Saudi bank credit records growth during 2024 by more than 371 billion riyals

The total bank credit granted to the public and private sectors in the Kingdom reached its highest peak at 2,955,550 million riyals by the end of 2024, achieving an annual growth of 14.4%, and an increase of more than 371 million riyals, compared to 2023, when it amounted to 2,583,698 million riyals.

The total bank credit recorded a quarterly growth at the end of the fourth quarter of 2024 by 4%, and an increase of about 102,411 million riyals, compared to the end of the third quarter of the same year, which amounted to 2,853,139 million riyals, according to what was stated in the monthly statistical bulletin issued by the Saudi Central Bank for the month of December 2024.

Total bank credit also achieved a monthly growth of nearly 1% by the end of December 2024, with an increase of more than 23 billion riyals, compared to the end of November of the same year, when it amounted to 2,932,460 million riyals. Comparing the levels of bank credit from January to the end of December 2024, the total recorded a growth of 12.7%, with an increase of about 333,824 million riyals, when it amounted to 2,621,726 million riyals by the end of January. Bank credit granted to the public and private sectors is distributed over more than 17 diverse economic activities to become a supporter and enhancer in achieving comprehensive and sustainable economic growth, and a contributor to the goals of the Kingdom’s Vision 2030.

Long-term bank credit (for more than 3 years) constituted 48.7% of total credit, with a value of 1,439,383 million riyals by the end of 2024, while short-term bank credit (less than one year) represented 36.3% of total credit, with a value of 1,071,741 million riyals.

Medium-term bank credit (from one to 3 years) represented 15% of total credit, with a value of 444,426 million riyals.