,687 Total debt securities 1,075,955 1,376,728 |
Summary of Financial Assets at FVTPL | Financial assets at FVTPL comprise: 2022 2023 Derivative financial instruments 30 642 Total financial assets at FVTPL 30 642 |
Loans to Customers (Tables)
Loans to Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans to customers [abstract] | |
Schedule of Loans to Customers | 2022 2023 Gross loans to customers 3,369,512 4,478,489 Less: allowance for impairment losses (Note 7) ( 214,702 ) ( 242,532 ) Total loans to customers 3,154,810 4,235,957 |
Schedule of Provision Expenses on Loans to Customers | Provision expenses on loans to customers: 2021 2022 2023 Provision expenses on loans to customers: Loans to customers ( 31,981 ) ( 53,245 ) ( 76,888 ) Total provision expenses on loans to customers ( 31,981 ) ( 53,245 ) ( 76,888 ) |
Schedule of Outstanding NPLs as Compared to Total Allowance for Impairment Losses | The following table sets forth the Group’s outstanding NPLs as compared to the total allowance for impairment losses on total loans to customers: Gross NPLs Total Total As at 31 December 2022 211,581 214,702 101 % As at 31 December 2023 244,161 242,532 99 % |
Schedule of Gross Carrying Amount and Related Allowance for Impairment Losses on Loans to Customers by Stage | The gross carrying amount and related allowance for impairment losses on loans to customers by stage were as follows: Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Gross loans to customers 3,058,897 40,934 264,927 4,754 3,369,512 Allowance for impairment losses ( 67,604 ) ( 11,785 ) ( 135,313 ) - ( 214,702 ) Carrying amount 2,991,293 29,149 129,614 4,754 3,154,810 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Gross loans to customers 4,048,478 55,804 363,703 10,504 4,478,489 Allowance for impairment losses ( 59,939 ) ( 16,290 ) ( 166,042 ) ( 261 ) ( 242,532 ) Carrying amount 3,988,539 39,514 197,661 10,243 4,235,957 |
Property, Equipment and Intan_2
Property, Equipment and Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Property Equipment And Intangible Assets [Abstract] | |
Summary of Components of Property, Equipment and Intangible assets | Buildings Furniture Intangible Construc- Total At initial/revalued cost 31 December 2021 42,266 65,267 27,152 26 134,711 Additions 23,084 36,117 5,446 55 64,702 Disposals ( 836 ) ( 2,387 ) ( 1,079 ) - ( 4,302 ) Transfers 3 ( 3 ) - - - 31 December 2022 64,517 98,994 31,519 81 195,111 Additions 18,019 24,258 4,744 2,028 49,049 Acquisitions of subsidiaries 12 5,229 20,255 - 25,496 Disposals ( 59 ) ( 2,208 ) ( 3,530 ) ( 135 ) ( 5,932 ) 31 December 2023 82,489 126,273 52,988 1,974 263,724 Accumulated depreciation 31 December 2021 8,357 28,243 13,010 - 49,610 Charge for the year 2,258 10,752 4,191 - 17,201 Disposals ( 815 ) ( 1,740 ) ( 985 ) - ( 3,540 ) 31 December 2022 9,800 37,255 16,216 - 63,271 Charge for the year 2,658 18,103 5,338 - 26,099 Acquisitions of subsidiaries 1 512 - - 513 Disposals ( 57 ) ( 265 ) ( 183 ) - ( 505 ) 31 December 2023 12,402 55,605 21,371 - 89,378 Net book value 31 December 2023 70,087 70,668 31,617 1,974 174,346 31 December 2022 54,717 61,739 15,303 81 131,840 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other Assets [Abstract] | |
Summary of Other Assets | 2022 2023 Other financial assets: Settlement with brokers 31,243 30,687 Receivables from VISA and Master Card 3,498 4,159 Prepayments for customers online transactions 5,166 3,947 Other 10,277 7,502 Total other financial assets 50,184 46,295 Less: allowance for impairment losses (Note 7) ( 7,068 ) ( 4,761 ) Total net other financial assets 43,116 41,534 Other non-financial assets: Goodwill (Note 28) - 34,078 Prepayments for goods and services 11,729 23,339 Investment property 16,829 16,065 Inventory 2,274 14,370 Taxes receivable 1,054 6,433 Other 504 658 Total other non-financial assets 32,390 94,943 Less: allowance for impairment losses ( 726 ) ( 879 ) Total net other non-financial assets 31,664 94,064 Total other assets 74,780 135,598 |
Summary of Investment Property Movement | Investment property movement is presented as follows: 2022 2023 Cost As at 1 January 19,556 17,954 Additions - 21 Disposals ( 1,602 ) ( 647 ) As at 31 December 17,954 17,328 Accumulated depreciation As at 1 January ( 982 ) ( 1,125 ) Depreciation charge ( 244 ) ( 219 ) Disposals 101 81 As at 31 December ( 1,125 ) ( 1,263 ) Net book value 16,829 16,065 |
Due to Banks (Tables)
Due to Banks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Categories of financial liabilities [abstract] | |
Summary of Due to Banks | 2022 2023 Recorded at amortized cost: Repurchase agreements 16,119 154 Time deposits of banks and other financial institutions 313 - Total due to banks 16,432 154 |
Customer Accounts (Tables)
Customer Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Customer Accounts Disclosure [Abstract] | |
Summary of Customer Accounts | 2022 2023 Individuals Term deposits 3,057,870 4,316,825 Current accounts 700,957 826,328 Total due to individuals 3,758,827 5,143,153 Corporate customers Term deposits 59,638 44,233 Current accounts 182,225 254,070 Total due to corporate customers 241,863 298,303 Total customer accounts 4,000,690 5,441,456 |
Debt Securities Issued (Tables)
Debt Securities Issued (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Debt Securities Issued | Currency Maturity Nominal interest 2022 2023 Third bond program – first issue KZT January 2025 9.90 51,045 51,048 Third bond program – second issue KZT January 2024 9.80 48,418 48,420 Third bond program – third issue KZT January 2023 9.70 40,915 - Total debt securities issued 140,378 99,468 |
Subordinated Debt (Tables)
Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subordinated liabilities [abstract] | |
Schedule of Subordinated Securities Issued | Currency Maturity date Nominal interest 2022 2023 Third bond program – fourth issue KZT June 2025 10.7 % 62,269 62,274 Debt component of preference shares KZT n/a n/a 90 95 Second bond program – third issue KZT February 2023 2% plus inflation rate 5,249 - Total subordinated debt 67,608 62,369 |
Summary of Group's Liabilities Arising from Financing Activities | The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statements of cash flows as cash flows from financing activities. Non-cash changes 1 January 2022 Financing cash flows Foreign exchange movement Changes in amortized cost 2022 Debt securities issued 139,711 - - 667 140,378 Subordinated debt 67,665 - - ( 57 ) 67,608 Non-cash changes 1 January 2023 Financing cash flows Foreign exchange movement Changes in amortized cost 2023 Debt securities issued 140,378 ( 41,261 ) - 351 99,468 Subordinated debt 67,608 ( 5,300 ) - 61 62,369 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Other Liabilities Abstract | |
Summary of Other Liabilities | 2022 2023 Other financial liabilities: Payables for customers’ online transactions 23,542 49,679 Payables to suppliers - 13,603 Accrued expenses 3,080 2,709 Accrued dividends payable to non-controlling interest 1,235 1,241 Derivative financial liabilities 147 1,165 Other 238 324 Total financial liabilities 28,242 68,721 Other non-financial liabilities: Other taxes payable 10,520 15,295 Deferred revenue 10,950 12,436 Accumulated employee benefits, vacation liabilities 4,521 6,210 Deferred tax liabilities 3,245 3,162 Current income tax payable 5,957 1,096 Other 7,415 8,352 Total non-financial liabilities 42,608 46,551 Total other liabilities 70,850 115,272 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Reconciliation of Change in Number of Authorized Shares, Shares Issued and Fully Paid, Treasury Shares and Shares Outstanding | The table below provides a reconciliation of the change in the number of authorized shares, shares issued and fully paid, treasury shares and shares outstanding: Authorized shares Issued and fully paid shares Treasury shares Shares outstanding Common shares 31 December 2021 216,742,000 199,500,000 ( 7,312,777 ) 192,187,223 GDR options exercised (Note 21) - - 499,472 499,472 GDR buyback program - - ( 2,376,725 ) ( 2,376,725 ) 31 December 2022 216,742,000 199,500,000 ( 9,190,030 ) 190,309,970 GDR options exercised (Note 21) - - 618,788 618,788 GDR buyback program - - ( 1,595,293 ) ( 1,595,293 ) 31 December 2023 216,742,000 199,500,000 ( 10,166,535 ) 189,333,465 |
Summary of Details of GDR Buyback Programs | The following table summarizes the details of the GDR buyback programs: Start date Maturity Number of Total amount 1st buy-back program 22 April 2022 21 July 2022 998,429 22,841 2nd buy-back program 22 July 2022 21 October 2022 788,153 21,325 3rd buy-back program 22 October 2022 24 February 2023 1,131,380 38,474 4th buy-back program 22 March 2023 21 July 2023 531,995 18,740 5th buy-back program 22 July 2023 21 October 2023 283,689 12,614 6th buy-back program (ongoing) 22 October 2023 01 March 2024 238,372 10,381 31 December 2023 3,972,018 124,375 |
Schedule of Reconciliation of Change in Outstanding Share Capital Fully Paid | The table below provides a reconciliation of the change in outstanding share capital fully paid: Issued and fully paid shares Treasury Total 31 December 2021 130,144 ( 32,614 ) 97,530 GDR options exercised - 2,228 2,228 GDR buyback program - ( 63,672 ) ( 63,672 ) 31 December 2022 130,144 ( 94,058 ) 36,086 GDR options exercised - 2,760 2,760 GDR buyback program - ( 60,703 ) ( 60,703 ) 31 December 2023 130,144 ( 152,001 ) ( 21,857 ) |
Schedule of Dividends Declared | The following tables represent dividends declared: Dividends Dividend September 2022 95,787 KZT 500 December 2022 114,315 KZT 600 Total for 2022 210,102 Dividends Dividend March 2023 269,365 KZT 1,350 September 2023 129,702 KZT 750 December 2023 161,065 KZT 850 Total for 2023 560,132 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Summary of Share-Based Compensation Expense | According to IFRS 2, this accelerates the recognition of compensation expenses resulting in a higher proportion of expenses being recognized in the early years of overall plan. 2021 2022 2023 Share-based compensation expense ( 20,057 ) ( 19,984 ) ( 20,859 ) Share options ( 19,631 ) ( 19,984 ) ( 20,859 ) Phantom shares ( 426 ) - - |
Summary of Inputs into Black-Scholes Model | The inputs into the Black-Scholes model are as follows: 2021 2022 2023 Black-Scholes model inputs: Weighted average share price in USD 60.7 63.7 67.3 Expected volatility 45.3 % 43.5 % 42.4 % Risk-free rate 2.9 % 3.6 % 4.2 % Dividend yield 7.2 % 7.0 % 7.0 % |
Summary of GDR Options Outstanding | The following table summarizes the details of the GDR options outstanding: 2022 2023 (GDRs) (GDRs) Outstanding at the beginning of the period 2,154,082 2,266,166 Granted 611,556 564,800 Forfeited - ( 9,740 ) Exercised ( 499,472 ) ( 618,788 ) Expired - - Outstanding at the end of the period 2,266,166 2,202,438 |
Share- Based Compensation Reserve | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share-Based Compensation Reserve Outstanding | The following table represents Share-based compensation reserve outstanding: Share-Based 31 December 2021 21,242 GDR options accrued 19,984 GDR options exercised ( 11,952 ) 31 December 2022 29,274 GDR options accrued 20,859 GDR options exercised ( 15,323 ) 31 December 2023 34,810 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Summary of Contingent Liabilities and Credit Commitments | The Group’s contingent liabilities and credit commitments comprised the following: 2022 2023 Nominal amount Nominal amount Commitments on loans and unused credit lines: Revocable loans 157,478 174,771 Guarantees issued and similar commitments 564 558 Total contingent liabilities and credit commitments 158,042 175,329 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Summary of Transactions Outstanding with Related Parties | The Group had the following transactions outstanding with related parties: 2022 2023 Transactions Total Transactions Total Consolidated statements of financial position Loans to customers 3,057 3,369,512 2,435 4,478,489 - entities controlled by the key management personnel of - 2,435 - other related parties 3,057 - Allowance for impairment losses on loans to customers ( 7 ) ( 214,702 ) ( 2 ) ( 242,532 ) - entities controlled by the key management personnel of - ( 2 ) - other related parties ( 7 ) - Other assets 20 74,780 1,196 135,598 - entities controlled by the key management personnel of 3 1,196 - other related parties 17 - Customer accounts 16,442 4,000,690 15,259 5,441,456 - entities controlled by the key management personnel of 5,462 9,526 - key management personnel of the Group 478 5,662 - other related parties 10,502 71 Other liabilities 1,339 70,850 5,050 115,272 - entities controlled by the key management personnel of 198 5,004 - key management personnel of the Group - 46 - other related parties 1,141 - 2021 2022 2023 Transactions with related parties Total category as per financial statements caption Transactions with related parties Total category as per financial statements caption Transactions with related parties Total category as per financial statements caption Consolidated Statements of Net fee revenue - 467,493 - 679,782 4,161 987,967 - entities controlled by the key - - 4,008 - key management personnel - - 153 Interest revenue 362 422,075 314 574,426 259 833,516 - other related parties 362 314 259 6 Other gains (losses) - ( 4,746 ) - 16,384 2 23,200 - entities controlled by the key - - 2 COSTS AND OPERATING Interest expense ( 166 ) ( 171,491 ) ( 403 ) ( 278,676 ) ( 544 ) ( 478,010 ) - entities controlled by the key ( 6 ) ( 176 ) ( 507 ) - key management personnel ( 22 ) ( 19 ) ( 34 ) - other related parties ( 138 ) ( 208 ) ( 3 ) Transaction expenses - ( 16,542 ) - ( 22,188 ) ( 137 ) ( 27,470 ) - entities controlled by the key - - ( 137 ) Cost of goods and services - ( 56,829 ) - ( 82,747 ) ( 5,129 ) ( 166,356 ) - entities controlled by the key - - ( 5,129 ) |
Summary of Compensation to Directors and Other Members of Key Management | Compensation to directors and other members of key management is presented as follows: 2021 2022 2023 Transactions with related parties Total category Transactions with related parties Total category Transactions with related parties Total category Employee benefits ( 782 ) ( 58,285 ) ( 800 ) ( 68,509 ) ( 535 ) ( 86,326 ) Share-based compensation ( 11,381 ) ( 20,057 ) ( 7,298 ) ( 19,984 ) ( 4,815 ) ( 20,859 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Restated) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of fair value measurement of assets [line items] | |
Schedule of Reconciliation of Level 3 Fair Value Measurements of Financial Assets | The reconciliation of Level 3 fair value measurements of financial assets is presented as follows: Fair value through other comprehensive income Unquoted debt securities Total 1 January 2023 - - Total gains or losses: - in profit or loss - - - in other comprehensive income - - Purchases - - Issues - - Disposals/settlements - - Transfer into level 3 2,322 2,322 Transfers out of level 3 - - 31 December 2023 2,322 2,322 |
Schedule of Impact of Restatements | The impact of restatements is as follows: Financial assets Fair value hierarchy 2022 Adjustment 2022 Non-derivative financial assets at FVTOCI Level 1 838,260 ( 837,024 ) 1,236 Non-derivative financial assets at FVTOCI Level 2 237,948 837,024 1,074,972 |
Fair value Recurring | |
Disclosure of fair value measurement of assets [line items] | |
Schedule of Fair Value Financial Assets and Financial Liabilities Measured at Fair Value | The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). Financial assets/ 2022 2023 Fair value hierarchy Valuation technique(s) and key input(s) Non-derivative financial 1,236 3,968 Level 1 Quoted prices in an active market. Non-derivative financial 1,074,972 1,370,806 Level 2 Quoted prices in markets that are not active. Non-derivative financial - 2,322 Level 3 DCF method with weighted average discount ratio 18.3 % Unlisted equity 34 34 Level 3 Adjusted net assets based on most recent published financial statements of unlisted companies with discount for marketability and liquidity. Discount ratios varies from 10 % to 30 %. Derivative financial 30 642 Level 2 DCF method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. Derivative financial 147 1,165 Level 2 DCF method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. |
Fair Value Non Recurring | |
Disclosure of fair value measurement of assets [line items] | |
Schedule of Fair Value Financial Assets and Financial Liabilities Measured at Fair Value | Except as detailed in the following table, management of the Group considers that the carrying amount of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values. 2022 Carrying Fair Fair value hierarchy Due from banks 25,668 25,234 Level 2 Loans to customers 3,154,810 3,192,581 Level 3 Due to banks 16,432 16,400 Level 2 Customer accounts 4,000,690 3,899,302 Level 2 Debt securities issued 140,378 133,825 Level 2 Subordinated debt 67,608 63,500 Level 2 2023 Carrying Fair Fair value hierarchy Due from banks 30,683 30,048 Level 2 Loans to customers 4,235,957 4,230,722 Level 3 Due to banks 154 154 Level 2 Customer accounts 5,441,456 5,382,189 Level 2 Debt securities issued 99,468 96,666 Level 2 Subordinated debt 62,369 60,895 Level 2 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Regulatory Matters [Abstract] | |
Summary of Capital Adequacy Ratios | The capital adequacy ratios calculated on the basis of the Bank’s consolidated financial statements under Basel III with updated RWA methodology are presented in the following table: 2022 2023 Tier 1 capital (k1.2) 17.0 % 17.4 % Total capital (k.2) 18.0 % 18.1 % The following table presents Bank’s capital adequacy ratios in accordance with the NBRK requirements: 2022 2023 Tier 1 capital (k1.2) 12.2 % 12.6 % Total capital (k.2) 13.1 % 13.0 % |
Risk Management Policy (Tables)
