Saudi Bank Credit Records Annual Growth of Over SAR345 Billion by November 2024

Economics News

2025-02-12

Riyadh, SPA: Total bank credit granted to the public and private sectors in Saudi Arabia reached a record high of SAR2,932,460 million (over SAR2.93 trillion) by the end of November 2024, marking an annual growth of 13.3% and an increase of approximately SAR345,004 million (over SAR345 billion) compared to the same period in 2023, when it stood at SAR2,587,455 million (over SAR2.59 trillion). The total bank credit also achieved a monthly growth of 2%, with an increase of about SAR48,960 million (over SAR48 billion) compared to the end of October 2024 when it was SAR2,883,500 million (over SAR2.89 trillion), according to the Saudi Central Bank’s November 2024 Monthly Statistical Bulletin. Between January and November 2024, total bank credit grew by 12%, an increase of SAR310,734 million (over SAR310 billion) from SAR2,621,726 million (over SAR2.62 trillion) at the end of January. The credit extended to the public and private sectors was distributed across more than 17 diverse economic activities, supporting comprehensive and sustainable economic growth and contributing to the goals of the Saudi Vision 2030. Long-term credit (over three years) accounted for 48.4% of the total bank credit, valued at SAR1,419,438 million (over SAR1.42 trillion) by the end of November 2024. Short-term credit (less than one year) represented 36.7%, amounting to SAR1,076,794 million (over SAR1.08 trillion). Medium-term credit (from one to three years) made up 14.9%, with a total value of SAR436,229 million (over SAR436 billion).