Statement of financial position
as at 31 December 2024
KZT thousand | Note | 31 December 2024 | 31 December 2023 |
| Assets | |||
| Cash and cash equivalents | 6 | 53.631.090 | 43.800.988 |
| Amounts due from credit institutions | 7 | 2.433.970 | - |
| Loans to customers | 8 | 7.556.690 | 8.110.763 |
| Finance lease receivables | 9 | 550.252.407 | 448.423.563 |
| Inventories | 2.984.702 | 3.042.877 | |
| Current corporate income tax assets | 134.115 | 134.115 | |
| Property, plant and equipment | 861.659 | 872.477 | |
| Intangible assets | 360.931 | 412.854 | |
| VAT and other taxes receivable | 10.804.325 | 10.493.470 | |
| Advances paid | 10 | 4.004.360 | 6.371.028 |
| Coupon prepayments on debt securities issued | 14 | 9.938.789 | - |
| Investments in associates | - | 434.037 | |
| Other assets | 19 | 1.284.167 | 1.207.279 |
| Total assets | 644.247.205 | 523.303.451 | |
| Liabilities | |||
| Amounts due to the Shareholder | 11 | 12.949.396 | 17.640.752 |
| Amounts due to NMH Baiterek JSC | 12 | 13.367.595 | 12.423.531 |
| Amounts due to credit institutions | 13 | 16.183.877 | 34.080.723 |
| Debt securities issued | 14 | 343.171.310 | 210.268.288 |
| Payables to suppliers | 15 | 1.127.246 | 5.209.262 |
| Government grants | 16 | 50.355.083 | 43.518.065 |
| Deferred corporate income tax liabilities | 17 | 4.447.718 | 7.132.562 |
| Advances received | 18 | 5.131.334 | 5.013.679 |
| Other liabilities | 19 | 4.849.512 | 2.447.689 |
| Total liabilities | 451.583.071 | 337.734.551 | |
| Equity | 20 | ||
| Share capital | 102.837.204 | 102.837.204 | |
| Additional paid-in capital | 57.791.144 | 57.791.144 | |
| Reserve capital | 1.436.184 | 1.436.184 | |
| Retained earnings | 30.599.602 | 23.504.368 | |
| Total equity | 192.664.134 | 185.568.900 | |
| Total liabilities and equity | 644.247.205 | 523.303.451 | |
| Book value per ordinary share (KZT) | 20 | 1.869,98 | 1.800,48 |
Statement of profit or loss and other comprehensive income
for the year ended 31 December 2024
| KZT thousand | Note | 2024 | 2023 |
| Interest income calculated using the effective interest rate | |||
| Cash and cash equivalents | 11.537.757 | 6.786.477 | |
| Loans to customers | 298.458 | 254.663 | |
| Amounts due from credit institutions | 7.519 | 116.391 | |
| 11.843.734 | 7.157.531 | ||
| Other interest income | |||
| Finance lease receivables | 78.774.908 | 65.080.424 | |
| 78.774.908 | 65.080.424 | ||
| Total interest income | 90.618.642 | 72.237.955 | |
| Interest expense | |||
| Debt securities issued | (35.292.821) | (27.472.284) | |
| Amounts due to credit institutions | (1.941.977) | (3.450.400) | |
| Amounts due to the Shareholder | (1.763.806) | (2.228.583) | |
| Amounts due to NMH Baiterek JSC | (1.454.064) | (1.349.291) | |
| Total interest expense | (40.452.668) | (34.500.558) | |
| Net interest income | 50.165.974 | 37.737.397 | |
| Credit loss expenses | 22 | (22.741.102) | (12.075.773) |
| Net interest income after credit loss expense | 27.424.872 | 25.661.624 | |
| Other income | 23 | 466.382 | 458.981 |
| Net foreign exchange gain/(loss) | 166.847 | (440.772) | |
| Personnel expenses | 24 | (4.498.453) | (3.964.676) |
| Other operating expenses | 24 | (1.908.378) | (1.703.372) |
| Net loss from modification of loans to customers and finance lease receivables non-resulting in derecognition | (2.875.849) | (592.722) | |
| Other impairment losses and provisioning expenses | 22 | (153.717) | (488.940) |
| Non-interest expense | (8.803.168) | (6.731.501) | |
| Profit before corporate income tax | 18.621.704 | 18.930.123 | |
| Corporate income tax benefit/(expense) | 17 | 1.723.252 | (1.948) |
| Profit for the year | 20.344.956 | 18.928.175 | |
| Other comprehensive income | - | - | |
| Total comprehensive income for the year | 20.344.956 | 18.928.175 | |
