Salman Ali's questions to Kaspi.kz AO (KSPI) leadership • Q1 2025
Question
Salman Ali asked how Kaspi's 18% deposit rate compares to competitors in the market and whether the central bank's plan to increase reserve requirements could trigger another rise in deposit costs across the banking system.
Answer
CEO Mikheil Lomtadze responded that Kaspi aims for attractive, but not necessarily the highest, deposit rates, competing on the superior consumer experience of its mobile application. He clarified that the impact from higher reserve requirements is on net income, as the reserves are interest-free, rather than being a liquidity issue that would necessitate raising deposit rates further.