stc pay’s revenue up 25% to cross SAR 1 bln in 2022

Logo of stc pay

stc pay, which is 85% owned by stc, reported revenues of SAR 1.04 billion in 2022, a 25% increase from nearly SAR 834 million a year earlier. 

Assets grew 19% to SAR 3.80 billion during 2022 from SAR 3.21 billion in 2021.

Meanwhile, customers’ deposits rose to SAR 1.78 billion by the end of 2022 from SAR 1.19 billion a year earlier.

In terms of local market competition, Al Rajhi Bank indicated that Urpay e-wallet, an affiliate of Saudi Central Bank (SAMN)-licensed digital solutions company neoleap, achieved profits during 2022 after exceeding revenue, operating income and net profit targets. This makes the firm qualified to raise its local market share during 2023.

The number of wallet users surpassed three million users in conjunction with the addition of several products and financial technology (FinTech) services, Al Rajhi Bank said.