Saudi bank deposits rise to record high in October, nears $506bln

Bank deposits hiked by 10.9% yearly in October

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam.

REUTERS/Stringer .

Riyadh –Banking deposits in Saudi Arabia rose to a record high in October 2020, marking their third successive rise.

Bank deposits amounted to SAR 1.899 trillion in October, up by 10.9% year-on-year (YoY) from SAR 1.7 trillion in the year-ago month, according to data collected by Mubasher based on official figures from the Saudi Central Bank (SAMA).

Monthly, the kingdom’s deposits rose by 1% or SAR 18.73 billion.

In the meantime, demand deposits returned to growth in October, posting a yearly rise of 12.02% to SAR 1.23 trillion.

Likewise, saving and term deposits grew by 5.3% annually to reach SAR 467.58 billion, whilst other quasi-money deposits jumped by 17.99% YoY to SAR 200.39 billion.

Moreover, bank credit hit its highest level ever after surging by 15.9% YoY to SAR 1.7 trillion. The credit-deposit ratio for October reached 92.07%.

Source: Mubasher

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