| Basic and diluted earnings per ordinary share (KZT) | 20 | 197,84 | 207,62 |
Statement of changes in equity
for the year ended 31 December 2024
| KZT thousand | Share capital | Additional paid-in capital | Reserve capital | Retained earnings | Total |
| At 1 January 2023 | 82.837.204 | 57.791.144 | 1.436.184 | 14.885.880 | 156.950.412 |
| Total comprehensive income for the year | - | - | - | 18.928.175 | 18.928.175 |
| Issue of own equity instruments (shares) | 20.000.000 | - | - | - | 20.000.000 |
| Dividends declared (Note 20) | - | - | - | (10.309.687) | (10.309.687) |
| At 31 December 2023 | 102.837.204 | 57.791.144 | 1.436.184 | 23.504.368 | 185.568.900 |
| Total comprehensive income for the year | - | - | - | 20.344.956 | 20.344.956 |
| Dividends declared (Note 20) | - | - | - | (13.249.722) | (13.249.722) |
| At 31 December 2024 | 102.837.204 | 57.791.144 | 1.436.184 | 30.599.602 | 192.664.134 |
Statement of cash flows
for the year ended 31 December 2024
| KZT thousand | Note | 2024 | 2023 |
| Cash flow from operating activities | |||
| Interest received | 78.944.054 | 66.391.186 | |
| Interest paid | (46.353.714) | (30.212.765) | |
| Realised income less realised (loss) on foreign exchange operations | 44.536 | 173.589 | |
| Personnel expenses paid | (4.449.119) | (3.937.908) | |
| Other operating expenses paid | (1.620.115) | (1.450.136) | |
| Other income received | 317.674 | 170.152 | |
| Cash flows from operating activities before changes in operating assets and liabilities | 26.883.316 | 31.134.118 | |
| Net change in operating assets | |||
| Amounts due from credit institutions | (2.371.587) | 1.000 | |
| Loans to customers | 669.963 | 2.208.596 | |
| Finance lease receivables | (119.460.595) | (73.679.642) | |
| VAT and other taxes receivable | (1.749.194) | (3.129.099) | |
| Coupon prepayments on debt securities issued | (9.938.789) | - | |
| Advances paid | (29.434) | (6.209.990) | |
| Other assets | 3.121.466 | 3.616.591 | |
| Net change in operating liabilities | |||
| Advances received | 243.883 | 153.628 | |
| Government grants | 18.542.000 | - | |
| Other liabilities | 2.196.718 | (91.707) | |
| Net cash used in operating activities before corporate income tax paid | (81.892.253) | (45.996.505) | |
| Corporate income tax paid | (961.592) | (453.911) | |
| Net cash used in operating activities | (82.853.845) | (46.450.416) | |
| Cash flows from investing activities | |||
| Purchases of property, plant and equipment and intangible assets | (169.661) | (141.876) | |
| Proceeds from sales of property, plant and equipment | 23.839 | 11.636 | |
| Net cash used in investing activities | (145.822) | (130.240) | |
| Cash flows from financing activities | |||
| Proceeds from loans due to the Shareholder | 29 | (4.933.964) | (4.802.194) |
| Receipt of loans due to credit institutions | 29 | - | 30.000.000 |
| Repayment of loans due to credit institutions | 29 | (20.479.200) | (10.479.201) |
| Proceeds from debt securities issued | 29 | 175.000.000 | 30.278.337 |
| Repayment of debt securities issued | 29 | (43.933.000) | (28.952.250) |
| Proceeds from increase in share capital | - | 20.000.000 | |
| Dividends paid to the Shareholder | 29 | (13.249.722) | (10.309.687) |
| Net cash flows from financing activities | 92.404.114 | 25.735.005 | |
| Effect of changes in exchange rates on cash and cash equivalents | 426.393 | (119.434) | |
| Effect of movements in expected credit losses on cash and cash equivalents | 22 | (738) | 2.050 |
| Net increase/(decrease) in cash and cash equivalents | 9.830.102 | (20.963.035) | |
| Cash and cash equivalents at the beginning of the year | 6 | 43.800.988 | 64.764.023 |
| Cash and cash equivalents at the end of the year | 6 | 53.631.090 | 43.800.988 |