Saudi bank credit increased to 2.68 trillion riyals at the end of April, up 11%

Saudi bank credit granted to the public and private sectors in the Kingdom continued to achieve record levels, considered the highest historically, by the end of April 2024, reaching about 2.68 trillion riyals, achieving annual growth of an estimated 11%, an increase amounting to about 265,397 billion riyals, compared to 2,417,965 million riyals for the same similar period. From the previous year, according to data from the monthly statistical bulletin of the Central Bank of Saudi Arabia for the month of April 2024.

The bank credit volume also recorded a monthly increase of 0.6%, compared to the previous month of this year, an increase amounting to about 15,283 billion riyals.

The credit hit its highest monthly increase in January 2024, with a value exceeding 38 billion riyals, reaching 2,621,726 million riyals, compared to the level of 2,583,698 million riyals at the end of December 2023.

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

The volume of long-term bank credit (for more than 3 years) recorded 48.4% of the total bank credit granted, with a value amounting to about 1,297,889 million riyals by the end of April 2024, achieving an annual growth of 8% compared to 1,199,618 million riyals for the same similar period in the year 2023. With an increase value exceeding 98 billion riyals.

The short-term bank credit volume (less than a year) reached 36.2%, with a value of about 972,173 billion riyals, achieving an annual growth of 9.2% compared to 890,396 billion riyals for the same similar period in 2023, with an increase value exceeding 81 billion riyals.

While the volume of medium-term bank credit (from one to three years) achieved a rate of 15.4%, with a value amounting to about 413,301 billion riyals, achieving an annual growth of 26% compared to 327,951 billion riyals for the same similar period in the year 2023, with an increase value exceeding 85 billion riyals.