Risk Management Policy (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [line items] | |
Significant Changes in Gross Carrying Amount of Loans to Customers | The tables below present information about the significant changes in the gross carrying amount of loans to customers during the period that contributed to changes in the allowance for impairment losses during the years ended 31 December 2022 and 2023: Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers at amortized cost Gross carrying amount as at 1 January 2022 2,407,687 29,831 135,635 - 2,573,153 Changes in the gross carrying amount - Transfer to Stage 1 8,927 ( 3,094 ) ( 5,833 ) - - - Transfer to Stage 2 ( 46,924 ) 47,497 ( 573 ) - - - Transfer to Stage 3 ( 157,484 ) ( 19,421 ) 176,905 - - New loans to customers originated or 2,422,809 - - 4,754 2,427,563 Loans to customers that have been repaid or ( 1,576,118 ) ( 13,879 ) ( 29,049 ) - ( 1,619,046 ) Write-offs - - ( 64,231 ) - ( 64,231 ) Recovery from off-balance loans to customers - - 52,060 - 52,060 Other changes - - 13 - 13 Gross carrying amount as at 31 December 3,058,897 40,934 264,927 4,754 3,369,512 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers at amortized cost Gross carrying amount as at 1 January 2023 3,058,897 40,934 264,927 4,754 3,369,512 Changes in the gross carrying amount - Transfer to Stage 1 32,712 ( 4,991 ) ( 27,721 ) - - Transfer to Stage 2 ( 58,058 ) 66,931 ( 8,873 ) - - Transfer to Stage 3 ( 194,471 ) ( 19,322 ) 213,793 - New loans to customers originated or 3,413,069 - - 9,553 3,422,622 Loans to customers that have been repaid or ( 2,203,671 ) ( 27,748 ) ( 15,305 ) ( 3,803 ) ( 2,250,527 ) Write-offs - - ( 82,959 ) - ( 82,959 ) Recovery from off-balance loans to customers - - 19,844 - 19,844 Other changes - - ( 3 ) - ( 3 ) Gross carrying amount as at 31 December 4,048,478 55,804 363,703 10,504 4,478,489 |
Schedule of Internal Rating Model to Classify Individually Significant Loans to Customers in Different Risk Categories | The Group uses an internal rating model to classify individually significant loans to customers in different risk categories: Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers that are individually Grades: Low to fair risk 8,119 - - - 8,119 Grade: Impaired - - 6,636 - 6,636 Loans to customers that are collectively 3,050,778 40,934 258,291 4,754 3,354,757 Total gross carrying amount 3,058,897 40,934 264,927 4,754 3,369,512 Allowance for impairment losses ( 67,604 ) ( 11,785 ) ( 135,313 ) - ( 214,702 ) Carrying amount as at 31 December 2022 2,991,293 29,149 129,614 4,754 3,154,810 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime POCI Total Loans to customers that are individually Grades: Low to fair risk 5,669 - - - 5,669 Grade: Impaired - - 6,718 - 6,718 Loans to customers that are collectively 4,042,809 55,804 356,985 10,504 4,466,102 Total gross carrying amount 4,048,478 55,804 363,703 10,504 4,478,489 Allowance for impairment losses ( 59,939 ) ( 16,290 ) ( 166,042 ) ( 261 ) ( 242,532 ) Carrying amount as at 31 December 2023 3,988,539 39,514 197,661 10,243 4,235,957 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Due from banks High grade (A- and higher) 17,052 - - 17,052 Investment grade (BBB+ - BBB-) 7,799 - - 7,799 Not rated 823 - - 823 Total gross carrying amount 25,674 - - 25,674 Allowance for impairment losses ( 6 ) - - ( 6 ) Carrying amount as at 31 December 2022 25,668 - - 25,668 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Due from banks High grade (A- and higher) 29,652 - - 29,652 Investment grade (BBB+ - BBB-) 1,031 - - 1,031 Investment grade (BB+ - B-) 6 - 6 Total gross carrying amount 30,689 - - 30,689 Allowance for impairment losses ( 6 ) - - ( 6 ) Carrying amount as at 31 December 2023 30,683 - - 30,683 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Investment debt securities High grade (A- and higher) 558 - - 558 Investment grade (BBB+ - BBB-) 1,070,752 - - 1,070,752 Non-Investment grade (BB+ - B-) 2,393 - - 2,393 Not rated - 2,252 - 2,252 Сarrying amount as at 31 December 2022 1,073,703 2,252 - 1,075,955 Stage 1 Stage 2 Stage 3 12-month Lifetime Lifetime Total Investment debt securities High grade (A- and higher) 33,681 - - 33,681 Investment grade (BBB+ - BBB-) 1,335,500 - - 1,335,500 Non-Investment grade (BB+ - B-) 4,037 - - 4,037 Not rated - 2,322 1,188 3,510 Сarrying amount as at 31 December 2023 1,373,218 2,322 1,188 1,376,728 |
Summary of External Credit Ratings | Financial assets, other than loans to customers and other financial assets, are graded according to their external credit ratings issued by an international rating agencies, such as Standard and Poor’s, Fitch and Moody’s Investors Services. The highest possible rating is AAA. A- and BBB+ BB+ CCC+ Not Total Gross carrying value: 31 December 2022 Cash and cash equivalents, 197,445 234,998 - - 3,151 435,594 Mandatory cash balances - 42,917 - - - 42,917 Due from banks 17,052 7,799 - - 823 25,674 Investment securities and 558 1,071,110 2,401 - 2,942 1,077,011 31 December 2023 Cash and cash equivalents, 341,639 205,881 8,323 - 5,007 560,850 Mandatory cash balances - 47,110 - - - 47,110 Due from banks 29,652 1,031 6 - - 30,689 Investment securities and 33,702 1,336,627 4,048 - 4,803 1,379,180 |
Summary of financial assets and liabilities liquidity and interest rate risks | An analysis of the financial assets and liabilities liquidity and interest rate risks is presented in the following table on discounted basis: Up to 1 month 3 months 1 year Over 2022 Cash and cash equivalents 246,442 85,596 - - - 332,038 Due from banks 798 2,200 22,670 - - 25,668 Investment securities 551,634 34,367 152,450 323,882 13,622 1,075,955 Loans to customers 320,313 441,337 1,305,181 955,362 132,617 3,154,810 Total interest bearing financial 1,119,187 563,500 1,480,301 1,279,244 146,239 4,588,471 Cash and cash equivalents 283,322 - - - - 283,322 Mandatory cash balances with 42,917 - - - - 42,917 Derivative financial assets 30 - - - - 30 Investment securities 253 - - - 34 287 Other financial assets 57,750 - - - - 57,750 Total non-interest bearing 384,272 - - - 34 384,306 Total financial assets 1,503,459 563,500 1,480,302 1,279,244 146,273 4,972,778 Due to banks 16,432 - - - - 16,432 Customer accounts 246,255 501,096 2,038,759 331,734 6,147 3,123,991 Debt securities issued 44,913 - - 95,465 - 140,378 Subordinated debt 3,252 5,249 17 59,090 - 67,608 Total interest bearing financial 310,852 506,345 2,038,776 486,289 6,147 3,348,409 Customer accounts 876,699 - - - - 876,699 Derivative financial liabilities 3 144 - - - 147 Other financial liabilities 35,297 143 - - - 35,440 Total non-interest bearing 911,999 287 - - - 912,286 Total financial liabilities 1,222,851 506,632 2,038,776 486,289 6,147 4,260,695 Guarantees issued and similar 170 349 45 4,627 - 5,191 Total financial liabilities and 1,223,021 506,981 2,038,821 490,916 6,147 4,265,886 Liquidity surplus/ (gap) 280,438 56,519 ( 558,519 ) 788,328 140,126 Cumulative liquidity surplus/(gap) 280,438 336,957 ( 221,562 ) 566,766 706,892 Interest sensitivity surplus/ (gap) 808,335 57,155 ( 558,475 ) 792,955 140,092 Cumulative interest sensitivity 808,335 865,490 307,015 1,099,970 1,240,062 Up to 1 month 3 months 1 year Over 2023 Cash and cash equivalents 331,907 77,388 - - - 409,295 Due from banks 896 1,614 25,894 2,279 - 30,683 Investment securities 371,756 54,521 108,440 629,089 212,922 1,376,728 Loans to customers 411,868 590,174 1,727,068 1,333,853 172,994 4,235,957 Total interest bearing financial 1,116,427 723,697 1,861,402 1,965,221 385,916 6,052,663 Cash and cash equivalents 411,171 - - - - 411,171 Mandatory cash balances with 47,110 - - - - 47,110 Derivative financial assets 37 605 - - - 642 Investment securities 368 - - - 34 402 Other financial assets 41,534 - - - - 41,534 Total non-interest bearing 500,220 605 - - 34 500,859 Total financial assets 1,616,647 724,302 1,861,402 1,965,221 385,950 6,553,522 Due to banks 154 - - - - 154 Customer accounts 364,505 851,492 3,081,866 64,056 5,918 4,367,837 Debt securities issued 50,481 - - 48,987 - 99,468 Subordinated debt 3,257 - 18 59,094 - 62,369 Total interest bearing financial 418,397 851,492 3,081,884 172,137 5,918 4,529,828 Customer accounts 1,073,619 - - - - 1,073,619 Derivative financial liabilities 187 532 - 446 - 1,165 Other financial liabilities 68,721 - - - - 68,721 Total non-interest bearing 1,142,527 532 - 446 - 1,143,505 Total financial liabilities 1,560,924 852,024 3,081,884 172,583 5,918 5,673,333 Guarantees issued and similar 457 100 - 4,546 5,103 Total financial liabilities and 1,561,381 852,124 3,081,884 177,129 5,918 5,678,436 Liquidity surplus/ (gap) 55,266 ( 127,822 ) ( 1,220,482 ) 1,788,092 380,032 Cumulative liquidity surplus/ (gap) 55,266 ( 72,556 ) ( 1,293,038 ) 495,054 875,086 Interest sensitivity surplus/ (gap) 698,030 ( 127,795 ) ( 1,220,482 ) 1,793,084 379,998 Cumulative interest sensitivity 698,030 570,235 ( 650,247 ) 1,142,837 1,522,835 |
Schedule of Foreign Currency Exchange Rate Risk | The Group’s exposure to foreign currency exchange rate risk is presented in the table below: Tenge USD 462.65 EUR 492.86 Other 2022 Non-derivative financial assets Total non-derivative financial 4,411,208 514,781 25,753 6,371 4,958,113 Non-derivative financial Total non-derivative financial 3,743,473 499,768 7,403 2,706 4,253,350 NET POSITION ON NON- 667,735 15,013 18,350 3,665 Derivative financial instruments Accounts payable on spot and ( 33,894 ) ( 55,518 ) ( 17,250 ) ( 4,581 ) ( 111,243 ) Accounts receivable on spot and 50,898 55,419 - 4,604 110,921 NET POSITION ON DERIVATIVE 17,004 ( 99 ) ( 17,250 ) 23 ( 322 ) NET POSITION 684,739 14,914 1,100 3,688 Tenge USD 454.56 EUR 502.24 Other 2023 Non-derivative financial assets Total non-derivative financial 6,021,554 499,951 24,629 6,746 6,552,880 Non-derivative financial Total non-derivative financial 5,188,795 474,723 6,634 2,016 5,672,168 NET POSITION ON NON- 832,759 25,228 17,995 4,730 Derivative financial instruments Accounts payable on spot and ( 70,704 ) ( 93,313 ) ( 16,574 ) - ( 180,591 ) Accounts receivable on spot and 94,070 83,917 - 1,165 179,152 NET POSITION ON DERIVATIVE 23,366 ( 9,396 ) ( 16,574 ) 1,165 ( 1,439 ) NET POSITION 856,125 15,832 1,421 5,895 |
Loans to Customers | |
Disclosure of detailed information about financial instruments [line items] | |
Significant Changes in Gross Carrying Amount of Loans to Customers | The following tables refer to modified loans to customers where modification does not result in derecognition. Loans to customers (with allowance for impairment losses based on lifetime ECL) modified during the years ended 31 December 2022 and 2023: 2022 2023 Gross carrying amount of loans to customers that are impaired 12,021 27,899 Gross carrying amount of modified loans to customers within period 54,035 109,386 Loans to customers transferred to non impaired category (cured loans) ( 21,043 ) ( 42,268 ) Loans to customers transferred to NPL ( 12,789 ) ( 17,435 ) Repaid loans to customers ( 4,325 ) ( 9,553 ) Gross carrying amount of loans to customers that are impaired 27,899 68,029 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of information about consolidated structured entities [abstract] | |
Condensed Financial Information for the Company | The following is condensed financial information for the Company. Condensed Statements of Profit or Loss and Other Comprehensive Income for the years ended 31 December 2021, 2022 and 2023 2021 2022 2023 REVENUE 317,436 432,661 602,137 Dividend income from banking subsidiaries* 173,709 200,930 283,352 Dividend income from other subsidiaries* 139,475 213,819 296,700 Interest income 4,212 16,762 22,324 Other (losses) gains 40 1,150 ( 238 ) COSTS AND OPERATING EXPENSES ( 20,476 ) ( 21,173 ) ( 24,544 ) General and administrative expenses ( 20,466 ) ( 20,818 ) ( 24,528 ) Fee and commission expense ( 10 ) ( 355 ) ( 16 ) NET INCOME BEFORE TAX 296,960 411,488 577,594 Income tax ( 620 ) ( 3,357 ) ( 3,705 ) NET INCOME 296,340 408,131 573,889 OTHER COMPREHENSIVE INCOME - - - TOTAL COMPREHENSIVE INCOME 296,340 408,131 573,889 * Joint Stock Company Kaspi.kz directly holds 100 % ownership interest in Kaspi Group JSC, the parent company of banking group and indirectly holds 98.95 % ownership interest in Kaspi Bank JSC through Kaspi Group JSC. As allowed under IAS 27.10, the investment in banking subsidiaries and other subsidiaries were accounted for under the cost method. Using the equity method, the income in undistributed earnings of banking subsidiaries were KZT 6,622 million, KZT 7,252 million and KZT 8,607 million for 2021, 2022 and 2023, respectively, and the income in undistributed earnings of other subsidiaries were KZT ( 354 ) million, KZT 19,122 million and KZT 78,196 million for 2021, 2022 and 2023, respectively. Condensed Statements of Financial Position as at 31 December 2022 and 2023 2022 2023 ASSETS: Cash and cash equivalents 226,232 200,484 Investments in banking subsidiaries* 171,107 171,107 Investments in other subsidiaries* 44,103 44,103 Other assets 1,153 894 TOTAL ASSETS 442,595 416,588 LIABILITIES: Other liabilities 90 170 TOTAL LIABILITIES 90 170 EQUITY: Issued capital 130,144 130,144 Treasury shares ( 94,058 ) ( 152,001 ) Share-based compensation reserve 29,274 34,812 Retained earnings 377,145 403,463 TOTAL EQUITY 442,505 416,418 TOTAL LIABILITIES AND EQUITY 442,595 416,588 * Using the equity method, the investment in banking subsidiaries were KZT 199,331 million and KZT 208,824 million for 31 December 2022 and 2023, respectively, and the investment in other subsidiaries were KZT 88,881 million and KZT 77,624 million for 31 December 2022 and 2023, respectively. In accordance with NBRK regulations, dividends paid by the Bank to the Company are subject to certain limitations. See Note 25 for more information. Condensed Statements of Cash Flows For the Years ended 31 December 2021, 2022 and 2023 2021 2022 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Interest income received 3,577 14,221 18,991 Fees and commissions paid ( 10 ) ( 355 ) ( 16 ) Other income received - - 41 General and administrative expenses paid ( 835 ) ( 835 ) ( 3,669 ) Cash flows from operating activities before changes in 2,732 13,031 15,347 Changes in operating assets and liabilities Other assets ( 486 ) ( 378 ) 426 Other liabilities ( 1 ) 46 80 Cash inflow from operating activities before income tax 2,245 12,699 15,853 Income tax paid - ( 594 ) ( 539 ) Net cash inflow from operating activities 2,245 12,105 15,314 CASH FLOWS FROM INVESTING ACTIVITIES: Dividends received from subsidiaries 313,185 414,749 580,052 Purchase of investments in subsidiaries - ( 16,251 ) - Net cash inflow from investing activities 313,185 398,498 580,052 CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid ( 340,362 ) ( 210,102 ) ( 560,132 ) Purchase of treasury shares - ( 63,672 ) ( 60,703 ) Net cash outflow from financing activities ( 340,362 ) ( 273,774 ) ( 620,835 ) Effect of changes in foreign exchange rate on cash and 40 1,150 ( 279 ) NET (DECREASE)/ INCREASE IN CASH AND CASH ( 24,892 ) 137,979 ( 25,748 ) CASH AND CASH EQUIVALENTS, beginning of period 113,145 88,253 226,232 CASH AND CASH EQUIVALENTS, end of period 88,253 226,232 200,484 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Magnum E-commerce Kazakhstan LLC | |
Disclosure of detailed information about business combination [line items] | |
Schedule of Information Related to Acquisition | The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as at the date of acquisition are set out in the table below: ASSETS: Cash and cash equivalents 1,034 Property, equipment 3,790 Intangible assets 20,255 Inventory 3,578 Other assets 7,705 TOTAL ASSETS 36,362 Due to banks 11,370 Other liabilities 10,645 Other taxes payable 2,341 TOTAL LIABILITIES 24,356 Total identifiable assets acquired and liabilities assumed 12,006 Bargain on purchase arising on acquisition Consideration transferred 5,000 Plus: Non- controlling interests 5,883 Less: Fair value of identifiable net assets acquired ( 12,006 ) Gain on bargain purchase of 51 % interest ( 1,123 ) |
Kolesa Group | |
Disclosure of detailed information about business combination [line items] | |
Schedule of Information Related to Acquisition | ASSETS: Cash and cash equivalents 17,109 Inventory 3,930 Loans to subsidiary 959 Property, equipment and intangible assets 938 Other assets 710 TOTAL ASSETS 23,646 Other liabilities 1,815 Other taxes payable 1,414 TOTAL LIABILITIES 3,229 Total identifiable assets acquired and liabilities assumed 20,417 Goodwill on acquisition Consideration transferred 42,195 Plus: Non- controlling interests 12,300 Less: Fair value of identifiable net assets acquired ( 20,417 ) Goodwill on acquisition 34,078 |
Corporate Information - Additio
Corporate Information - Additional Information (Details) | 12 Months Ended | ||||
Oct. 12, 2023 | Dec. 31, 2023 | Feb. 03, 2023 | Dec. 12, 2022 | Oct. 08, 2021 | |
Magnum E-commerce Kazakhstan LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Ownership interest in subsidiary | 90.01% | ||||
Magnum E-commerce Kazakhstan LLC | Magnum Cash and Carry LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Ownership interests | 9.99% | ||||
Kolesa Group | |||||
Disclosure of detailed information about business combination [line items] | |||||
Ownership interest in subsidiary | 39.76% | ||||
Voting rights percentage | 50.76% | ||||
Kolesa Group | Mikheil Lomtadze | |||||
Disclosure of detailed information about business combination [line items] | |||||
Voting rights percentage | 11% | ||||
Portmone Group | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Kaspi Office 2 LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100% | ||||
Magnum E-commerce Kazakhstan LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 90.01% | 51% | |||
Percentage of additional voting equity interests acquired | 30.01% | 39.01% | |||
