(MENAFN- Arab News) The volume of bank credits in the Kingdom registered a marginal growth of 0.8 percent to SR1.22 trillion by the end of August compared to SR 1.21 trillion in July 2014 according to a financial report.

Likewise medium-term credits grew by 3 percent to SR 226.5 billion by the end of August compared to SR 219.97 billion in July.

Also long-term credits rose by 0.8 percent to SR 395.98 billion compared to SR 392.79 billion the report carried by Al-Eqtisadiyah daily said.

Short-term credits jumped to SR 601.45 billion by the end of August compared to SR 601.04 billion in July 2014 or a marginal growth of 0.1 percent the report said.

Short-term credits captured the highest portion of all types of credits by the end of August at 49 percent followed by long-term and medium-terms credits at 32 percent and 19 percent respectively the report said.

Year-on-year basis bank credits grew by 11 percent (or SR121.84 billion) in August compared to figures of August 2013 which stood at SR1.10 trillion.

Growth in all types of credits contributed to overall growth in the current year's credits where long-term credits grew by 28 percent (SR87.62 billion) medium-term credits by 11 percent (SR22.09 billion) and short-term credits by 2 percent (SR12.13 billion) the report said.

It is to be recalled that short-term credits are normally provided over a period less than one year medium-term credits in 1-3 year period and long-term credits in more than 3-year period.

On the other hand the value of private sector imports funded by the local banks reached SR 20.81 billion during August compared to SR 17.23 billion in July or an increase of 21 percent.

The value of bank-funded imports since the beginning of the current year up to August reached SR 155.66 billion compared to SR 168.73 billion in the same period last year or a decrease of 7.74 percent the report said.