Subordinated Debt

12 Months Ended

Dec. 31, 2025

20.

Subordinated debt


	Currency	Maturity date	Nominal interest rate, %		2024		2025

Third bond program – fourth issue	KZT	June 2025		10.7		62,278		—
Debt component of preference shares	KZT	n/a	n/a			138		161

Total subordinated debt						62,416		161

On 10 July 2025, the Bank fully repaid its outstanding subordinated debt under the fourth issue of third bond program.

The debt component of preference shares relates to subsidiary Kaspi Bank JSC, and is held by the non-controlling interest. As at 31 December 2024 and 2025, accrued interest of KZT 3,179 million and KZT Nil, respectively, was included in subordinated debt.

All subordinated debt are recorded at amortized cost as at 31 December 2024 and 2025. 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 2024 and 2025.

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 2024		Financing cash flows			Foreign exchange movement		Changes in amortized cost		2024

Debt securities issued		99,468		(48,769	)		—		351		51,050
Subordinated debt		62,369		—			—		47		62,416


						Non-cash changes
	1 January 2025		Financing cash flows			Foreign exchange movement			Changes in amortized cost			2025

Debt securities issued		51,050		277,051			(709	)		4,600			331,992
Subordinated debt		62,416		(59,103	)		—			(3,152	)		161