Kolesa JSC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 39.758% |
Corporate Information - Summary
Corporate Information - Summary of Directly and Indirectly Held Subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Kaspi Pay LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Kaspi Shop LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Kaspi Travel LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Kolesa Group | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 39.76% | ||
Magnum E-commerce Kazakhstan LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 90.01% | ||
Kaspi Bank JSC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 98.95% | 98.95% | 98.95% |
ARK Balance LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 98.95% | 98.95% | 98.95% |
Kaspi Office LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Kaspi Group JSC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Digital Classifieds LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Portmone Group | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | 100% |
Kaspi Cloud LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% | 100% | |
Kaspi Office 2 LLC | |||
Disclosure of subsidiaries [line items] | |||
Ownership | 100% |
Corporate Information - Summa_2
Corporate Information - Summary of Shareholders Percentage (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Shareholders % | 100% | 100% | 100% |
Baring Funds | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 27.53% | 28.80% | 28.71% |
Mikheil Lomtadze | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 24.67% | 24.55% | 23.30% |
Vyacheslav Kim | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 23.47% | 23.35% | 24.13% |
Public Investors | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 20.92% | 20.18% | 21.01% |
Management | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 3.41% | 3.12% | 2.85% |
Corporate Information - Summa_3
Corporate Information - Summary of Shareholders Percentage (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Shareholders % | 100% | 100% | 100% |
Baring Funds | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 27.53% | 28.80% | 28.71% |
Asia Equity Partners Limited | Baring Funds | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 21.06% | 22.36% | 22.33% |
Baring Fintech Nexus Limited | Baring Funds | |||
Disclosure of subsidiaries [line items] | |||
Shareholders % | 6.47% | 6.44% | 6.38% |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Exchange Rates Used by the Group in Preparation of the Consolidated Financial Statements (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
USD | |||
Disclosure of detailed information about average foreign exchange rate [line items] | |||
Exchange rates | 454.56 | 462.65 | 431.80 |
EUR | |||
Disclosure of detailed information about average foreign exchange rate [line items] | |||
Exchange rates | 502.24 | 492.86 | 489.10 |
Material Accounting Policies -
Material Accounting Policies - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of initial application of standards or interpretations [line items] | ||
Decrease in loss allowance of ECL | ₸ 5,405 | |
Deferred membership fee revenue recognized period | 1 year | |
Percentage of revenue | 99.57% | |
Percentage of net income before tax | 99.80% | |
Disclosure of Accounting Policies | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Date as at which entity plans to apply new IFRS initially | Jan. 01, 2023 | |
Deferred Tax Relating to Assets and Liabilities Arising From Single Transaction | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Date as at which entity plans to apply new IFRS initially | Jan. 01, 2023 | |
Definition of Accounting Estimates | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Date as at which entity plans to apply new IFRS initially | Jan. 01, 2023 | |
Income Taxes - International Tax Reform - Pillar Two Model Rules | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Date as at which entity plans to apply new IFRS initially | Jan. 01, 2023 | |
Base Scenario | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of scenario assigned weight | 57% | 50% |
Optimistic Scenario | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of scenario assigned weight | 25% | 17% |
Pessimistic Scenario | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of scenario assigned weight | 18% | 33% |
Minimum | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of estimated useful lives of intangible assets | 10% | |
Restructured impaired loans recognized period | 1 year | |
Maximum | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of estimated useful lives of intangible assets | 33.30% | |
Buildings and Construction | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of depreciation per annum | 2% | |
Furniture and Computers and Intangible Assets | Minimum | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of depreciation per annum | 10% | |
Furniture and Computers and Intangible Assets | Maximum | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Percentage of depreciation per annum | 33.30% |
Revenue - Summary of Rewards Ea
Revenue - Summary of Rewards Earned By Retail Customers are Deducted From Revenue (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue [abstract] | |||
REVENUE | ₸ 1,913,490 | ₸ 1,270,592 | ₸ 884,822 |
Fee revenue | 1,027,545 | 724,742 | 519,474 |
Interest revenue | 833,516 | 574,426 | 422,075 |
Retail Revenue | 68,807 | ||
Rewards | (39,578) | (44,960) | (51,981) |
Other gains (losses) | ₸ 23,200 | ₸ 16,384 | ₸ (4,746) |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Segments (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ₸ 1,913,490 | ₸ 1,270,592 | ₸ 884,822 |
Fee revenue | 1,027,545 | 724,742 | 519,474 |
Interest revenue | 833,516 | 574,426 | 422,075 |
Retail revenue | 68,807 | ||
Other gains (losses) | 23,200 | 16,384 | (4,746) |
Rewards | (39,578) | (44,960) | (51,981) |
Operating Segments | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,953,068 | 1,315,552 | 936,803 |
Intergroup | (560) | (2,423) | |
Payments | Operating Segments | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 478,684 | 333,343 | 217,085 |
Fee revenue | 368,925 | 256,750 | 166,449 |
Interest revenue | 109,759 | 76,593 | 50,636 |
Marketplace | Operating Segments | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 448,223 | 239,609 | 153,604 |
Fee revenue | 375,189 | 236,884 | 151,742 |
Retail revenue | 68,807 | ||
Other gains (losses) | 4,227 | 2,725 | 1,862 |
Fintech | Operating Segments | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,026,721 | 745,023 | 566,114 |
Fee revenue | 283,991 | 231,108 | 201,283 |
Interest revenue | 723,757 | 500,256 | 371,439 |
Other gains (losses) | ₸ 18,973 | ₸ 13,659 | ₸ (6,608) |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue [abstract] | |||
Net gain (loss) on foreign exchange operations | ₸ 10,892 | ₸ 1,377 | ₸ (656) |
Net gain (loss) on financial assets and liabilities at FVTPL | ₸ 4,385 | ₸ 11,471 | ₸ (7,066) |
Revenue - Summary of Fee Revenu
Revenue - Summary of Fee Revenue and Retail Revenue are Presented by Timing of Revenue Recognition (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Fee revenue | ₸ 1,027,545 | ₸ 724,742 | ₸ 519,474 |
Retail revenue | 68,807 | ||
TOTAL FEE AND RETAIL REVENUE | 1,096,912 | 724,742 | 519,474 |
Goods and Services Transferred at Point in Time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Retail revenue | 68,807 | ||
TOTAL FEE AND RETAIL REVENUE | 786,267 | 480,514 | 308,480 |
Goods and Services Transferred at Point in Time | Transaction Revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Payments fee revenue | 342,271 | 243,630 | 156,738 |
Goods and Services Transferred at Point in Time | Marketplace | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Fee revenue | 375,189 | 236,884 | 151,742 |
Goods and Services Transferred Over Time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
TOTAL FEE AND RETAIL REVENUE | 310,645 | 244,228 | 210,994 |
Goods and Services Transferred Over Time | Membership Revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Payments fee revenue | 26,654 | 13,120 | 9,711 |
Goods and Services Transferred Over Time | Fintech | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Fee revenue | 280,742 | 226,540 | 191,831 |
Goods and Services Transferred Over Time | Fintech | Membership Revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Fee revenue | ₸ 3,249 | ₸ 4,568 | ₸ 9,452 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 KZT (₸) Segment | Dec. 31, 2022 KZT (₸) | Dec. 31, 2021 KZT (₸) | |
Disclosure of operating segments [line items] | |||
Number of operating segments | Segment | 3 | ||
Costs and operating expenses | ₸ 891,486 | ₸ 550,018 | ₸ 356,020 |
Provision expenses | 79,634 | 55,210 | 34,383 |
Fintech Segment | |||
Disclosure of operating segments [line items] | |||
Costs and operating expenses | 478,010 | 278,676 | 171,491 |
Provision expenses | ₸ 79,634 | ₸ 55,210 | ₸ 34,383 |
Segment Reporting - Summary of
Segment Reporting - Summary of Each Segments' Revenue and Net Income (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
SEGMENT REVENUE | ₸ 1,913,490 | ₸ 1,270,592 | ₸ 884,822 |
NET INCOME | 848,770 | 588,844 | 435,214 |
Operating Segments | |||
Disclosure of operating segments [line items] | |||
SEGMENT REVENUE | 1,953,068 | 1,315,552 | 936,803 |
NET INCOME | 848,770 | 588,844 | 435,214 |
Operating Segments | Payments | |||
Disclosure of operating segments [line items] | |||
SEGMENT REVENUE | 478,684 | 333,343 | 217,085 |
NET INCOME | 308,901 | 199,489 | 126,653 |
Operating Segments | Marketplace | |||
Disclosure of operating segments [line items] | |||
SEGMENT REVENUE | 448,223 | 239,609 | 153,604 |
NET INCOME | 247,955 | 152,248 | 99,716 |
Operating Segments | Fintech | |||
Disclosure of operating segments [line items] | |||
SEGMENT REVENUE | 1,026,721 | 745,023 | 566,114 |
NET INCOME | 291,914 | 237,107 | ₸ 208,845 |
Operating Segments | Intergroup | |||
Disclosure of operating segments [line items] | |||
SEGMENT REVENUE | ₸ (560) | ₸ (2,423) |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Share-based Compensation Expense (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
SHARE-BASED COMPENSATION | ₸ (20,859) | ₸ (19,984) | ₸ (20,057) |
Operating Segments | Payments | |||
Disclosure of operating segments [line items] | |||
SHARE-BASED COMPENSATION | (7,200) | (5,946) | (4,620) |
Operating Segments | Marketplace | |||
Disclosure of operating segments [line items] | |||
SHARE-BASED COMPENSATION | (2,335) | (2,009) | (1,934) |
Operating Segments | Fintech | |||
Disclosure of operating segments [line items] | |||
SHARE-BASED COMPENSATION | ₸ (11,324) | ₸ (12,029) | ₸ (13,503) |
Costs and Operating Expenses -
Costs and Operating Expenses - Summary of Cost and Operating Expenses (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses by nature [abstract] | |||
COSTS AND OPERATING EXPENSES | ₸ (891,486) | ₸ (550,018) | ₸ (356,020) |
Interest expenses | (478,010) | (278,676) | (171,491) |
Transaction expenses | (27,470) | (22,188) | (16,542) |
Cost of goods and services | (166,356) | (82,747) | (56,829) |
Technology & product development | (88,657) | (60,807) | (44,388) |
Sales & marketing | (21,891) | (25,618) | (8,702) |
General & administrative expenses | (29,468) | (24,772) | (23,685) |
Provision expenses | ₸ (79,634) | ₸ (55,210) | ₸ (34,383) |
Costs and Operating Expenses _2
Costs and Operating Expenses - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Losses | ₸ 848,770 | ₸ 588,844 | ₸ 435,214 |
Technology & Product Development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Losses | 690 | ||
Sales & Marketing | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Contribution to fund | ₸ 10,000 |
Costs and Operating Expenses _3
Costs and Operating Expenses - Summary of Employee Benefits, Depreciation and Amortization Expenses and Operating Lease Expenses (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Employee benefits expense | ₸ (86,326) | ₸ (68,509) | ₸ (58,285) |
Depreciation and amortisation expense | (25,554) | (16,794) | (12,066) |
Operating lease expenses | (5,782) | (5,761) | (4,822) |
Cost of Goods and Services | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Employee benefits expense | (23,522) | (20,408) | (17,361) |
Depreciation and amortisation expense | (237) | (1,085) | (831) |
Operating lease expenses | (1,268) | (1,040) | (1,084) |
Technology & Product Development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Employee benefits expense | (43,344) | (31,585) | (24,478) |
Depreciation and amortisation expense | (21,727) | (12,860) | (9,359) |
Operating lease expenses | (3,899) | (2,558) | (1,641) |
Sales & Marketing | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Employee benefits expense | (2,024) | (1,176) | (403) |
Operating lease expenses | (144) | (51) | |
General & Administrative Expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Employee benefits expense | (17,436) | (15,340) | (16,043) |
Depreciation and amortisation expense | (3,590) | (2,849) | (1,876) |
Operating lease expenses | ₸ (471) | ₸ (2,112) | ₸ (2,097) |
Costs and Operating Expenses _4
Costs and Operating Expenses - Summary of Share-Based Compensation Expense (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
SHARE-BASED COMPENSATION | ₸ (20,859) | ₸ (19,984) | ₸ (20,057) |
Cost of Goods and Services | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
SHARE-BASED COMPENSATION | (1,747) | (1,673) | (1,148) |
Technology & Product Development | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
SHARE-BASED COMPENSATION | (10,410) | (9,137) | (9,020) |
Sales & Marketing | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
SHARE-BASED COMPENSATION | (686) | (653) | (27) |
General & Administrative Expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
SHARE-BASED COMPENSATION | ₸ (8,016) | ₸ (8,521) | ₸ (9,862) |
Provision Expense - Summary of
Provision Expense - Summary of Movements in Loss Allowance (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | ₸ 223,282 | ₸ 149,092 | ₸ 126,942 |
Transfers | 35,883 | 25,204 | 20,219 |
New assets issued | 75,105 | 65,898 | 54,387 |
Repaid assets (except for write off) | (51,875) | (44,327) | (40,223) |
Modification effect | 20,521 | 8,435 | |
Total effect on Consolidated Statements of Profit or Loss | 79,634 | 55,210 | 34,383 |
Write-off, net of recoveries | (53,269) | 18,949 | (12,239) |
Foreign exchange difference | (3) | 31 | 6 |
Loss Allowance | 249,644 | 223,282 | 149,092 |
Financial assets at FVTOCI | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 82 | 130 | 374 |
Transfers | 5 | 3 | (54) |
New assets issued | 28 | 10 | 8 |
Repaid assets (except for write off) | (58) | (198) | |
Total effect on Consolidated Statements of Profit or Loss | 33 | (45) | (244) |
Loss Allowance | 114 | 82 | 130 |
Financial assets at FVTOCI | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 656 | ||
Transfers | 31 | 653 | |
Total effect on Consolidated Statements of Profit or Loss | 31 | 653 | |
Loss Allowance | 158 | 656 | |
Financial assets at FVTOCI | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 2,662 | 2,564 | |
Transfers | 606 | 278 | |
Total effect on Consolidated Statements of Profit or Loss | 606 | 278 | |
Write-off, net of recoveries | (180) | ||
Reclassification of financial assets | (2,662) | ||
Loss Allowance | 1,136 | 2,662 | |
Financial assets at FVTOCI | Transfer to Stage 1 | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (1) | ||
Financial assets at FVTOCI | Transfer to Stage 1 | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | 1 | ||
Financial assets at FVTOCI | Transfer to Stage 2 | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (3) | ||
Financial assets at FVTOCI | Transfer to Stage 2 | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (530) | 3 | |
Financial assets at FVTOCI | Transfer to Stage 2 | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | 530 | ||
Loans to Customers | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | 261 | ||
Total effect on Consolidated Statements of Profit or Loss | 261 | ||
Loss Allowance | 261 | ||
Loans to Customers | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 67,604 | 64,043 | 40,062 |
Transfers | (25,885) | (14,545) | (8,490) |
New assets issued | 75,077 | 65,888 | 54,379 |
Repaid assets (except for write off) | (37,258) | (30,502) | (25,096) |
Total effect on Consolidated Statements of Profit or Loss | 11,934 | 20,841 | 20,793 |
Loss Allowance | 59,939 | 67,604 | 64,043 |
Loans to Customers | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 11,785 | 10,582 | 7,674 |
Transfers | (2,531) | 4,429 | 9,608 |
Repaid assets (except for write off) | (1,955) | (2,282) | (1,664) |
Total effect on Consolidated Statements of Profit or Loss | (4,486) | 2,147 | 7,944 |
Loss Allowance | 16,290 | 11,785 | 10,582 |
Loans to Customers | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 135,313 | 67,791 | 74,153 |
Transfers | 61,320 | 33,307 | 16,509 |
Repaid assets (except for write off) | (12,662) | (11,485) | (13,265) |
Modification effect | 20,521 | 8,435 | |
Total effect on Consolidated Statements of Profit or Loss | 69,179 | 30,257 | 3,244 |
Write-off, net of recoveries | (49,055) | 19,029 | (11,458) |
Foreign exchange difference | (3) | 12 | 4 |
Loss Allowance | 166,042 | 135,313 | 67,791 |
Loans to Customers | Transfer to Stage 1 | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | 15,923 | 3,544 | 5,556 |
Loans to Customers | Transfer to Stage 1 | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (1,448) | (1,138) | (1,145) |
Loans to Customers | Transfer to Stage 1 | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (14,475) | (2,406) | (4,411) |
Loans to Customers | Transfer to Stage 2 | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (10,396) | (6,970) | (335) |
