According to official figures, Saudi Arabia’s banking sector loans grew to SR2.75 trillion ($733.82 billion) in June, representing an annual growth of 11.35 percent.
According to an analysis published by SAMA, the Saudi Central Bank, personal loans made up 47% of the total lending in the month, while corporate credit accounted for 53%.
According to Fitch, despite a slowdown in the retail mortgage market, finance growth in the Kingdom is expected to reach almost 10% in 2024 due to persistent demand for corporate and wholesale credit.
Furthermore, banks may start to profit from direct lending chances to the nation’s giga-projects around 2024.
According to the SAMA study, personal loans, which include all forms of credit given to individuals, amounted to SR1.29 trillion, representing a 7% annual growth.
The bulk of corporate finance exchanges were awarded for real estate-related projects, and during this time they grew by 26% to reach SR286.29 billion in June.
Lending for retail and wholesale trade came next, accounting for SR195.87 billion, or 13 percent of the company’s holdings. During this time, there was an 8% increase in claims in this category.
A 1 percent increase over the same month last year was seen in the 12 percent portion, or SR175.24 billion, that went toward lending for manufacturing activities.
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