Commercial banks’ lending to Saudi private sector up $6.42bln in October

This corresponded to a monthly growth rate of 1.2% from the previous month’s $530bln in September

  
Saudi riyal. Image used for illustrative purpose.

Saudi riyal. Image used for illustrative purpose.

Getty Images
MOSCOW: Commercial banks’ October lending to the private sector grew by SR24.1 billion ($6.42 billion) from a month ago to SR2 trillion, data published by Saudi Arabia’s central bank on Sunday revealed.

This corresponded to a monthly growth rate of 1.2 percent from the previous month’s SR1.99 trillion in September.

On the other hand, commercial banks’ lending to the government and quasi-government entities sector fell by a monthly SR13.1 billion to reach SR546.9 billion, reflecting a decline rate of 2.3 percent.

Looking at the banks’ total assets, official data showed that they grew by SR42.1 billion compared to the previous month to hit SR3.19 trillion. The monthly growth rate stood at 1.3 percent.

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