Loans to Customers | Transfer to Stage 2 | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | 16,184 | 7,208 | 832 |
Loans to Customers | Transfer to Stage 2 | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (5,788) | (238) | (497) |
Loans to Customers | Transfer to Stage 3 | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (25,126) | (13,854) | (2,033) |
Loans to Customers | Transfer to Stage 3 | Stage 2 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | (5,745) | (7,014) | (4,723) |
Loans to Customers | Transfer to Stage 3 | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Transfers | 30,871 | 20,868 | 6,756 |
Due from Banks | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 6 | 19 | 26 |
Transfers | (14) | (8) | |
Total effect on Consolidated Statements of Profit or Loss | (14) | (8) | |
Foreign exchange difference | 1 | 1 | |
Loss Allowance | 6 | 6 | 19 |
Cash and cash equivalents | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 3 | 1 | 3 |
Transfers | 20 | 2 | (2) |
Total effect on Consolidated Statements of Profit or Loss | 20 | 2 | (2) |
Loss Allowance | 23 | 3 | 1 |
Other assets | Stage 3 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 7,794 | 3,846 | 2,058 |
Transfers | 2,060 | 1,348 | 2,392 |
Total effect on Consolidated Statements of Profit or Loss | 2,060 | 1,348 | 2,392 |
Write-off, net of recoveries | (4,214) | (80) | (605) |
Reclassification of financial assets | 2,662 | ||
Foreign exchange difference | 18 | 1 | |
Loss Allowance | 5,640 | 7,794 | 3,846 |
Contingencies | Stage 1 | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Loss Allowance | 39 | 18 | 28 |
Transfers | (4) | 21 | (14) |
Total effect on Consolidated Statements of Profit or Loss | (4) | 21 | (14) |
Write-off, net of recoveries | 4 | ||
Loss Allowance | ₸ 35 | ₸ 39 | ₸ 18 |
Provision Expense - Additional
Provision Expense - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial assets at FVTOCI | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Allowance for impairment losses | ₸ 1,408 | ₸ 738 | ₸ 2,792 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Income Tax Liabilities (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Major components of tax expense (income) [abstract] | ||||
Vacation reserve, accrued bonuses and share-based compensation | ₸ 1,242 | ₸ 873 | ₸ 779 | |
Property, equipment and intangible assets | (4,012) | (4,078) | (3,263) | |
Other | 527 | 17 | ||
Net deferred tax liability | ₸ (2,243) | ₸ (3,205) | ₸ (2,467) | ₸ (2,319) |
Income Tax - Summary between Ne
Income Tax - Summary between Net Income before Tax and Income Tax Expenses (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Net income before tax | ₸ 1,022,004 | ₸ 720,574 | ₸ 528,802 |
Tax at the statutory tax rate of 20% | (204,400) | (144,115) | (105,760) |
Non-taxable income | 38,038 | 12,892 | 12,303 |
Adjustment recognized in the period for current tax of prior periods | 315 | 1,626 | |
Non-deductible expense | (6,872) | (822) | (1,757) |
Current income tax expense | (174,196) | (131,307) | (95,066) |
Deferred income tax benefit/(expense) | 962 | (738) | (148) |
Income tax expense | ₸ (173,234) | ₸ (131,730) | ₸ (93,588) |
Income Tax - Summary of Net Inc
Income Tax - Summary of Net Income before Tax and Income Tax Expenses (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Statutory income tax rate | 20% | 20% | 20% |
Income Tax - Summary of Net Def
Income Tax - Summary of Net Deferred Tax Liability (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
At the beginning of the period | ₸ (3,205) | ₸ (2,467) | ₸ (2,319) |
Change in deferred income tax balances recognized in profit or loss | (962) | 738 | 148 |
At the end of the period | ₸ (2,243) | ₸ (3,205) | ₸ (2,467) |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Statutory income tax rate | 20% | 20% | 20% |
UKRAINE | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Statutory income tax rate | 18% | ||
UZBEKISTAN | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Statutory income tax rate | 15% | ||
KAZAKHSTAN | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Statutory income tax rate | 20% | ||
AZERBAIJAN | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Statutory income tax rate | 20% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings per share (Details) - KZT (₸) ₸ / shares in Units, ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Net income attributable to the shareholders of the Company | ₸ 841,351 | ₸ 585,026 | ₸ 431,914 |
Weighted average number of common shares for basic earnings per share | 189,859,971 | 191,725,280 | 192,187,223 |
Weighted average number of common shares for diluted earnings per share | 192,062,409 | 193,991,446 | 194,341,305 |
Earnings per share - basic (KZT) | ₸ 4,431 | ₸ 3,051 | ₸ 2,247 |
Earnings per share - diluted (KZT) | ₸ 4,381 | ₸ 3,016 | ₸ 2,222 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation Number of Shares Used for Basic and Diluted EPS (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Earnings per share [abstract] | |||
Weighted average number of common shares for basic earnings per share | 189,859,971 | 191,725,280 | 192,187,223 |
Number of potential common shares attributable to share-based compensation | 2,202,438 | 2,266,166 | 2,154,082 |
Weighted average number of common shares for diluted earnings per share | 192,062,409 | 193,991,446 | 194,341,305 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Cash on hand | ₸ 259,639 | ₸ 179,766 | ||
Current accounts with other banks | 274,534 | 196,194 | ||
Short-term deposits with other banks | 216,217 | 229,389 | ||
Reverse repurchase agreements | 70,076 | 10,011 | ||
Total cash and cash equivalents | ₸ 820,466 | ₸ 615,360 | ₸ 342,101 | ₸ 330,409 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalent [line items] | ||
Current accounts with banks | ₸ 220,109 | ₸ 220,109 |
Short-term deposits with banks | 90,098 | |
Fair value of collateral of reverse repurchase agreements classified as cash and cash equivalents | ₸ 70,160 | ₸ 10,022 |
Investments Securities and Deri
Investments Securities and Derivatives - Summary of Investments Securities And Derivatives (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investment securities and derivatives [abstract] | ||
Total financial assets at FVTOCI | ₸ 1,377,130 | ₸ 1,076,242 |
Total financial assets at FVTPL | 642 | 30 |
Total investment securities and derivatives | ₸ 1,377,772 | ₸ 1,076,272 |
Investments Securities and De_2
Investments Securities and Derivatives - Summary of Financial Assets at FVTOCI (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | ₸ 1,377,130 | ₸ 1,076,242 |
Debt Securities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | 1,376,728 | 1,075,955 |
Equity Investments | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | ₸ 402 | ₸ 287 |
Investments Securities and De_3
Investments Securities and Derivatives - Summary of Debt Securities (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | ₸ 1,377,130 | ₸ 1,076,242 |
Debt Securities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | 1,376,728 | 1,075,955 |
Bonds of the Ministry of Finance of the Republic of Kazakhstan | Debt Securities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | ₸ 930,726 | ₸ 350,670 |
Bonds of the Ministry of Finance of the Republic of Kazakhstan | Debt Securities | Minimum | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 0.60% | 0.60% |
Bonds of the Ministry of Finance of the Republic of Kazakhstan | Debt Securities | Maximum | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 16.70% | 16.03% |
Corporate Bonds | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTOCI | ₸ 252,946 | ₸ 186,819 |
Corporate Bonds | Minimum | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 2% | 2% |
Corporate Bonds | Maximum | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 15.88% | 11.80% |
Discount Notes of the NBRK | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 14.44% | 16.03% |
Total financial assets at FVTOCI | ₸ 191,369 | ₸ 538,100 |
Sovereign Bonds of Foreign Countries | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 0.63% | |
Total financial assets at FVTOCI | ₸ 1,687 | ₸ 366 |
Sovereign Bonds of Foreign Countries | Minimum | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 0.63% | |
Sovereign Bonds of Foreign Countries | Maximum | ||
Disclosure of fair value measurement of assets [line items] | ||
Interest rate, % | 3.50% |
Investments Securities and De_4
Investments Securities and Derivatives - Summary of Financial Assets at FVTPL (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTPL | ₸ 642 | ₸ 30 |
Derivative Financial Instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Total financial assets at FVTPL | ₸ 642 | ₸ 30 |
Investments Securities and De_5
Investments Securities and Derivatives - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [line items] | ||
Sovereign debt securities | ₸ 1,123,782 | ₸ 889,136 |
Financial assets at FVTPL | 642 | 30 |
Swap and Spot Instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at FVTPL | 642 | 30 |
Financial liabilities at FVTPL | 187 | 3 |
Swap and Spot Instruments | Financial Liabilities at FVTPL | ||
Disclosure of fair value measurement of assets [line items] | ||
Notional amount | 164,686 | 102,498 |
Swap and Spot Instruments | Financial Assets at FVTPL | ||
Disclosure of fair value measurement of assets [line items] | ||
Notional amount | 165,555 | 102,563 |
Forward Instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at FVTPL | 978 | 144 |
Forward Instruments | Financial Liabilities at FVTPL | ||
Disclosure of fair value measurement of assets [line items] | ||
Notional amount | ₸ 14,739 | ₸ 8,598 |
Loans to Customers - Schedule o
Loans to Customers - Schedule of Loans to Customers (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loans to customers [abstract] | ||
Gross loans to customers | ₸ 4,478,489 | ₸ 3,369,512 |
Less: allowance for impairment losses (Note 7) | (242,532) | (214,702) |
Total loans to customers | ₸ 4,235,957 | ₸ 3,154,810 |
Loans to Customers - Additional
Loans to Customers - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of loans to customers [line items] | ||
Accrued interest | ₸ 46,207 | ₸ 35,924 |
Allowance for impairment losses for percentage of NPLs | 99% | 101% |
Maximum percentage of loan provided | 10% | |
Restructured loans to customers | ₸ 98,925 | ₸ 55,190 |
Restructured loans collected | 35,168 | 5,951 |
POCI | ||
Disclosure of loans to customers [line items] | ||
Restructured loans gross | 10,504 | 4,754 |
Stage 1 | ||
Disclosure of loans to customers [line items] | ||
Restructured loans gross | 1,568 | 0 |
Stage 2 | ||
Disclosure of loans to customers [line items] | ||
Restructured loans gross | 8,821 | 0 |
Stage 3 | ||
Disclosure of loans to customers [line items] | ||
Restructured loans gross | ₸ 57,571 | ₸ 22,534 |
Minimum | Stage 3 | ||
Disclosure of loans to customers [line items] | ||
Allowance for impairment losses for percentage of NPLs | 100% |
Loans to Customers - Schedule_2
Loans to Customers - Schedule of Outstanding NPLs as Compared to Total Allowance for Impairment Losses (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans to customers [abstract] | ||
Gross NPLs | ₸ 244,161 | ₸ 211,581 |
Total allowance for impairment losses | ₸ 242,532 | ₸ 214,702 |
Total allowance for impairment losses to Gross NPLs | 99% | 101% |
Loans to Customers - Schedule_3
Loans to Customers - Schedule of Provision Expenses on Loans to Customers (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of loans to customers [line items] | |||
Provision expenses on loans to customers | ₸ (76,888) | ₸ (53,245) | ₸ (31,981) |
Loans to Customers | |||
Disclosure of loans to customers [line items] | |||
Provision expenses on loans to customers | ₸ (76,888) | ₸ (53,245) | ₸ (31,981) |
Loans to Customers - Schedule_4
Loans to Customers - Schedule of Gross Carrying Amount and Related Allowance for Impairment Losses on Loans to Customers by Stage (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of loans to customers [line items] | ||
Gross loans to customers | ₸ 4,478,489 | ₸ 3,369,512 |
Allowance for impairment losses | (242,532) | (214,702) |
Carrying amount | 4,235,957 | 3,154,810 |
POCI | ||
Disclosure of loans to customers [line items] | ||
Gross loans to customers | 10,504 | 4,754 |
Allowance for impairment losses | (261) | |
Carrying amount | 10,243 | 4,754 |
Stage 1 - 12-month ECL | ||
Disclosure of loans to customers [line items] | ||
Gross loans to customers | 4,048,478 | 3,058,897 |
Allowance for impairment losses | (59,939) | (67,604) |
Carrying amount | 3,988,539 | 2,991,293 |
Stage 2 - Lifetime ECL | ||
Disclosure of loans to customers [line items] | ||
Gross loans to customers | 55,804 | 40,934 |
Allowance for impairment losses | (16,290) | (11,785) |
Carrying amount | 39,514 | 29,149 |
Stage 3 - Lifetime ECL | ||
Disclosure of loans to customers [line items] | ||
Gross loans to customers | 363,703 | 264,927 |
Allowance for impairment losses | (166,042) | (135,313) |
Carrying amount | ₸ 197,661 | ₸ 129,614 |
Property, Equipment and Intan_3
Property, Equipment and Intangible Assets - Summary of Components of Property, Equipment and Intangible Assets (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | ₸ 131,840 | |
Property, equipment and intangible assets | 174,346 | ₸ 131,840 |
At initial/revalued cost | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 195,111 | 134,711 |
Additions | 49,049 | 64,702 |
Acquisitions of subsidiaries | 25,496 | |
Disposals | (5,932) | (4,302) |
Property, equipment and intangible assets | 263,724 | 195,111 |
Accumulated depreciation and impairment | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 63,271 | 49,610 |
Charge for the year | 26,099 | 17,201 |
Acquisitions of subsidiaries | 513 | |
Disposals | (505) | (3,540) |
Property, equipment and intangible assets | 89,378 | 63,271 |
Intangible assets | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 15,303 | |
Property, equipment and intangible assets | 31,617 | 15,303 |
Intangible assets | At initial/revalued cost | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 31,519 | 27,152 |
Additions | 4,744 | 5,446 |
Acquisitions of subsidiaries | 20,255 | |
Disposals | (3,530) | (1,079) |
Property, equipment and intangible assets | 52,988 | 31,519 |
Intangible assets | Accumulated depreciation and impairment | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 16,216 | 13,010 |
Charge for the year | 5,338 | 4,191 |
Disposals | (183) | (985) |
Property, equipment and intangible assets | 21,371 | 16,216 |
Buildings and Construction | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 54,717 | |
Property, equipment and intangible assets | 70,087 | 54,717 |
Buildings and Construction | At initial/revalued cost | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 64,517 | 42,266 |
Additions | 18,019 | 23,084 |
Acquisitions of subsidiaries | 12 | |
Disposals | (59) | (836) |
Transfers | 3 | |
Property, equipment and intangible assets | 82,489 | 64,517 |
Buildings and Construction | Accumulated depreciation and impairment | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 9,800 | 8,357 |
Charge for the year | 2,658 | 2,258 |
Acquisitions of subsidiaries | 1 | |
Disposals | (57) | (815) |
Property, equipment and intangible assets | 12,402 | 9,800 |
Furniture And Equipment | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 61,739 | |
Property, equipment and intangible assets | 70,668 | 61,739 |
Furniture And Equipment | At initial/revalued cost | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 98,994 | 65,267 |
Additions | 24,258 | 36,117 |
Acquisitions of subsidiaries | 5,229 | |
Disposals | (2,208) | (2,387) |
Transfers | (3) | |
Property, equipment and intangible assets | 126,273 | 98,994 |
Furniture And Equipment | Accumulated depreciation and impairment | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 37,255 | 28,243 |
Charge for the year | 18,103 | 10,752 |
Acquisitions of subsidiaries | 512 | |
Disposals | (265) | (1,740) |
Property, equipment and intangible assets | 55,605 | 37,255 |
Construction In Progress | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 81 | |
Property, equipment and intangible assets | 1,974 | 81 |
Construction In Progress | At initial/revalued cost | ||
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property, equipment and intangible assets | 81 | 26 |
Additions | 2,028 | 55 |
Disposals | (135) | |
Property, equipment and intangible assets | ₸ 1,974 | ₸ 81 |
Property, Equipment and Intan_4
Property, Equipment and Intangible Assets - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Property Equipment And Intangible Assets [LineItems] | ||
Property and equipment included fully depreciated | ₸ 21,380 | ₸ 13,322 |
Description of movements between levels | During the years ended 31 December 2022 and 2023, there were no movements between Level 3 and other levels. | |
Transfer into level 3 | ₸ 0 | ₸ 0 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial assets: | ||
Other financial assets | ₸ 46,295 | ₸ 50,184 |
Less: allowance for impairment losses | (4,761) | (7,068) |
Total net other financial assets | 41,534 | 43,116 |
Other non-financial assets: | ||
Other non-financial assets | 94,943 | 32,390 |
Less: allowance for impairment losses | (879) | (726) |
Total net other non-financial assets | 94,064 | 31,664 |
Total other assets | 135,598 | 74,780 |
Settlement with Brokers | ||
Other financial assets: | ||
Other financial assets | 30,687 | 31,243 |
Receivables from VISA and Master Card | ||
Other financial assets: | ||
Other financial assets | 4,159 | 3,498 |
Prepayments for Customers Online Transactions | ||
Other financial assets: | ||
Other financial assets | 3,947 | 5,166 |
Other | ||
