‎stc Bank achieves record revenues in Q3 2024

Profit margins improved for the second consecutive quarter, increasing by 5.6% year-on-year (YoY) to 28.4% in Q3 2024. Direct costs of revenue also contributed to the margin expansion due to the bank’s continued reduction of promotional offers, most notably the introduction of fees on bank transfers.

Financial Results (SAR mln)

Item

2023

2024

Change (%)

Q3

Q4

Q1

Q2

Q3

Revenues

299.9

294.6

300.0

303.7

320.2

+7%

Direct Costs

(231.6)

(197.9)

(246.7)

(233.5)

(229.4)

(1%)

Gross Profits

68.3

96.8

53.4

70.2

90.8

+33%

Gross Profits Margins (%)

22.8%

32.8%

17.8%

23.1%

28.4%

+5.6%

On the other hand, the bank’s assets, Customer deposits, and liabilities plunged 5% YoY in Q3 2024

Assets Deposits (SAR mln)

Item

2023

2024

Change (%)

Q3

Q4

Q1

Q2

Q3

Assets

4814.8

5028.9

5357.0

5022.9

4563.5

(5%)

Customer Deposits

2608.9

2532.9

3023.2

2821.2

2473.9

(5%)

Liabilities

4428.6

4116.5

4688.1

4637.0

4196.5

(5%)

Profit margins improved for the second consecutive quarter, increasing by 5.6% year-on-year (YoY) to 28.4% in Q3 2024. Direct costs of revenue also contributed to the margin expansion due to the bank’s continued reduction of promotional offers, most notably the introduction of fees on bank transfers.

Financial Results (SAR mln)

Item

2023

2024

Change (%)

Q3

Q4

Q1

Q2

Q3

Revenues

299.9

294.6

300.0

303.7

320.2

+7%

Direct Costs

(231.6)

(197.9)

(246.7)

(233.5)

(229.4)

(1%)

Gross Profits

68.3

96.8

53.4

70.2

90.8

+33%

Gross Profits Margins (%)

22.8%

32.8%

17.8%

23.1%

28.4%

+5.6%

On the other hand, the bank’s assets, Customer deposits, and liabilities plunged 5% YoY in Q3 2024

Assets Deposits (SAR mln)

Item

2023

2024

Change (%)

Q3

Q4

Q1

Q2

Q3

Assets

4814.8

5028.9

5357.0

5022.9

4563.5

(5%)

Customer Deposits

2608.9

2532.9

3023.2

2821.2

2473.9

(5%)

Liabilities

4428.6

4116.5

4688.1

4637.0

4196.5

(5%)