Logo of stc pay
stc Bank, 85%-owned by Saudi Telecom Co. (stc), achieved record profit margins in Q4 2023, rising by 20.6% to reach 32.8%, compared to 12.3% the previous year.
This surge was attributed to a reduction in direct costs of revenues, which decreased by more than 23% compared to Q4 2022, as a result of cancelling some promotional offers by the bank such as bank transfer fees.
Revenues also saw a slight increase, reaching SAR 294.6 million in Q4 2023, compared to SAR 293.3 million in the year-ago period.
|
Financial Results (SAR mln) |
||||||
|
Item |
2022 |
2023 |
Change (%) |
|||
|
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
||
|
Revenues |
293.3 |
223.6 |
244.9 |
299.9 |
294.6 |
+1% |
|
Direct Costs |
(257.4) |
(176.5) |
(249.4) |
(231.6) |
(197.9) |
(23.1%) |
|
Gross Profits |
36.0 |
47.1 |
(4.5) |
68.3 |
96.8 |
+169% |
|
Gross Profits Margins (%) |
12.3% |
21.1% |
(1.8%) |
22.8% |
32.8% |
+20.6% |
On the other hand, the bank's assets plunged by more than 32% to SAR 5.02 billion by the end of 2023.
Customer deposits jumped by about 42% to SAR 2.53 billion by the end of 2023, compared to SAR 1.78 billion by the end of 2022.
|
Assets & Deposits (SAR mln) |
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|
Item |
2022 |
2023 |
Change (%) |
|||
|
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
||
|
Assets |
3807.6 |
4017.4 |
5724.1 |
4814.8 |
5028.9 |
+32% |
|
Customer Deposits |
1781.1 |
1767.2 |
3692.5 |
2608.9 |
2532.9 |
+42% |
|
Liabilities |
2784.9 |
3228.4 |
5218.9 |
4428.6 |
4116.5 |
+48% |
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