Other financial assets: | ||
Other financial assets | 7,502 | 10,277 |
Goodwill | ||
Other non-financial assets: | ||
Other non-financial assets | 34,078 | |
Prepayments for Goods and Services | ||
Other non-financial assets: | ||
Other non-financial assets | 23,339 | 11,729 |
Investment Property | ||
Other non-financial assets: | ||
Other non-financial assets | 16,065 | 16,829 |
Inventory | ||
Other non-financial assets: | ||
Other non-financial assets | 14,370 | 2,274 |
Taxes Receivable | ||
Other non-financial assets: | ||
Other non-financial assets | 6,433 | 1,054 |
Other | ||
Other non-financial assets: | ||
Other non-financial assets | ₸ 658 | ₸ 504 |
Other Assets - Summary of Inves
Other Assets - Summary of Investment Property Movement (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about investment property [line items] | ||
Beginning balance | ₸ 16,829 | |
Ending balance | 16,065 | ₸ 16,829 |
Cost | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning balance | 17,954 | 19,556 |
Additions | 21 | |
Disposals | (647) | (1,602) |
Ending balance | 17,328 | 17,954 |
Accumulated Depreciation | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning balance | (1,125) | (982) |
Depreciation charge | (219) | (244) |
Disposals | 81 | 101 |
Ending balance | ₸ (1,263) | ₸ (1,125) |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of Other Assets [Abstract] | ||
Fair value of investment property | ₸ 21,187 | ₸ 20,869 |
Due to Banks - Summary of Due t
Due to Banks - Summary of Due to Banks (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Due to Bank [Line Items] | ||
Total due to banks | ₸ 154 | ₸ 16,432 |
Repurchase Agreements | ||
Due to Bank [Line Items] | ||
Total due to banks | ₸ 154 | 16,119 |
Time Deposits of Banks and Other Financial Institutions | ||
Due to Bank [Line Items] | ||
Total due to banks | ₸ 313 |
Due to Banks - Additional Infor
Due to Banks - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Due to Bank [Line Items] | ||
Accrued interest | ₸ 1 | ₸ 58 |
Due to banks | 154 | 16,432 |
Fair Value of Securities Pledged as Collateral of Repurchase Agreements | ||
Due to Bank [Line Items] | ||
Due to banks | ₸ 154 | ₸ 15,014 |
Customer Accounts - Summary of
Customer Accounts - Summary of Customer Accounts (Details) - KZT (₸) ₸ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Current accounts | ₸ 1,100 | |
Total customer accounts | 5,441,456,000 | ₸ 4,000,690,000 |
Individuals | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Term deposits | 4,316,825,000 | 3,057,870,000 |
Current accounts | 826,328,000 | 700,957,000 |
Total customer accounts | 5,143,153,000 | 3,758,827,000 |
Corporate Customers | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Term deposits | 44,233,000 | 59,638,000 |
Current accounts | 254,070,000 | 182,225,000 |
Total customer accounts | ₸ 298,303,000 | ₸ 241,863,000 |
Customer Accounts - Additional
Customer Accounts - Additional Information (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Customer accounts | ₸ 5,441,456 | ₸ 4,000,690 |
Accrued interest included in term deposits of customer accounts | 44,044 | 29,214 |
Customer accounts held as security against loans to customers | ₸ 60,260 | ₸ 42,733 |
KZT | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Percentage of customer accounts predominately denominated | 91% | 87% |
Other Foreign Currencies | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Percentage of customer accounts predominately denominated | 9% | 13% |
Top Twenty Customers | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Customer accounts | ₸ 97,806 | ₸ 108,665 |
Percentage of customer accounts due to customers | 1.80% | 2.72% |
Debt Securities Issued - Schedu
Debt Securities Issued - Schedule of Debt Securities Issued (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Debt securities issued | ₸ 99,468 | ₸ 140,378 | ₸ 139,711 |
Third Bond Program - First Issue | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | KZT | ||
Maturity date | January 2025 | ||
Nominal interest rate | 9.90% | ||
Debt securities issued | ₸ 51,048 | 51,045 | |
Third Bond Program - Second Issue | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | KZT | ||
Maturity date | January 2024 | ||
Nominal interest rate | 9.80% | ||
Debt securities issued | ₸ 48,420 | 48,418 | |
Third Bond Program - Third Issue | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | KZT | ||
Maturity date | January 2023 | ||
Nominal interest rate | 9.70% | ||
Debt securities issued | ₸ 40,915 |
Debt Securities Issued - Additi
Debt Securities Issued - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [abstract] | ||
Accrued interest debt securities issued | ₸ 3,998 | ₸ 5,620 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial liabilities: | ||
Payables for customers' online transactions | ₸ 49,679 | ₸ 23,542 |
Payables to suppliers | 13,603 | |
Accrued expenses | 2,709 | 3,080 |
Accrued dividends payable to non-controlling interest | 1,241 | 1,235 |
Derivative financial liabilities | 1,165 | 147 |
Other | 324 | 238 |
Total financial liabilities | 68,721 | 28,242 |
Other non-financial liabilities: | ||
Other taxes payable | 15,295 | 10,520 |
Deferred revenue | 12,436 | 10,950 |
Accumulated employee benefits, vacation liabilities | 6,210 | 4,521 |
Deferred tax liabilities | 3,162 | 3,245 |
Current income tax payable | 1,096 | 5,957 |
Other | 8,352 | 7,415 |
Total non-financial liabilities | 46,551 | 42,608 |
Total other liabilities | ₸ 115,272 | ₸ 70,850 |
Subordinated Debt - Summary of
Subordinated Debt - Summary of Subordinated Debt (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Total debt securities | ₸ 99,468 | ₸ 140,378 | ₸ 139,711 |
Subordinated Debt Securities | |||
Disclosure of detailed information about borrowings [line items] | |||
Total debt securities | ₸ 62,369 | 67,608 | ₸ 67,665 |
Third Bond Program - Fourth Issue | Subordinated Debt Securities | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | KZT | ||
Maturity date | June 2025 | ||
Nominal interest rate | 10.70% | ||
Total debt securities | ₸ 62,274 | 62,269 | |
Debt Component of Preference Shares | Subordinated Debt Securities | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | KZT | ||
Total debt securities | ₸ 95 | 90 | |
Second bond Program -Third Issue | Subordinated Debt Securities | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | KZT | ||
Maturity date | February 2023 | ||
Nominal interest rate | 2% plus inflation rate | ||
Total debt securities | ₸ 5,249 |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Accrued interest | ₸ 1 | ₸ 58 |
Subordinated Debt Securities | ||
Disclosure of detailed information about borrowings [line items] | ||
Accrued interest | ₸ 3,179 | ₸ 3,508 |
Subordinated Debt - Summary o_2
Subordinated Debt - Summary of Group's Liabilities Arising from Financing Activities (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Debt securities issued | ₸ 99,468 | ₸ 140,378 | ₸ 139,711 |
Financing cash flows | (41,261) | ||
Changes in amortized cost | 351 | 667 | |
Subordinated Debt Securities [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt securities issued | 62,369 | 67,608 | ₸ 67,665 |
Financing cash flows | (5,300) | ||
Changes in amortized cost | ₸ 61 | ₸ (57) |
Share Capital - Additional Info
Share Capital - Additional Information (Details) - Gdr | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Number of buybacks | 6 | 6 |
Share Capital - Schedule of Rec
Share Capital - Schedule of Reconciliation of Change in Number of Authorized Shares, Shares Issued and Fully Paid, Treasury Shares and Shares Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Issued and fully paid shares, beginning balance | 130,144 | 130,144 |
Issued and fully paid shares, ending balance | 130,144 | 130,144 |
Common Stock | ||
Disclosure of classes of share capital [line items] | ||
Authorized shares, beginning balance | 216,742,000 | 216,742,000 |
Authorized shares, ending balance | 216,742,000 | 216,742,000 |
Issued and fully paid shares, beginning balance | 199,500,000 | 199,500,000 |
Issued and fully paid shares, ending balance | 199,500,000 | 199,500,000 |
Number of shares outstanding at beginning of period | 190,309,970 | 192,187,223 |
Number of shares outstanding at end of period | 189,333,465 | 190,309,970 |
Common Stock | GDR Options Exercised | ||
Disclosure of classes of share capital [line items] | ||
Number of options exercised | 618,788 | 499,472 |
Common Stock | GDR Buyback Program | ||
Disclosure of classes of share capital [line items] | ||
Number of shares repurchased | (1,595,293) | (2,376,725) |
Common Stock | Treasury Shares | ||
Disclosure of classes of share capital [line items] | ||
Treasury shares, beginning balance | (9,190,030) | (7,312,777) |
Treasury shares, ending balance | (10,166,535) | (9,190,030) |
Common Stock | Treasury Shares | GDR Options Exercised | ||
Disclosure of classes of share capital [line items] | ||
Number of options exercised | 618,788 | 499,472 |
Common Stock | Treasury Shares | GDR Buyback Program | ||
Disclosure of classes of share capital [line items] | ||
Number of shares repurchased | (1,595,293) | (2,376,725) |
Share Capital - Summary of Deta
Share Capital - Summary of Details of GDR Buyback Programs (Details) ₸ in Millions | Dec. 31, 2023 KZT (₸) shares |
Disclosure of classes of share capital [line items] | |
Number of GDRs acquired | shares | 3,972,018 |
Total amount paid | ₸ | ₸ 124,375 |
1st buy-back program | |
Disclosure of classes of share capital [line items] | |
Start date | Apr. 22, 2022 |
Maturity date | Jul. 21, 2022 |
Number of GDRs acquired | shares | 998,429 |
Total amount paid | ₸ | ₸ 22,841 |
2nd buy-back program | |
Disclosure of classes of share capital [line items] | |
Start date | Jul. 22, 2022 |
Maturity date | Oct. 21, 2022 |
Number of GDRs acquired | shares | 788,153 |
Total amount paid | ₸ | ₸ 21,325 |
3rd buy-back program | |
Disclosure of classes of share capital [line items] | |
Start date | Oct. 22, 2022 |
Maturity date | Feb. 24, 2023 |
Number of GDRs acquired | shares | 1,131,380 |
Total amount paid | ₸ | ₸ 38,474 |
4th buy-back program | |
Disclosure of classes of share capital [line items] | |
Start date | Mar. 22, 2023 |
Maturity date | Jul. 21, 2023 |
Number of GDRs acquired | shares | 531,995 |
Total amount paid | ₸ | ₸ 18,740 |
5th buy-back program | |
Disclosure of classes of share capital [line items] | |
Start date | Jul. 22, 2023 |
Maturity date | Oct. 21, 2023 |
Number of GDRs acquired | shares | 283,689 |
Total amount paid | ₸ | ₸ 12,614 |
6th buy-back program | |
Disclosure of classes of share capital [line items] | |
Start date | Oct. 22, 2023 |
Maturity date | Mar. 01, 2024 |
Number of GDRs acquired | shares | 238,372 |
Total amount paid | ₸ | ₸ 10,381 |
Share Capital - Schedule of R_2
Share Capital - Schedule of Reconciliation of Change in Outstanding Share Capital Fully Paid (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||
Issued and fully paid shares | 130,144 | 130,144 | 130,144 |
Treasury shares | (152,001) | (94,058) | (32,614) |
Treasury shares, buyback program | (60,703) | (63,672) | |
Treasury shares, options exercised | 2,760 | 2,228 | |
Total | (21,857) | 36,086 | 97,530 |
Total, options exercised | 2,760 | 2,228 | |
Total, buyback program | (60,703) | (63,672) |
Share Capital - Schedule of Div
Share Capital - Schedule of Dividends Declared (Details) - KZT (₸) ₸ / shares in Units, ₸ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |||||||
Dividends declared | ₸ 161,065 | ₸ 129,702 | ₸ 269,365 | ₸ 114,315 | ₸ 95,787 | ₸ 560,132 | ₸ 210,102 |
Dividend per share | ₸ 850 | ₸ 750 | ₸ 1,350 | ₸ 600 | ₸ 500 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Share-based compensation expense | ₸ (20,859) | ₸ (19,984) | ₸ (20,057) |
Share Options | |||
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Share-based compensation expense | ₸ 20,859 | ₸ 19,984 | 19,631 |
Phantom Shares | |||
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Share-based compensation expense | ₸ (426) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 KZT (₸) | Dec. 31, 2022 KZT (₸) | Dec. 31, 2021 KZT (₸) | |
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Share-based compensation expense | ₸ 20,859 | ₸ 19,984 | ₸ 20,057 |
Phantom Shares | |||
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Share-based compensation expense | ₸ 426 | ||
GDR Options | |||
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Vesting period | 5 years | ||
Options Exercised | 618,788 | 499,472 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Inputs into Black-Scholes Model (Details) - GDR Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | |||
Weighted average share price in USD | $ 67.3 | $ 63.7 | $ 60.7 |
Expected volatility | 42.40% | 43.50% | 45.30% |
Risk-free rate | 4.20% | 3.60% | 2.90% |
Dividend yield | 7% | 7% | 7.20% |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of GDR Options Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2023 shares | Dec. 31, 2022 shares | |
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | ||
Outstanding at the beginning of the period | 2,266,166 | 2,154,082 |
Outstanding at the end of the period | 2,202,438 | 2,266,166 |
GDR Options | ||
Disclosure of Terms and Conditions of Share-Based Payment Arrangement [Line Items] | ||
Outstanding at the beginning of the period | 2,266,166 | 2,154,082 |
Granted | 564,800 | 611,556 |
Forfeited | (9,740) | |
Exercised | (618,788) | (499,472) |
Outstanding at the end of the period | 2,202,438 | 2,266,166 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Reserve Outstanding (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | ₸ 825,689 | ₸ 504,695 | ₸ 394,660 |
Share options accrued | 20,859 | 19,984 | 19,631 |
Ending balance | 1,103,213 | 825,689 | 504,695 |
Share- Based Compensation Reserve | GDR Options | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Beginning balance | 29,274 | 21,242 | |
Share options accrued | 20,859 | 19,984 | |
Share options exercised | (15,323) | (11,952) | |
Ending balance | ₸ 34,810 | ₸ 29,274 | ₸ 21,242 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities [abstract] | ||
Provision for losses on contingent liabilities | ₸ 35 | ₸ 39 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Contingent Liabilities and Credit Commitments (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of contingent liabilities [abstract] | ||
Commitments on loans and unused credit lines: Revocable loans | ₸ 174,771 | ₸ 157,478 |
Guarantees issued and similar commitments | 558 | 564 |
Total contingent liabilities and credit commitments | ₸ 175,329 | ₸ 158,042 |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Transactions Outstanding with Related Parties (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated statements of financial position | |||
Loans to customers | ₸ 4,478,489 | ₸ 3,369,512 | |
Allowance for impairment losses | (242,532) | (214,702) | |
Other assets | 135,598 | 74,780 | |
Customer accounts | 5,441,456 | 4,000,690 | |
Other liabilities | 115,272 | 70,850 | |
Consolidated Statements of Profit or Loss | |||
Net fee revenue | 1,027,545 | 724,742 | ₸ 519,474 |
Net fee revenue | 987,967 | 679,782 | 467,493 |
Interest revenue | 833,516 | 574,426 | 422,075 |
Other gains (losses) | 23,200 | 16,384 | (4,746) |
Interest expense | (478,010) | (278,676) | (171,491) |
Transaction expenses | (27,470) | (22,188) | (16,542) |
Cost of goods and services | (166,356) | (82,747) | (56,829) |
Transactions with Related Parties | |||
Consolidated statements of financial position | |||
Loans to customers | 2,435 | 3,057 | |
Allowance for impairment losses | (2) | (7) | |
Other assets | 1,196 | 20 | |
Customer accounts | 15,259 | 16,442 | |
Other liabilities | 5,050 | 1,339 | |
Consolidated Statements of Profit or Loss | |||
Net fee revenue | 4,161 | ||
Interest revenue | 259 | 314 | 362 |
Other gains (losses) | 2 | ||
Interest expense | (544) | (403) | (166) |
Transaction expenses | (137) | ||
Cost of goods and services | (5,129) | ||
Entities Controlled by the Key Management Personnel of the Group | Transactions with Related Parties | |||
Consolidated statements of financial position | |||
Loans to customers | 2,435 | ||
Allowance for impairment losses | (2) | ||
Other assets | 1,196 | 3 | |
Customer accounts | 9,526 | 5,462 | |
Other liabilities | 5,004 | 198 | |
Consolidated Statements of Profit or Loss | |||
Net fee revenue | 4,008 | ||
Other gains (losses) | 2 | ||
Interest expense | (507) | (176) | (6) |
Transaction expenses | (137) | ||
Cost of goods and services | (5,129) | ||
Other Related Parties | |||
Consolidated Statements of Profit or Loss | |||
Interest revenue | 6 | ||
Other Related Parties | Transactions with Related Parties | |||
Consolidated statements of financial position | |||
Loans to customers | 3,057 | ||
Allowance for impairment losses | (7) | ||
Other assets | 17 | ||
Customer accounts | 71 | 10,502 | |
Other liabilities | 1,141 | ||
Consolidated Statements of Profit or Loss | |||
Interest revenue | 259 | 314 | 362 |
Interest expense | (3) | (208) | (138) |
Key Management Personnel of the Group | Transactions with Related Parties | |||
Consolidated statements of financial position | |||
Customer accounts | 5,662 | 478 | |
Other liabilities | 46 | ||
Consolidated Statements of Profit or Loss | |||
Net fee revenue | 153 | ||
Interest expense | ₸ (34) | ₸ (19) | ₸ (22) |
Transactions with Related Par_4
Transactions with Related Parties - Additional Information (Details) - Entities Controlled by the Key Management Personnel of the Group - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Payment of transaction expenses attributable to loans to customers | ₸ 5,748 | ₸ 4,862 | ₸ 10,981 |
Total value of goods purchased | 4,310 | 0 | |
Property and land acquired | 4,779 | ||
Cost of Goods Sold | |||
