Saudi bank credit records growth by more than 345 billion riyals by the end of November 2024

The total bank credit granted to the public and private sectors in the Kingdom reached its highest peak at 2,932,460 million riyals by the end of November 2024, achieving an annual growth of 13.3%, and an increase of about 345,004 million riyals, compared to the same period in 2023, when it amounted to 2,587,455 million riyals.

The total bank credit also achieved a monthly growth of 2%, and an increase of about 48,960 million riyals, compared to the end of October of the same year, when it amounted to 2,883,500 million riyals, according to data from the monthly statistical bulletin for November 2024, issued by the Saudi Central Bank.

Comparing bank credit levels from January to the end of November 2024, the total recorded a growth of 12%, with an increase of about 310,734 million riyals, as it amounted to 2,621,726 million riyals at the end of January.

The bank credit granted to the public and private sectors was distributed over more than 17 diverse economic activities to become supportive and enhancing in achieving comprehensive and sustainable economic growth, and contributing to the goals of the Kingdom’s Vision 2030.

Long-term bank credit (for more than 3 years) constituted 48.4% of the total credit, with a value of 1,419,438 million riyals by the end of November 2024, while short-term bank credit (less than a year) represented 36.7% of the total credit, with a value of 1,076,794 million riyals.

Medium-term bank credit (from one to three years) represented 14.9% of total credit, with a value of 436,229 million riyals.