Kaspi.kz Raises Quarterly Dividend 19.5% to $2.149

Joint Stock Company Kaspi.kz raised its quarterly dividend 19.5% to $2.149 per share from $1.798. The latest distribution traded ex-dividend on September 10, 2026.

Why the dividend changed

Kaspi.kz attributed the increase to its first-half performance and confidence in the company’s long-term growth outlook. Shareholders subsequently approved the distribution for the second quarter. The dividend is declared in Kazakhstani tenge, while the ADS payment is expressed in dollars, making currency translation part of the reported rate for U.S. investors. Kaspi.kz’s second-quarter results and its EGM announcement provide the company’s explanation and approval record.

The increase followed a quarter in which revenue rose 15% from a year earlier and adjusted EBITDA increased 5%, while net income was stable. E-commerce remained the main growth engine, with constant-currency gross merchandise value rising 28% and purchases increasing 33%. Management reiterated its full-year 2026 guidance. Kaspi.kz’s second-quarter results reported those operating trends.

Profit growth nevertheless lagged revenue. Kaspi.kz said higher deposit funding costs and continuing investment in Hepsiburada, its Turkish e-commerce operation, affected the net-income margin. Management also lowered the rate on its three-month deposit product by 100 basis points in August and said the earnings benefit was expected to become visible late in the year. The dividend decision therefore reflects a balance between returning cash and continuing to fund expansion in Türkiye. Kaspi.kz’s second-quarter results detail those pressures. Earlier, management said the business could resume distributions while maintaining targeted investment following the Hepsiburada acquisition. Kaspi.kz’s full-year 2025 results set out that capital-allocation approach.

Dividend track record

Kaspi.kz’s payment history is uneven rather than a sequence of uniform annual increases. The company paid $1.901 per share with an ex-dividend date of April 12, 2024, followed by $1.919 on May 23, $1.772 on August 22 and $1.714 on November 20. Those four payments totaled $7.31 per share for 2024.

The recorded 2026 payments began at $1.76 per share on April 16, moved to $1.798 on June 12 and then increased to $2.149 on September 10. The progression within 2026 is positive, but the consecutive annual dividend-growth streak remains 0 years. That distinction matters because a higher latest payment does not yet establish a multiyear record of annual growth.

The published annual dividend figure is $5.74 per share. At that amount, 100 shares generate $574.00 in annual dividend income before taxes and any fees. Because Kaspi.kz declares distributions in tenge, the dollar amount received by ADS holders can also vary with exchange rates.

Is the dividend covered?

The dividend represents 31% of earnings. That means most reported earnings remain outside the dividend, providing a meaningful earnings cushion if operating conditions weaken or investment requirements rise.

The ratio is also relevant given Kaspi.kz’s spending in Türkiye and the pressure that higher deposit funding costs placed on recent profitability. It indicates that the current dividend does not consume the majority of earnings, but it does not by itself measure cash conversion, foreign-exchange effects or the capital needs of the company’s fintech operations. Those factors remain important when assessing the durability of future payments.

Yield and valuation

At a share price of $93.77, Kaspi.kz’s forward yield is 6.11%. That compares with a 1.38% median forward yield for the Technology sector. The difference makes income a larger component of KSPI’s shareholder-return profile than it is for the median sector company.

The shares have recorded a 30.4% gain over one year and the company has a market value of $17.8 billion. SmarterDividends estimates fair value at $197.27 and classifies the shares as undervalued, representing 102% upside to the estimate. That valuation gap is a model output, not a forecast of the future share price.

What to watch

The next operating checkpoint is Kaspi.kz’s third-quarter update. Investors can compare performance with the full-year 2026 guidance that management reiterated in August, with particular attention to e-commerce activity, deposit funding costs and the profitability of Hepsiburada. Kaspi.kz’s second-quarter results identified those items as important drivers.

Capital allocation in Türkiye also remains central. Management has presented the dividend and targeted international investment as compatible, but future distributions will still depend on operating performance, cash generation and business obligations. The latest $2.149 payment and the 31% earnings payout ratio establish the current baseline for evaluating the next declaration.