Saudi Bank Credit Reaches Record High Surpassing SAR 2.8 Trillion

Bank credit in Saudi Arabia hit a new record by the end of August 2024, surpassing SAR 2.8 trillion, according to the Saudi Central Bank (SAMA). This reflects a 12.1% annual growth rate, with a rise of SAR 305 billion compared to the same period last year. Monthly growth was recorded at 1.2%, adding SAR 33.5 billion since July.

The surge in credit, distributed across 17 economic sectors, is key to driving the Kingdom’s sustainable growth and supporting Saudi Vision 2030. Long-term loans, exceeding three years, made up 47% of total credit, reaching SAR 1.32 trillion, an 8.7% rise from 2023. Short-term loans accounted for 38%, while medium-term loans, with the fastest growth rate of 19%, represented 15%.