(MENAFN) The volume of consumer loans given by Saudi local banks hit the highest record when it grows 7 percent to reach USD95.34 billion in the third quarter of 2014, compared to USD89.14 billion in the same period a year earlier, a financial report showed, Arab News reported.
The consumer loans grew by 32 times in a 17-year period where the stood at USD2.98 billion in 1998, or more than 3.100 percent, the report said.
In addition to credit card loans, consumer loans are composed of three major sections, which are meant to purchase cars and equipment, property and other consumer items, the report said.
Loans given to purchase car and equipment captured 20 percent of the total consumer loans by the end of the third quarter of 2014, at USD18.68 billion whereas property loans captured at USD9.98 billion. Meanwhile, USD64.06, the report said.
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