Saudi banks’ loan books grew 14.4% in 4Q 2024

Bank credit across all segments of the market grew 14.4% y-o-y to SAR 3.0 tn in 4Q 2024, according to the Saudi Central Bank’s (Sama) latest monthly statistical bulletin (pdf). Personal loans continued to account for the lion’s share (46.2%) of all credit handed out by local banks during the quarter, followed by corporate credit to the real estate sector, wholesale and retail trade, and electricity, gas, and water supplies.

Meanwhile, residential mortgages financed by banks hit SAR 30.2 bn during the quarter, up 53.4% y-o-y, with a total of 39.5k contracts. The total figure includes SAR 19.5 bn for houses, SAR 9.5 bn for apartments, and SAR 1.2 bn for land contracts. Mortgages have led banks’ lending growth in the Kingdom over the past five years, S&P Global said previously.

Consumer loans grew 6.6% y-o-y in 4Q 2024, reaching SAR 471.0 bn, with car loans accounting for the largest portion of this figure at SAR 11.7 bn. Home improvement loans followed in second place, with banks dishing out a total of SAR 8.9 bn for these personal loans. Consumer loans for furniture and home goods came in at SAR 8.5 bn during the quarter, while education loans hit SAR 8.2 bn.

Total credit card loans grew 15.9% y-o-y to SAR 31.4 bn in 4Q 2024.