Disclosure of transactions between related parties [line items] | |||
Total value of goods purchased | 3,906 | ₸ 0 | |
Land [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Property and land acquired | ₸ 1,665 |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Compensation to Directors and Other Members of Key Management (Details) - Related Parties - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Employee benefits | ₸ (86,326) | ₸ (68,509) | ₸ (58,285) |
Share-based compensation | (20,859) | (19,984) | (20,057) |
Transactions with Related Parties | |||
Disclosure of transactions between related parties [line items] | |||
Employee benefits | (535) | (800) | (782) |
Share-based compensation | ₸ (4,815) | ₸ (7,298) | ₸ (11,381) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Restated) - Schedule of Fair Value Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Details) ₸ in Millions | Dec. 31, 2023 KZT (₸) | Dec. 31, 2022 KZT (₸) |
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial liabilities | ₸ 1,165 | ₸ 147 |
Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Non-derivative financial assets at FVTOCI | 1,236 | |
Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Non-derivative financial assets at FVTOCI | 1,074,972 | |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets | 2,322 | 0 |
Fair value Recurring | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Non-derivative financial assets at FVTOCI | 3,968 | 1,236 |
Fair value Recurring | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Non-derivative financial assets at FVTOCI | 1,370,806 | 1,074,972 |
Derivative financial assets | 642 | 30 |
Derivative financial liabilities | 1,165 | 147 |
Fair value Recurring | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Non-derivative financial assets at FVTOCI | 2,322 | |
Unlisted equity investments classified as financial assets at fair value through other comprehensive income | ₸ 34 | ₸ 34 |
Fair value Recurring | Level 3 | Minimum | ||
Disclosure of fair value measurement of assets [line items] | ||
Discount ratio | 10 | |
Fair value Recurring | Level 3 | Maximum | ||
Disclosure of fair value measurement of assets [line items] | ||
Discount ratio | 30 | |
Fair value Recurring | Level 3 | Discounted Cash Flow | Weighted Average | ||
Disclosure of fair value measurement of assets [line items] | ||
Discount ratio | 18.3 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Restated) - Additional Information (Details) - KZT (₸) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value measurement of assets [line items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held | ₸ 0 | ₸ 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held | ₸ 0 | 0 |
Maximum observable arm's length transactions period on the market | 30 days | |
Financial assets and liabilities maximum short-term maturity period | 3 months | |
Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value of the investment securities in short-term sovereign debt securities | ₸ 407,086,000,000 | 669,785,000,000 |
Fair value of the investment securities in long-term sovereign debt securities | 713,131,000,000 | ₸ 218,985,000,000 |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Transfer into level 3 | ₸ 2,322,000,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Restated) - Schedule of Reconciliation of Level 3 Fair Value Measurements of Financial Assets (Details) - Level 3 ₸ in Millions | 12 Months Ended |
Dec. 31, 2023 KZT (₸) | |
Disclosure of fair value measurement of assets [line items] | |
Derivative Financial Assets, Beginning Balance | ₸ 0 |
Transfer into level 3 | 2,322 |
Derivative Financial Assets, Ending Balance | 2,322 |
Unquoted Debt Securities FVTOCI | |
Disclosure of fair value measurement of assets [line items] | |
Derivative Financial Assets, Beginning Balance | 0 |
Transfer into level 3 | 2,322 |
Derivative Financial Assets, Ending Balance | ₸ 2,322 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Restated) - Schedule of Impact of Restatements (Details) ₸ in Millions | Dec. 31, 2022 KZT (₸) |
Level 1 | |
Disclosure of fair value measurement of assets [line items] | |
Non-derivative financial assets at FVTOCI | ₸ 1,236 |
Level 1 | As Previously Reported | |
Disclosure of fair value measurement of assets [line items] | |
Non-derivative financial assets at FVTOCI | 838,260 |
Level 1 | Adjustment | |
Disclosure of fair value measurement of assets [line items] | |
Non-derivative financial assets at FVTOCI | (837,024) |
Level 2 | |
Disclosure of fair value measurement of assets [line items] | |
Non-derivative financial assets at FVTOCI | 1,074,972 |
Level 2 | As Previously Reported | |
Disclosure of fair value measurement of assets [line items] | |
Non-derivative financial assets at FVTOCI | 237,948 |
Level 2 | Adjustment | |
Disclosure of fair value measurement of assets [line items] | |
Non-derivative financial assets at FVTOCI | ₸ 837,024 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Restated) - Fair Value Financial Assets and Financial Liabilities Not Measured at Fair Value on Recurring Basis (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | |||
Due From Bank | ₸ 30,683 | ₸ 25,668 | |
Due to banks | 154 | 16,432 | |
Customer accounts | 5,441,456 | 4,000,690 | |
Debt securities issued | 99,468 | 140,378 | ₸ 139,711 |
Subordinated debt | 62,369 | 67,608 | |
Level 2 | Fair Value Non Recurring | |||
Disclosure of fair value measurement of assets [line items] | |||
Due From Bank | 30,048 | 25,234 | |
Due to banks | 154 | 16,400 | |
Customer accounts | 5,382,189 | 3,899,302 | |
Debt securities issued | 96,666 | 133,825 | |
Subordinated debt | 60,895 | 63,500 | |
Level 2 | Carrying Amount | |||
Disclosure of fair value measurement of assets [line items] | |||
Due From Bank | 30,683 | 25,668 | |
Due to banks | 154 | 16,432 | |
Customer accounts | 5,441,456 | 4,000,690 | |
Debt securities issued | 99,468 | 140,378 | |
Subordinated debt | 62,369 | 67,608 | |
Level 3 | Fair Value Non Recurring | |||
Disclosure of fair value measurement of assets [line items] | |||
Loans to consumers | 4,230,722 | 3,192,581 | |
Level 3 | Carrying Amount | |||
Disclosure of fair value measurement of assets [line items] | |||
Loans to consumers | ₸ 4,235,957 | ₸ 3,154,810 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Capital Adequacy Ratios With RWA Methodology (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Regulatory Matters [LineItems] | ||
Tier 1 capital (k1.2) | 17.40% | 17% |
Total capital (k.2) | 18.10% | 18% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Regulatory Matters [LineItems] | |
Tier one risk based minimum regulatory capital adequacy requirements | 6.50% |
Minimum regulatory capital adequacy requirements | 8% |
Conservation Buffer | |
Disclosure Of Regulatory Matters [LineItems] | |
Minimum regulatory capital adequacy requirements | 3% |
Systemic Buffer | |
Disclosure Of Regulatory Matters [LineItems] | |
Minimum regulatory capital adequacy requirements | 1% |
Regulatory Matters - Summary _2
Regulatory Matters - Summary of Capital Adequacy Ratios With NBRK Requirement (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Regulatory Matters [LineItems] | ||
Tier 1 capital (k1.2) | 17.40% | 17% |
Total capital (k.2) | 18.10% | 18% |
National Bank of Republic of Kazakhstan | ||
Disclosure Of Regulatory Matters [LineItems] | ||
Tier 1 capital (k1.2) | 12.60% | 12.20% |
Total capital (k.2) | 13% | 13.10% |
Risk Management Policy - Additi
Risk Management Policy - Additional Information (Details) - KZT (₸) ₸ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2025 | Dec. 31, 2024 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Maximum exposure to credit risk after offset and collateral of loans to customers | ₸ 3,823,734,000 | ₸ 2,750,424,000 | ||
Net carrying amount of loans to customers at time of modification | ₸ 78,766,000 | ₸ 37,221,000 | ||
Allowance for impairment losses changed from lifetime expected credit loss period | 12 months | 12 months | ||
Percentage point of change in key assumptions used to calculate expected credit loss | 100% | |||
Customer accounts of individuals obligation nominal maturity period | 2 years | |||
Percentage of deposits absent a liquidity event | 95% | |||
Balances on current accounts from customers | ₸ 1,100 | |||
Guarantee deposits | ₸ 27,357,000 | ₸ 24,823,000 | ||
Interest rate risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Change in interest rate percentage | (3.00%) | |||
Impact on profit before income tax due to change in interest rate | 150,000 | |||
Interest rate risk | Plus 3 p p change in interest rate | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Impact on profit before income tax due to change in interest rate | ₸ 0 | |||
Impact on equity due to change in interest rate | (60,568,000) | (20,705,000) | ||
Interest rate risk | Minus 3 p.p. change in interest rate | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Impact on equity due to change in interest rate | ₸ 68,949,000 | ₸ 22,982,000 | ||
Currency risk | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Sensitivity rate | 25% | |||
Change in foreign currency rates | 25% | 25% | ||
Change in USD rate percentage | (25.00%) | (25.00%) | ||
Currency risk | Minus 25% change in USD rate | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Impact on profit before income tax due to change in USD rate | ₸ (3,958,000) | ₸ (3,729,000) | ||
Impact on equity due to change in USD rate | (355,000) | (275,000) | ||
Credit Impaired Loans | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Loans to customers | 26,932,000 | 29,174,000 | ||
Stage 1 - 12-month ECL | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Gross carrying amount of loans to customers at time of modification | ₸ 24,932,000 | 12,656,000 | ||
Baseline Scenario | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Increase decrease in percentage of exchange rate | (100.00%) | |||
Increase decrease in percentage of base rate | (100.00%) | |||
Baseline Scenario | Events After Reporting Period | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Increase decrease in percentage of exchange rate | 1.80% | 1.48% | ||
Increase decrease in percentage of base rate | (2170.00%) | (2187.00%) | ||
Upside Scenario | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Increase decrease in allowance for impairment losses of nominal exchange rate | ₸ (1,792,000) | |||
Increase decrease in allowance for impairment losses of base rate | (182,000) | |||
Upside Scenario | Events After Reporting Period | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Increase decrease in percentage of exchange rate | (1.06%) | (1.38%) | ||
Increase decrease in percentage of base rate | (2828.00%) | (2828.00%) | ||
Downside Scenario | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Increase decrease in allowance for impairment losses of nominal exchange rate | 1,908,000 | |||
Increase decrease in allowance for impairment losses of base rate | 237,000 | |||
Downside Scenario | Events After Reporting Period | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Increase decrease in percentage of exchange rate | 4.66% | 4.34% | ||
Increase decrease in percentage of base rate | 4.94% | 4.77% | ||
Gross Carrying | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Loans to customers | ₸ 4,046,581,000 | ₸ 2,942,812,000 |
Risk Management Policy - Signif
Risk Management Policy - Significant Changes in Gross Carrying Amount of Loans to Customers (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Gross carrying amount | ₸ 4,972,778 | ||
Changes in the gross carrying amount | |||
Transfers | (35,883) | ₸ (25,204) | ₸ (20,219) |
New loans to customers originated or purchased | 75,105 | 65,898 | 54,387 |
Gross carrying amount | 6,553,522 | 4,972,778 | |
Loans to Customers at Amortized Cost | |||
Changes in the gross carrying amount | |||
Transfers | (261) | ||
Loans to Customers at Amortized Cost | Gross Carrying | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Gross carrying amount | 3,369,512 | 2,573,153 | |
Changes in the gross carrying amount | |||
New loans to customers originated or purchased | 3,422,622 | 2,427,563 | |
Loans to customers that have been repaid or derecognized | (2,250,527) | (1,619,046) | |
Write-offs | (82,959) | (64,231) | |
Recovery from off-balance loans to customers | 19,844 | 52,060 | |
Other changes | (3) | 13 | |
Gross carrying amount | 4,478,489 | 3,369,512 | 2,573,153 |
Loans to Customers at Amortized Cost | POCI | Gross Carrying | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Gross carrying amount | 4,754 | ||
Changes in the gross carrying amount | |||
New loans to customers originated or purchased | 9,553 | 4,754 | |
Loans to customers that have been repaid or derecognized | (3,803) | ||
Gross carrying amount | 10,504 | 4,754 | |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | |||
Changes in the gross carrying amount | |||
Transfers | 25,885 | 14,545 | 8,490 |
New loans to customers originated or purchased | 75,077 | 65,888 | 54,379 |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Transfer to Stage 1 | |||
Changes in the gross carrying amount | |||
Transfers | (15,923) | (3,544) | (5,556) |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Transfer to Stage 2 | |||
Changes in the gross carrying amount | |||
Transfers | 10,396 | 6,970 | 335 |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Transfer to Stage 3 | |||
Changes in the gross carrying amount | |||
Transfers | 25,126 | 13,854 | 2,033 |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Gross Carrying | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Gross carrying amount | 3,058,897 | 2,407,687 | |
Changes in the gross carrying amount | |||
New loans to customers originated or purchased | 3,413,069 | 2,422,809 | |
Loans to customers that have been repaid or derecognized | (2,203,671) | (1,576,118) | |
Gross carrying amount | 4,048,478 | 3,058,897 | 2,407,687 |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Gross Carrying | Transfer to Stage 1 | |||
Changes in the gross carrying amount | |||
Transfers | 32,712 | 8,927 | |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Gross Carrying | Transfer to Stage 2 | |||
Changes in the gross carrying amount | |||
Transfers | (58,058) | (46,924) | |
Loans to Customers at Amortized Cost | Stage 1 - 12-month ECL | Gross Carrying | Transfer to Stage 3 | |||
Changes in the gross carrying amount | |||
Transfers | (194,471) | (157,484) | |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | |||
Changes in the gross carrying amount | |||
Transfers | 2,531 | (4,429) | (9,608) |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Transfer to Stage 1 | |||
Changes in the gross carrying amount | |||
Transfers | 1,448 | 1,138 | 1,145 |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Transfer to Stage 2 | |||
Changes in the gross carrying amount | |||
Transfers | (16,184) | (7,208) | (832) |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Transfer to Stage 3 | |||
Changes in the gross carrying amount | |||
Transfers | 5,745 | 7,014 | 4,723 |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Gross Carrying | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Gross carrying amount | 40,934 | 29,831 | |
Changes in the gross carrying amount | |||
Loans to customers that have been repaid or derecognized | (27,748) | (13,879) | |
Gross carrying amount | 55,804 | 40,934 | 29,831 |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Gross Carrying | Transfer to Stage 1 | |||
Changes in the gross carrying amount | |||
Transfers | (4,991) | (3,094) | |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Gross Carrying | Transfer to Stage 2 | |||
Changes in the gross carrying amount | |||
Transfers | 66,931 | 47,497 | |
Loans to Customers at Amortized Cost | Stage 2 - Lifetime ECL | Gross Carrying | Transfer to Stage 3 | |||
Changes in the gross carrying amount | |||
Transfers | (19,322) | (19,421) | |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | |||
Changes in the gross carrying amount | |||
Transfers | (61,320) | (33,307) | (16,509) |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Transfer to Stage 1 | |||
Changes in the gross carrying amount | |||
Transfers | 14,475 | 2,406 | 4,411 |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Transfer to Stage 2 | |||
Changes in the gross carrying amount | |||
Transfers | 5,788 | 238 | 497 |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Transfer to Stage 3 | |||
Changes in the gross carrying amount | |||
Transfers | (30,871) | (20,868) | (6,756) |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Gross Carrying | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Gross carrying amount | 264,927 | 135,635 | |
Changes in the gross carrying amount | |||
Loans to customers that have been repaid or derecognized | (15,305) | (29,049) | |
Write-offs | (82,959) | (64,231) | |
Recovery from off-balance loans to customers | 19,844 | 52,060 | |
Other changes | (3) | 13 | |
Gross carrying amount | 363,703 | 264,927 | ₸ 135,635 |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Gross Carrying | Transfer to Stage 1 | |||
Changes in the gross carrying amount | |||
Transfers | (27,721) | (5,833) | |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Gross Carrying | Transfer to Stage 2 | |||
Changes in the gross carrying amount | |||
Transfers | (8,873) | (573) | |
Loans to Customers at Amortized Cost | Stage 3 - Lifetime ECL | Gross Carrying | Transfer to Stage 3 | |||
Changes in the gross carrying amount | |||
Transfers | ₸ 213,793 | ₸ 176,905 |
Risk Management Policy - Schedu
Risk Management Policy - Schedule of Internal Rating Model to Classify Individually Significant Loans to Customers in Different Risk Categories (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of internal credit grades [line items] | |||
Carrying Amount | ₸ 6,553,522 | ₸ 4,972,778 | |
