IDF Eurasia Kazakhstan branch TOO OnlineKazFinance reports revenue and income growth for H1 2020

TOO OnlineKazFinance, listed on Mintos as IDF Eurasia, announced its financial results (unaudited management accounts) for H1 2020. 

  •   Net income of KZT 1.18 billion (€ 2.58 million) for the first 6 months of 2020 compared to KZT 0.23 billion (€ 0.5 million) the year before (5.5x growth)
  •   Loan book growth of 61% from the end of 2019 reaching KZT 29.5 billion (€ 64.66 million)
  •   Total revenue of KZT 5.85 billion (€ 12.82 million) compared to KZT 1.84 billion (€ 4.03 million) for H1 2019
  •   ROAE reached 35% (annualized) in H1 2020
  •   Strong resilience to the COVID-19 outbreak and business fully operational remotely
  •   NPLs are fully under control and decreasing on the back of conservative risk management policies
  •   28% Equity/Assets ratio (up from 23% at the start of the year) provides cushion during the COVID-19 turbulence


Boris Batine, the Founder of IDF Eurasia, commented:

“After the very successful 2019, the world faced COVID-19 and multiple lockdowns and quarantines across the globe. In Kazakhstan, the challenges were particularly demanding as the Government took very decisive measures to ensure the safety of the population, and also provided substantial support to the economy to mitigate the aftermath of the virus. Strict quarantine and a state of emergency together with a credit moratorium (so-called “credit holidays”) were imposed and put both the demand for credit and credit portfolio quality under pressure. Today, as the economy starts to recover, I am proud to say that we have successfully navigated through these challenges and met our main goals: sustain high portfolio quality and grow the business. Having demonstrated business resilience with 159% growth in cash-in (compared to the relevant period of 2019), we now are continuing to explore new business opportunities alongside new funding sources as we plan to issue our debut local bonds in August and negotiating additional credit facilities with local banks. I can confidently say that the future is bright for our business in Kazakhstan“.

View H1 financials

Financial Highlights 

Revenue: Revenue more than tripled (3.2x) to KZT 5.84 bn in the first 6 months of 2020 compared to the relevant period the year before. Such impressive growth represents the continuation of massive business scaling after the right “product-market-fit” was achieved in 2018 and despite COVID-19 had put pressure on the demand and offline sales channel.

Net income: Net income of KZT 1.18 bn for the first 6 months of 2020 compared to KZT 0.23 the year before had almost reached the income of KZT 1.43 bn for the full year of 2019, representing 5.5x growth of the business.

Cost management: Cost-to-Income ratio (OPEX and SG&A divided by Interest and financial services income) went down in the first 6 months of 2020 to 14% from 19% the year before on the back of great scalability of the business model which to a great extent relies on the state-of-art scoring technologies and very little incremental costs of the proprietary IT infrastructure.  

Liquidity and Capital Resources 

Interest expense totaled KZT 1.62 bn and increased in line with Revenue increase representing tripling the business. The Company’s Return on average equity (ROAE) accounted for 37% annualized evidencing a more conservative Debt-to-Equity structure with Equity reaching 28% of the total assets to provide more stability in the course of COVID-19 development.

Financial Outlook

Though the Company does not provide financial guidance, the business targets for the next 6 months of 2020 will be to continue the growth of the loan book in the consumer segment and to launch new products in the SME segment like SME unsecured lending and trade financing. Also, we plan a series of public debt placements in Kazakhstan to provide the Company with unsecured funding to enhance credit profile and also open up new funding sources.

Nowadays we see the economy in Kazakhstan is reopening from the COVID-19 outbreak and our goal is to fulfill the unlocking demand for credit to help the economic agent’s smooth and fast recovery.

At IDF Eurasia ( we empower the underbanked to become financially included by providing consumer and SME loans in Russia and Kazakhstan. Founded in 2012, we are challenging the status quo through cutting edge financial technology and customer-centric approach. Currently, we serve more than 9mln of clients having sustainability of business, responsible lending and financial inclusion at the very core of our business mission.

For more information on Kazakhstan business, please visit,


Investor Relations:

Ivan Savelyev,

[email protected]


 Media Inquiries:

Kirill Krasnuk,

[email protected]


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