stc Bank reports record profit margins in Q4 2023

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 (%)
Item	Q4	Q1	Q2	Q3	Q4	Change (%)
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)
Item	2022	2023				Change (%)
Item	Q4	Q1	Q2	Q3	Q4	Change (%)
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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