S. Arabia’s bank credit reaches record SAR2.82t

Saudi Arabia’s bank credit hit a record high of SAR2.82 trillion by the end of August 2024, according to the Saudi Central Bank (SAMA). This represents a 12.1 per cent annual increase, with an additional SAR305 billion compared to August 2023. Month on month (MoM), credit grew by 1.2 per cent, adding SAR33.5 billion since July.

Lending across 17 economic sectors has supported the Kingdom’s Vision 2030 goals. Long-term loans (over 3 years) accounted for 47 per cent of the total, rising 8.7 per cent year on year (YoY) to SAR1.32 trillion. Short-term loans (under 1 year) comprised 38 per cent, up 14 per cent to SAR1.07 trillion, while medium-term loans (1-3 years) increased by 19 per cent to SAR426 billion.

Attribution: Saudi Press Agency (SPA)

Subediting: M. S. Salama