Allowance for impairment losses | (242,532) | (214,702) | |
POCI | |||
Disclosure of internal credit grades [line items] | |||
Allowance for impairment losses | (261) | ||
Stage 1 - 12-month ECL | |||
Disclosure of internal credit grades [line items] | |||
Allowance for impairment losses | (59,939) | (67,604) | |
Stage 2 - Lifetime ECL | |||
Disclosure of internal credit grades [line items] | |||
Allowance for impairment losses | (16,290) | (11,785) | |
Stage 3 - Lifetime ECL | |||
Disclosure of internal credit grades [line items] | |||
Allowance for impairment losses | (166,042) | (135,313) | |
Investment Debt Securities | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,376,728 | 1,075,955 | |
Investment Debt Securities | High Grade (A- and Higher) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 33,681 | 558 | |
Investment Debt Securities | Investment grade (BBB+ - BBB-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,335,500 | 1,070,752 | |
Investment Debt Securities | Non-Investment grade (BB+ - B-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,037 | 2,393 | |
Investment Debt Securities | Not Rated | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 3,510 | 2,252 | |
Investment Debt Securities | Stage 1 - 12-month ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,373,218 | 1,073,703 | |
Investment Debt Securities | Stage 1 - 12-month ECL | High Grade (A- and Higher) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 33,681 | 558 | |
Investment Debt Securities | Stage 1 - 12-month ECL | Investment grade (BBB+ - BBB-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,335,500 | 1,070,752 | |
Investment Debt Securities | Stage 1 - 12-month ECL | Non-Investment grade (BB+ - B-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,037 | 2,393 | |
Investment Debt Securities | Stage 2 - Lifetime ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 2,322 | 2,252 | |
Investment Debt Securities | Stage 2 - Lifetime ECL | Not Rated | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 2,322 | 2,252 | |
Investment Debt Securities | Stage 3 - Lifetime ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,188 | ||
Investment Debt Securities | Stage 3 - Lifetime ECL | Not Rated | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,188 | ||
Loans to Customers | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,478,489 | 3,369,512 | ₸ 2,573,153 |
Loans to Customers | POCI | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 10,504 | 4,754 | |
Loans to Customers | Stage 1 - 12-month ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,048,478 | 3,058,897 | 2,407,687 |
Loans to Customers | Stage 2 - Lifetime ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 55,804 | 40,934 | 29,831 |
Loans to Customers | Stage 3 - Lifetime ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 363,703 | 264,927 | ₸ 135,635 |
Due from Banks | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 30,683 | 25,668 | |
Due from Banks | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 30,689 | 25,674 | |
Due from Banks | Gross Carrying | High Grade (A- and Higher) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 29,652 | 17,052 | |
Due from Banks | Gross Carrying | Investment grade (BBB+ - BBB-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,031 | 7,799 | |
Due from Banks | Gross Carrying | Investment Grade (BB+ - B-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 6 | ||
Due from Banks | Gross Carrying | Not Rated | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 823 | ||
Due from Banks | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (6) | (6) | |
Due from Banks | Stage 1 - 12-month ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 30,683 | 25,668 | |
Due from Banks | Stage 1 - 12-month ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 30,689 | 25,674 | |
Due from Banks | Stage 1 - 12-month ECL | Gross Carrying | High Grade (A- and Higher) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 29,652 | 17,052 | |
Due from Banks | Stage 1 - 12-month ECL | Gross Carrying | Investment grade (BBB+ - BBB-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 1,031 | 7,799 | |
Due from Banks | Stage 1 - 12-month ECL | Gross Carrying | Investment Grade (BB+ - B-) | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 6 | ||
Due from Banks | Stage 1 - 12-month ECL | Gross Carrying | Not Rated | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 823 | ||
Due from Banks | Stage 1 - 12-month ECL | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (6) | (6) | |
Internal Rating Model | Loans to Customers | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,235,957 | 3,154,810 | |
Internal Rating Model | Loans to Customers | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,478,489 | 3,369,512 | |
Internal Rating Model | Loans to Customers | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (242,532) | (214,702) | |
Internal Rating Model | Loans to Customers | POCI | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 10,243 | 4,754 | |
Internal Rating Model | Loans to Customers | POCI | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 10,504 | 4,754 | |
Internal Rating Model | Loans to Customers | POCI | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (261) | ||
Internal Rating Model | Loans to Customers | Loans to Customers that are Individually Assessed for Impairment | Gross Carrying | Grades: Low to Fair Risk | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 5,669 | 8,119 | |
Internal Rating Model | Loans to Customers | Loans to Customers that are Individually Assessed for Impairment | Gross Carrying | Grade: Impaired | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 6,718 | 6,636 | |
Internal Rating Model | Loans to Customers | Loans to Customers that are Collectively Assessed for Impairment | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,466,102 | 3,354,757 | |
Internal Rating Model | Loans to Customers | Loans to Customers that are Collectively Assessed for Impairment | POCI | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 10,504 | 4,754 | |
Internal Rating Model | Loans to Customers | Stage 1 - 12-month ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 3,988,539 | 2,991,293 | |
Internal Rating Model | Loans to Customers | Stage 1 - 12-month ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,048,478 | 3,058,897 | |
Internal Rating Model | Loans to Customers | Stage 1 - 12-month ECL | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (59,939) | (67,604) | |
Internal Rating Model | Loans to Customers | Stage 1 - 12-month ECL | Loans to Customers that are Individually Assessed for Impairment | Gross Carrying | Grades: Low to Fair Risk | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 5,669 | 8,119 | |
Internal Rating Model | Loans to Customers | Stage 1 - 12-month ECL | Loans to Customers that are Collectively Assessed for Impairment | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 4,042,809 | 3,050,778 | |
Internal Rating Model | Loans to Customers | Stage 2 - Lifetime ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 39,514 | 29,149 | |
Internal Rating Model | Loans to Customers | Stage 2 - Lifetime ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 55,804 | 40,934 | |
Internal Rating Model | Loans to Customers | Stage 2 - Lifetime ECL | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (16,290) | (11,785) | |
Internal Rating Model | Loans to Customers | Stage 2 - Lifetime ECL | Loans to Customers that are Collectively Assessed for Impairment | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 55,804 | 40,934 | |
Internal Rating Model | Loans to Customers | Stage 3 - Lifetime ECL | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 197,661 | 129,614 | |
Internal Rating Model | Loans to Customers | Stage 3 - Lifetime ECL | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 363,703 | 264,927 | |
Internal Rating Model | Loans to Customers | Stage 3 - Lifetime ECL | Allowance for Impairment Losses | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | (166,042) | (135,313) | |
Internal Rating Model | Loans to Customers | Stage 3 - Lifetime ECL | Loans to Customers that are Individually Assessed for Impairment | Gross Carrying | Grade: Impaired | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | 6,718 | 6,636 | |
Internal Rating Model | Loans to Customers | Stage 3 - Lifetime ECL | Loans to Customers that are Collectively Assessed for Impairment | Gross Carrying | |||
Disclosure of internal credit grades [line items] | |||
Carrying Amount | ₸ 356,985 | ₸ 258,291 |
Risk Management Policy - Summar
Risk Management Policy - Summary of External Credit Ratings (Details) - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of internal credit grades [line items] | ||
Cash and cash equivalents, excluding cash on hand | ₸ 560,850 | ₸ 435,594 |
Mandatory cash balances with NBRK | 47,110 | 42,917 |
Carrying Amount | 6,553,522 | 4,972,778 |
Investment securities and derivatives | 1,379,180 | 1,077,011 |
Not Rated | ||
Disclosure of internal credit grades [line items] | ||
Cash and cash equivalents, excluding cash on hand | 5,007 | 3,151 |
Investment securities and derivatives | 4,803 | 2,942 |
Due from Banks | ||
Disclosure of internal credit grades [line items] | ||
Carrying Amount | 30,683 | 25,668 |
Cost | Due from Banks | ||
Disclosure of internal credit grades [line items] | ||
Carrying Amount | 30,689 | 25,674 |
Cost | Due from Banks | Not Rated | ||
Disclosure of internal credit grades [line items] | ||
Carrying Amount | 823 | |
A- and higher | ||
Disclosure of internal credit grades [line items] | ||
Cash and cash equivalents, excluding cash on hand | 341,639 | 197,445 |
Investment securities and derivatives | 33,702 | 558 |
A- and higher | Cost | Due from Banks | ||
Disclosure of internal credit grades [line items] | ||
Carrying Amount | 29,652 | 17,052 |
BBB+ to BBB- | ||
Disclosure of internal credit grades [line items] | ||
Cash and cash equivalents, excluding cash on hand | 205,881 | 234,998 |
Mandatory cash balances with NBRK | 47,110 | 42,917 |
Investment securities and derivatives | 1,336,627 | 1,071,110 |
BBB+ to BBB- | Cost | Due from Banks | ||
Disclosure of internal credit grades [line items] | ||
Carrying Amount | 1,031 | 7,799 |
BB+ to B- | ||
Disclosure of internal credit grades [line items] | ||
Cash and cash equivalents, excluding cash on hand | 8,323 | |
Investment securities and derivatives | 4,048 | ₸ 2,401 |
BB+ to B- | Cost | Due from Banks | ||
Disclosure of internal credit grades [line items] | ||
Carrying Amount | ₸ 6 |
Risk management policy - Loans
Risk management policy - Loans to customers with allowance for impairment losses based on lifetime ECL modified (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [abstract] | ||
Gross carrying amount of loans to customers that are impaired after modification but not NPL as at 1 January | ₸ 27,899 | ₸ 12,021 |
Gross carrying amount of modified loans to customers within period | 109,386 | 54,035 |
Loans to customers transferred to non impaired category (cured loans) | (42,268) | (21,043) |
Loans to customers transferred to NPL | (17,435) | (12,789) |
Repaid loans to customers | (9,553) | (4,325) |
Gross carrying amount of loans to customers that are impaired after modification but not NPL as at 31 December | ₸ 68,029 | ₸ 27,899 |
Risk management policy - Sche_2
Risk management policy - Schedule of Financial Assets and Liabilities Liquidity and Interest Rate Risks (Details) - KZT (₸) ₸ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | ₸ 820,466,000 | ₸ 615,360,000 | ₸ 342,101,000 | ₸ 330,409,000 |
Due from banks | 30,683,000 | 25,668,000 | ||
Investment securities | 1,377,772,000 | 1,076,272,000 | ||
Other financial assets | 46,295,000 | 50,184,000 | ||
Total financial assets | 6,553,522,000 | 4,972,778,000 | ||
Due to banks | 154,000 | 16,432,000 | ||
Customer accounts | 1,100 | |||
Debt securities issued | 99,468,000 | 140,378,000 | ₸ 139,711,000 | |
Subordinated debt | 62,369,000 | 67,608,000 | ||
Derivative financial liabilities | 1,165,000 | 147,000 | ||
Other financial liabilities | 68,721,000 | 28,242,000 | ||
Total financial liabilities | 5,673,333,000 | 4,260,695,000 | ||
Guarantees issued and similar commitments | 5,103,000 | 5,191,000 | ||
Total financial liabilities and commitments | 5,678,436,000 | 4,265,886,000 | ||
Interest Bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 409,295,000 | 332,038,000 | ||
Due from banks | 30,683,000 | 25,668,000 | ||
Investment securities | 1,376,728,000 | 1,075,955,000 | ||
Loans to consumers | 4,235,957,000 | 3,154,810,000 | ||
Total financial assets | 6,052,663,000 | 4,588,471,000 | ||
Due to banks | 154,000 | 16,432,000 | ||
Customer accounts | 4,367,837,000 | 3,123,991,000 | ||
Debt securities issued | 99,468,000 | 140,378,000 | ||
Subordinated debt | 62,369,000 | 67,608,000 | ||
Total financial liabilities | 4,529,828,000 | 3,348,409,000 | ||
Non-interest bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 411,171,000 | 283,322,000 | ||
Mandatory cash balances with National Bank of the Republic of Kazakhstan | 47,110,000 | 42,917,000 | ||
Derivative financial assets | 642,000 | 30,000 | ||
Investment securities | 402,000 | 287,000 | ||
Other financial assets | 41,534,000 | 57,750,000 | ||
Total financial assets | 500,859,000 | 384,306,000 | ||
Customer accounts | 1,073,619,000 | 876,699,000 | ||
Derivative financial liabilities | 1,165,000 | 147,000 | ||
Other financial liabilities | 68,721,000 | 35,440,000 | ||
Total financial liabilities | 1,143,505,000 | 912,286,000 | ||
Up to 1 Month | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Total financial assets | 1,616,647,000 | 1,503,459,000 | ||
Total financial liabilities | 1,560,924,000 | 1,222,851,000 | ||
Guarantees issued and similar commitments | 457,000 | 170,000 | ||
Total financial liabilities and commitments | 1,561,381,000 | 1,223,021,000 | ||
Liquidity surplus (gap) | 55,266,000 | 280,438,000 | ||
Cumulative liquidity surplus/ (gap) | 55,266,000 | 280,438,000 | ||
Interest sensitivity surplus/ (gap) | 698,030,000 | 808,335,000 | ||
Cumulative interest sensitivity surplus/ (gap) | 698,030,000 | 808,335,000 | ||
Up to 1 Month | Interest Bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 331,907,000 | 246,442,000 | ||
Due from banks | 896,000 | 798,000 | ||
Investment securities | 371,756,000 | 551,634,000 | ||
Loans to consumers | 411,868,000 | 320,313,000 | ||
Total financial assets | 1,116,427,000 | 1,119,187,000 | ||
Due to banks | 154,000 | 16,432,000 | ||
Customer accounts | 364,505,000 | 246,255,000 | ||
Debt securities issued | 50,481,000 | 44,913,000 | ||
Subordinated debt | 3,257,000 | 3,252,000 | ||
Total financial liabilities | 418,397,000 | 310,852,000 | ||
Up to 1 Month | Non-interest bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 411,171,000 | 283,322,000 | ||
Mandatory cash balances with National Bank of the Republic of Kazakhstan | 47,110,000 | 42,917,000 | ||
Derivative financial assets | 37,000 | 30,000 | ||
Investment securities | 368,000 | 253,000 | ||
Other financial assets | 41,534,000 | 57,750,000 | ||
Total financial assets | 500,220,000 | 384,272,000 | ||
Customer accounts | 1,073,619,000 | 876,699,000 | ||
Derivative financial liabilities | 187,000 | 3,000 | ||
Other financial liabilities | 68,721,000 | 35,297,000 | ||
Total financial liabilities | 1,142,527,000 | 911,999,000 | ||
1 month to 3 months | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Total financial assets | 724,302,000 | 563,500,000 | ||
Total financial liabilities | 852,024,000 | 506,632,000 | ||
Guarantees issued and similar commitments | 100,000 | 349,000 | ||
Total financial liabilities and commitments | 852,124,000 | 506,981,000 | ||
Liquidity surplus (gap) | (127,822,000) | 56,519,000 | ||
Cumulative liquidity surplus/ (gap) | (72,556,000) | 336,957,000 | ||
Interest sensitivity surplus/ (gap) | (127,795,000) | 57,155,000 | ||
Cumulative interest sensitivity surplus/ (gap) | 570,235,000 | 865,490,000 | ||
1 month to 3 months | Interest Bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 77,388,000 | 85,596,000 | ||
Due from banks | 1,614,000 | 2,200,000 | ||
Investment securities | 54,521,000 | 34,367,000 | ||
Loans to consumers | 590,174,000 | 441,337,000 | ||
Total financial assets | 723,697,000 | 563,500,000 | ||
Customer accounts | 851,492,000 | 501,096,000 | ||
Subordinated debt | 5,249,000 | |||
Total financial liabilities | 851,492,000 | 506,345,000 | ||
1 month to 3 months | Non-interest bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial assets | 605,000 | |||
Total financial assets | 605,000 | |||
Derivative financial liabilities | 532,000 | 144,000 | ||
Other financial liabilities | 143,000 | |||
Total financial liabilities | 532,000 | 287,000 | ||
3 months to 1 year | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Total financial assets | 1,861,402,000 | 1,480,302,000 | ||
Total financial liabilities | 3,081,884,000 | 2,038,776,000 | ||
Guarantees issued and similar commitments | 45,000 | |||
Total financial liabilities and commitments | 3,081,884,000 | 2,038,821,000 | ||
Liquidity surplus (gap) | (1,220,482,000) | (558,519,000) | ||
Cumulative liquidity surplus/ (gap) | (1,293,038,000) | (221,562,000) | ||
Interest sensitivity surplus/ (gap) | (1,220,482,000) | (558,475,000) | ||
Cumulative interest sensitivity surplus/ (gap) | (650,247,000) | 307,015,000 | ||
3 months to 1 year | Interest Bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Due from banks | 25,894,000 | 22,670,000 | ||
Investment securities | 108,440,000 | 152,450,000 | ||
Loans to consumers | 1,727,068,000 | 1,305,181,000 | ||
Total financial assets | 1,861,402,000 | 1,480,301,000 | ||
Customer accounts | 3,081,866,000 | 2,038,759,000 | ||
Subordinated debt | 18,000 | 17,000 | ||
