Saudi Bank Credit Achieves Over SAR 345 Billion Annual Growth By November 2024

By November 2024, bank credit in Saudi Arabia's public and private sectors reached SAR2,932,460 million. This marks a 13.3% annual increase, adding SAR345,004 million compared to the same period in 2023 when it was SAR2,587,455 million. The Saudi Central Bank's November 2024 Monthly Statistical Bulletin highlighted this growth.

From January to November 2024, bank credit expanded by 12%, rising by SAR310,734 million from SAR2,621,726 million at January's end. This growth supports the Saudi Vision 2030 goals by fostering sustainable economic development across various sectors.

The credit allocation spanned over 17 different economic activities. This distribution aims to bolster comprehensive economic growth and align with the objectives of Saudi Vision 2030. Such diversification is crucial for maintaining a balanced and resilient economy.

Long-term credit (over three years) made up 48.4% of total bank credit by November 2024. It was valued at SAR1,419,438 million. Short-term credit (less than one year) accounted for 36.7%, amounting to SAR1,076,794 million.

In November alone, there was a monthly growth of 2%, with an increase of about SAR48,960 million from October's figure of SAR2,883,500 million. This steady monthly rise indicates ongoing confidence in the financial sector.

Medium-term credit (one to three years) comprised 14.9% of the total bank credit by the end of November 2024. Its value stood at SAR436,229 million. This segment plays a vital role in supporting medium-term projects and investments.

The overall increase in bank credit reflects a robust financial environment in Saudi Arabia. It highlights the country's commitment to achieving its long-term economic goals through strategic financial planning and support for diverse economic activities.

With inputs from SPA