Tuesday, 19 September 2017 05:12 GMT

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Saudi - Bank loans, credits exceed SR2 trillion

(MENAFN - Arab News) The volume of bank loans and credits rose to SR2.10 trillion in the third quarter of the current year, a surplus of SR25 billion over the loans of Q2 2013 which reached SR1.82 trillion, local media reported quoting a report by Saudi Arabian Monetary Agency (SAMA). Short-term credits (less than one year) reached SR586.71 billion whereas medium-term (1-3 years) and long-term (+ 3 years) loans stood at SR203.15 billion and SR317.81 billion, respectively, the SAMA report said. Meanwhile, consumer loans increased to SR326.88 billion in Q3, 2013 compared to SR321.16 billion in Q2, 2013 and, likewise, credit card loans rose to SR7.97 billion compared to SR7.69 billion, the report said. According to an earlier report by SAMA, the volume of consumer loans in the first quarter stood at SR307.4 billion. Loans allocated for real estate, which fall within consumer loans, reached SR43.91 billion in Q3 compared to SR41.47 billion in Q2 as loans given to purchase car and equipment stood at SR61.31 billion compared to SR61.83 in Q2, 2013, according to the report. Other loans reached SR220.48 billion compared with SR217.85 billion in Q2, 2013. The number of bank branches Kingdomwide reached 1,735 in Q3, 2013 compared to 1,722 in Q2 whereas the number of automatic teller machines (ATMs) stood at 13,516 against 13,231 in the comparable periods, the report said. On the other hand, the volume of money withdrawn through ATMs exceeded SR161.57 billion in Q3 2013 compared to SR169.13 billion in the second quarter of the current year. The Saudi banks issued 17.3 million bank cards compared to 16.9 million cards in the comparable periods, the report said. Earlier, experts warned that consumer loans, which capture nearly 80 percent of Saudi local banks' retail loan portfolio, may adversely affect the economy as these loans are not directed to boost production.
Saudi - Bank loans, credits exceed SR2 trillion

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