Total financial liabilities | 3,081,884,000 | 2,038,776,000 | ||
1 year to 5 years | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Total financial assets | 1,965,221,000 | 1,279,244,000 | ||
Total financial liabilities | 172,583,000 | 486,289,000 | ||
Guarantees issued and similar commitments | 4,546,000 | 4,627,000 | ||
Total financial liabilities and commitments | 177,129,000 | 490,916,000 | ||
Liquidity surplus (gap) | 1,788,092,000 | 788,328,000 | ||
Cumulative liquidity surplus/ (gap) | 495,054,000 | 566,766,000 | ||
Interest sensitivity surplus/ (gap) | 1,793,084,000 | 792,955,000 | ||
Cumulative interest sensitivity surplus/ (gap) | 1,142,837,000 | 1,099,970,000 | ||
1 year to 5 years | Interest Bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Due from banks | 2,279,000 | |||
Investment securities | 629,089,000 | 323,882,000 | ||
Loans to consumers | 1,333,853,000 | 955,362,000 | ||
Total financial assets | 1,965,221,000 | 1,279,244,000 | ||
Customer accounts | 64,056,000 | 331,734,000 | ||
Debt securities issued | 48,987,000 | 95,465,000 | ||
Subordinated debt | 59,094,000 | 59,090,000 | ||
Total financial liabilities | 172,137,000 | 486,289,000 | ||
1 year to 5 years | Non-interest bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial liabilities | 446,000 | |||
Total financial liabilities | 446,000 | |||
Over 5 years | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Total financial assets | 385,950,000 | 146,273,000 | ||
Total financial liabilities | 5,918,000 | 6,147,000 | ||
Total financial liabilities and commitments | 5,918,000 | 6,147,000 | ||
Liquidity surplus (gap) | 380,032,000 | 140,126,000 | ||
Cumulative liquidity surplus/ (gap) | 875,086,000 | 706,892,000 | ||
Interest sensitivity surplus/ (gap) | 379,998,000 | 140,092,000 | ||
Cumulative interest sensitivity surplus/ (gap) | 1,522,835,000 | 1,240,062,000 | ||
Over 5 years | Interest Bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Investment securities | 212,922,000 | 13,622,000 | ||
Loans to consumers | 172,994,000 | 132,617,000 | ||
Total financial assets | 385,916,000 | 146,239,000 | ||
Customer accounts | 5,918,000 | 6,147,000 | ||
Total financial liabilities | 5,918,000 | 6,147,000 | ||
Over 5 years | Non-interest bearing | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Investment securities | 34,000 | 34,000 | ||
Total financial assets | ₸ 34,000 | ₸ 34,000 |
Risk management policy - Sche_3
Risk management policy - Schedule of Foreign Currency Exchange Rate Risk (Details) ₸ in Millions | 12 Months Ended | |
Dec. 31, 2023 KZT (₸) | Dec. 31, 2022 KZT (₸) | |
USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rates | 454.56 | 462.65 |
EUR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exchange rates | 502.24 | 492.86 |
Currency risk | ||
Non-derivative financial assets | ||
Non-derivative financial assets | ₸ 6,552,880 | ₸ 4,958,113 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities | 5,672,168 | 4,253,350 |
Derivative financial instruments | ||
Accounts payable on spot and derivative contracts | (180,591) | (111,243) |
Accounts receivable on spot and derivative contracts | 179,152 | 110,921 |
Net position on derivative financial instruments, Total | (1,439) | (322) |
Currency risk | Tenge | ||
Non-derivative financial assets | ||
Non-derivative financial assets | 6,021,554 | 4,411,208 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities | 5,188,795 | 3,743,473 |
Net position on non-derivative financial instruments, Total | 832,759 | 667,735 |
Derivative financial instruments | ||
Accounts payable on spot and derivative contracts | (70,704) | (33,894) |
Accounts receivable on spot and derivative contracts | 94,070 | 50,898 |
Net position on derivative financial instruments, Total | 23,366 | 17,004 |
Net position, Total | 856,125 | 684,739 |
Currency risk | USD | ||
Non-derivative financial assets | ||
Non-derivative financial assets | 499,951 | 514,781 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities | 474,723 | 499,768 |
Net position on non-derivative financial instruments, Total | 25,228 | 15,013 |
Derivative financial instruments | ||
Accounts payable on spot and derivative contracts | (93,313) | (55,518) |
Accounts receivable on spot and derivative contracts | 83,917 | 55,419 |
Net position on derivative financial instruments, Total | (9,396) | (99) |
Net position, Total | 15,832 | 14,914 |
Currency risk | EUR | ||
Non-derivative financial assets | ||
Non-derivative financial assets | 24,629 | 25,753 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities | 6,634 | 7,403 |
Net position on non-derivative financial instruments, Total | 17,995 | 18,350 |
Derivative financial instruments | ||
Accounts payable on spot and derivative contracts | (16,574) | (17,250) |
Net position on derivative financial instruments, Total | (16,574) | (17,250) |
Net position, Total | 1,421 | 1,100 |
Currency risk | Other currency | ||
Non-derivative financial assets | ||
Non-derivative financial assets | 6,746 | 6,371 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities | 2,016 | 2,706 |
Net position on non-derivative financial instruments, Total | 4,730 | 3,665 |
Derivative financial instruments | ||
Accounts payable on spot and derivative contracts | (4,581) | |
Accounts receivable on spot and derivative contracts | 1,165 | 4,604 |
Net position on derivative financial instruments, Total | 1,165 | 23 |
Net position, Total | ₸ 5,895 | ₸ 3,688 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only - Additional Information (Details) - Parent | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of information about consolidated structured entities [line items] | |
Restricted net assets exceed percentage of consolidated net assets | 25% |
Maximum | |
Disclosure of information about consolidated structured entities [line items] | |
Percentage of lending capital from bank | 10% |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only - Condensed Statements of Profit or Loss and Other Comprehensive Income (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of information about consolidated structured entities [line items] | |||
REVENUE | ₸ 1,913,490 | ₸ 1,270,592 | ₸ 884,822 |
Other (losses) gains | 23,200 | 16,384 | (4,746) |
COSTS AND OPERATING EXPENSES | (891,486) | (550,018) | (356,020) |
General & administrative expenses | (29,468) | (24,772) | (23,685) |
NET INCOME BEFORE TAX | 1,022,004 | 720,574 | 528,802 |
Income tax | (173,234) | (131,730) | (93,588) |
NET INCOME | 848,770 | 588,844 | 435,214 |
Other comprehensive income | 19,121 | (11,923) | (2,601) |
Total Comprehensive Income | 867,891 | 576,921 | 432,613 |
Parent | |||
Disclosure of information about consolidated structured entities [line items] | |||
REVENUE | 602,137 | 432,661 | 317,436 |
Dividend income from banking subsidiaries | 283,352 | 200,930 | 173,709 |
Dividend income from other subsidiaries | 296,700 | 213,819 | 139,475 |
Interest income | 22,324 | 16,762 | 4,212 |
Other (losses) gains | (238) | 1,150 | 40 |
COSTS AND OPERATING EXPENSES | (24,544) | (21,173) | (20,476) |
General & administrative expenses | (24,528) | (20,818) | (20,466) |
Fee and commission expense | (16) | (355) | (10) |
NET INCOME BEFORE TAX | 577,594 | 411,488 | 296,960 |
Income tax | (3,705) | (3,357) | (620) |
NET INCOME | 573,889 | 408,131 | 296,340 |
Total Comprehensive Income | ₸ 573,889 | ₸ 408,131 | ₸ 296,340 |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only - Condensed Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) (Details) - Parent - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information about consolidated structured entities [line items] | |||
Income in undistributed earnings under the equity method | ₸ 8,607 | ₸ 7,252 | ₸ 6,622 |
Kaspi Group JSC | |||
Disclosure of information about consolidated structured entities [line items] | |||
Ownership interest, percentage | 100% | ||
Kaspi Bank JSC | |||
Disclosure of information about consolidated structured entities [line items] | |||
Ownership interest, percentage | 98.95% | ||
Other Subsidiaries | |||
Disclosure of information about consolidated structured entities [line items] | |||
Income in undistributed earnings under the equity method | ₸ 78,196 | ₸ 19,122 | ₸ (354) |
Condensed Financial Informati_6
Condensed Financial Information - Parent Company Only - Condensed Statements of Financial Position (Details) ₸ in Millions, TJS in Millions | Dec. 31, 2023 KZT (₸) | Dec. 31, 2023 TJS | Dec. 31, 2022 KZT (₸) | Dec. 31, 2022 TJS | Dec. 31, 2021 KZT (₸) | Dec. 31, 2020 KZT (₸) |
ASSETS: | ||||||
Cash and cash equivalents | ₸ 820,466 | ₸ 615,360 | ₸ 342,101 | ₸ 330,409 | ||
Other assets | 135,598 | 74,780 | ||||
TOTAL ASSETS | 6,821,932 | 5,121,647 | ||||
LIABILITIES: | ||||||
Other liabilities | 115,272 | 70,850 | ||||
TOTAL LIABILITIES | 5,718,719 | 4,295,958 | ||||
EQUITY: | ||||||
Issued capital | 130,144 | 130,144 | ||||
Treasury shares | (152,001) | (94,058) | ||||
Reserve of share-based payments | 34,810 | 29,274 | ||||
Retained earnings | 1,054,945 | 762,500 | ||||
TOTAL EQUITY | 1,103,213 | 825,689 | 504,695 | 394,660 | ||
TOTAL LIABILITIES AND EQUITY | TJS | TJS 6,821,932 | TJS 5,121,647 | ||||
Parent | ||||||
ASSETS: | ||||||
Cash and cash equivalents | 200,484 | 226,232 | ₸ 88,253 | ₸ 113,145 | ||
Investments in banking subsidiaries | 171,107 | 171,107 | ||||
Investments in other subsidiaries | 44,103 | 44,103 | ||||
Other assets | 894 | 1,153 | ||||
TOTAL ASSETS | 416,588 | 442,595 | ||||
LIABILITIES: | ||||||
Other liabilities | 170 | 90 | ||||
TOTAL LIABILITIES | 170 | 90 | ||||
EQUITY: | ||||||
Issued capital | 130,144 | 130,144 | ||||
Treasury shares | (152,001) | (94,058) | ||||
Reserve of share-based payments | 34,812 | 29,274 | ||||
Retained earnings | 403,463 | 377,145 | ||||
TOTAL EQUITY | 416,418 | 442,505 | ||||
TOTAL LIABILITIES AND EQUITY | ₸ 416,588 | ₸ 442,595 |
Condensed Financial Informati_7
Condensed Financial Information - Parent Company Only - Condensed Statements of Financial Position (Parenthetical) (Details) - Parent - KZT (₸) ₸ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Banking Subsidiaries | ||
Disclosure of information about consolidated structured entities [line items] | ||
Investment under the equity method | ₸ 208,824 | ₸ 199,331 |
Other Subsidiaries | ||
Disclosure of information about consolidated structured entities [line items] | ||
Investment under the equity method | ₸ 77,624 | ₸ 88,881 |
Condensed Financial Informati_8
Condensed Financial Information - Parent Company Only - Condensed Statements of Cash Flows (Details) - KZT (₸) ₸ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Other assets | ₸ (5,407) | ₸ (24,788) | ₸ (11,663) |
Other liabilities | 28,708 | 13,982 | 14,500 |
Income tax paid | (181,784) | (133,422) | (85,121) |
Net cash inflow from operating activities | 1,106,128 | 1,020,984 | 70,351 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (outflow)/inflow from investing activities | (218,360) | (487,161) | 289,748 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends paid | (560,132) | (210,102) | (340,362) |
Net cash outflow from financing activities | (675,970) | (275,911) | (352,580) |
Effect of changes in foreign exchange rate on cash and cash equivalents | (6,692) | 15,347 | 4,174 |
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS | 205,106 | 273,259 | 11,693 |
CASH AND CASH EQUIVALENTS, beginning of period | 615,360 | 342,101 | 330,409 |
CASH AND CASH EQUIVALENTS, end of period | 820,466 | 615,360 | 342,101 |
Parent | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Interest income received | 18,991 | 14,221 | 3,577 |
Fee and commission expense | (16) | (355) | (10) |
Other income received | 41 | ||
General and administrative expenses paid | (3,669) | (835) | (835) |
Cash flows from operating activities before changes in operating assets and liabilities | 15,347 | 13,031 | 2,732 |
Other assets | 426 | (378) | (486) |
Other liabilities | 80 | 46 | (1) |
Cash inflow from operating activities before income tax | 15,853 | 12,699 | 2,245 |
Income tax paid | (539) | (594) | |
Net cash inflow from operating activities | 15,314 | 12,105 | 2,245 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Dividends received from subsidiaries | 580,052 | 414,749 | 313,185 |
Purchase of investments in subsidiaries | (16,251) | ||
Net cash (outflow)/inflow from investing activities | 580,052 | 398,498 | 313,185 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Dividends paid | (560,132) | (210,102) | (340,362) |
Purchase of treasury shares | (60,703) | (63,672) | |
Net cash outflow from financing activities | (620,835) | (273,774) | (340,362) |
Effect of changes in foreign exchange rate on cash and cash equivalents | (279) | 1,150 | 40 |
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS | (25,748) | 137,979 | (24,892) |
CASH AND CASH EQUIVALENTS, beginning of period | 226,232 | 88,253 | 113,145 |
CASH AND CASH EQUIVALENTS, end of period | ₸ 200,484 | ₸ 226,232 | ₸ 88,253 |
Business Combination - Addition
Business Combination - Additional Information (Details) ₸ in Millions, $ in Millions | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 KZT (₸) | Dec. 31, 2023 KZT (₸) | Dec. 31, 2023 KZT (₸) | Oct. 12, 2023 KZT (₸) | Oct. 12, 2023 USD ($) | Feb. 03, 2023 KZT (₸) | |
Magnum E-commerce Kazakhstan LLC | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 90.01% | 90.01% | 90.01% | 51% | ||
Cash investment in share capital | ₸ 5,000 | |||||
Non-controlling interest recognised at acquisition date | 5,883 | |||||
Intangible assets | ₸ 20,255 | |||||
Revenue | ₸ 58,227 | |||||
Net income | ₸ 2,008 | |||||
Pro-forma revenue | ₸ 62,436 | |||||
Pro-forma net income | ₸ 1,815 | |||||
Percentage of additional voting equity interests acquired | 30.01% | 30.01% | 30.01% | 39.01% | ||
Investment to expand existing operation | ₸ 65,000 | |||||
Magnum E-commerce Kazakhstan LLC | Trademark | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Intangible assets | ₸ 20,255 | ₸ 20,255 | 20,255 | |||
Kolesa Group | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 11% | 11% | ||||
Non-controlling interest recognised at acquisition date | ₸ 12,300 | |||||
Revenue | 15,884 | |||||
Net income | ₸ 3,671 | |||||
Pro-forma revenue | 58,858 | |||||
Pro-forma net income | ₸ 10,958 | |||||
Cash consideration | 42,195 | $ 88.5 | ||||
Goodwill on acquisition | ₸ 34,078 | |||||
Percentage of non-controlling interest | 60.24% | 60.24% | ||||
Kolesa JSC | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 39.758% | 39.758% | ||||
Magnum Cash and Carry LLC | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 9.99% | 9.99% | 9.99% | |||
Kaspi Shop LLC | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 50.76% | 50.76% |
Business Combination - Schedule
Business Combination - Schedule of Identifiable Assets Acquired and Liabilities Assumed at Date of Acquisition (Details) - KZT (₸) ₸ in Millions | Oct. 12, 2023 | Feb. 03, 2023 |
Magnum E-commerce Kazakhstan LLC | ||
Disclosure of detailed information about business combination [line items] | ||
Cash and cash equivalents | ₸ 1,034 | |
Property, equipment | 3,790 | |
Intangible assets | 20,255 | |
Inventory | 3,578 | |
Other assets | 7,705 | |
Total Assets | 36,362 | |
Due to banks | 11,370 | |
Other liabilities | 10,645 | |
Other taxes payable | 2,341 | |
Total Liabilities | 24,356 | |
Total identifiable assets acquired and liabilities assumed | ₸ 12,006 | |
Kolesa Group | ||
Disclosure of detailed information about business combination [line items] | ||
Cash and cash equivalents | ₸ 17,109 | |
Inventory | 3,930 | |
Loans to subsidiary | 959 | |
Property, equipment and intangible assets | 938 | |
Other assets | 710 | |
Total Assets | 23,646 | |
Other liabilities | 1,815 | |
Other taxes payable | 1,414 | |
Total Liabilities | 3,229 | |
Total identifiable assets acquired and liabilities assumed | ₸ 20,417 |
Business Combination - Schedu_2
Business Combination - Schedule of Bargain on Purchase Arising on Acquisition (Details) - Magnum E-commerce Kazakhstan LLC ₸ in Millions | Feb. 03, 2023 KZT (₸) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred | ₸ 5,000 |
Plus: Non-controlling interests | 5,883 |
Less: Fair value of identifiable net assets acquired | (12,006) |
Gain on bargain purchase of 51% interest | ₸ (1,123) |
Business Combination - Schedu_3
Business Combination - Schedule of Bargain on Purchase Arising on Acquisition (Parenthetical) (Details) | Dec. 31, 2023 | Feb. 03, 2023 |
Magnum E-commerce Kazakhstan LLC | ||
Disclosure of detailed information about business combination [line items] | ||
Percentage of voting equity interests acquired | 90.01% | 51% |
Business Combination - Schedu_4
Business Combination - Schedule of Goodwill on Acquisition (Details) - Kolesa Group ₸ in Millions | Oct. 12, 2023 KZT (₸) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred | ₸ 42,195 |
Plus: Non-controlling interests | 12,300 |
Less: Fair value of identifiable net assets acquired | (20,417) |
Goodwill on acquisition | ₸ 34,078 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) ₸ / shares in Units, ₸ in Millions, $ in Millions | Feb. 23, 2024 ₸ / shares | Jan. 16, 2024 USD ($) shares | Feb. 09, 2024 KZT (₸) | Jan. 16, 2024 KZT (₸) shares |
GDR Buyback Program | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Repurchase program approved month and year | 2023-10 | |||
Repurchase program termination amount | $ | $ 100 | |||
Aggregate shares repurchase | shares | 303,286 | 303,286 | ||
Aggregate value of shares repurchase | ₸ 13,233 | |||
Third Bond Program Repayment | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Outstanding debt third issue of third bond program at the maturity in the amount | ₸ 46,491 | |||
Proposed of Dividend | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividend per share | ₸ / shares | ₸ 850 |