Bank lending to the public and private sectors in the Kingdom achieved record levels, considered the highest historically, reaching approximately 2,824,780 million riyals by the end of August 2024, with an annual growth rate projected at 12.1%, which There is an increase of approximately 305,023. billion riyals, while it was 2,519,756 million riyals in the same period last year.
According to data from the Central Bank's monthly statistical bulletin, bank credit also recorded a monthly increase of about 1.2% compared with July of the same year, amounting to 2,791,301 million riyals, an increase of about 33,478 billion riyals. Saudi Arabia for the month of August 2024.
Bank credit has seen an increase since the beginning of the year, with the value exceeding 203 billion riyals, reaching 2,621,726 million riyals at the end of January this year.
Bank loans to the public and private sectors were distributed across more than 17 diverse economic activities to support and enhance achieving broad and sustainable economic growth and contribute to the goals of the Kingdom's Vision 2030.
Long-term bank loans (for more than 3 years) accounted for 47% of total loans granted, valued at approximately 1,324,161 million riyals at the end of August 2024, achieving an annual growth of 8.7% compared to 1,217,880 million riyals. It exceeded 106 billion riyals in the same period in 2023.
While short-term bank loans (less than one year) represent 38% of total loans, valued at approximately 1,074,234 billion riyals, achieving an annual growth of 14%, compared to 943,119 billion riyals for the same period in 2023. With an increase value of more than 131,115 billion riyals.
While medium-term bank loans (one to three years) accounted for 15% of total loans, valued at approximately 426,384 billion riyals, achieving an annual growth of 19% compared to 358,757 billion riyals for the same period. Year 2023, with growth value more than 67 billion.