Credit card loans in the Kingdom rose in Q3 to 30.3 billion riyals

Total credit card loans in the Kingdom rose by 14.3% to 30.3 billion riyals by the end of the third quarter compared to 26.5 billion riyals in the same quarter last year, according to data issued by the Saudi Central Bank.

Credit card loans in the Kingdom recorded an increase of 15.7% at the end of the first quarter of 2024, reaching 27.2 billion riyals, compared to 23.5 billion riyals in the same quarter last year, and reached 30 billion riyals at the end of the second quarter, and increased to 30.3 billion riyals at the end of the third quarter of this year.

According to data from the Saudi Central Bank, credit card loans in the Kingdom amounted to about 23.5 billion riyals at the end of the first quarter of 2023, rose to 24.9 billion riyals at the end of the second quarter, reached 26.5 billion riyals at the end of the third quarter, and increased to 27 billion riyals at the end of the fourth quarter of 2023. Credit card loans in the Kingdom witnessed a significant increase at the end of the third quarter, reaching their highest value in 5 years at 30.3 billion riyals, as the value of credit card loans was 19 billion riyals in 2019, decreased to 18.3 billion riyals in 2020, increased by 19.4 billion riyals in 2021, reached 23 billion riyals in 2022, and in 2023 recorded 27 billion riyals.