Riyadh – Mubasher: Deposits at banks operating in Saudi Arabia increased by 4.76% year-on-year or SAR 75.85 billion in May.

Total deposits amounted to SAR 1.669 trillion by the end of May, from SAR 1.593 trillion in the same month a year earlier, the Saudi Arabian Monetary Authority (SAMA) said.

Demand deposits rose 2.5%, reaching SAR 1.057 trillion in May, versus SAR 1.031 trillion in the prior-year period, the Saudi central bank’s figures showed.

Time and savings deposits levelled up 4.3% year-on-year, or SAR 33.52 billion, recording SAR 439.17 billion last May.

On the other hand, quasi-monetary deposits jumped 10.5% to SAR 173.19 billion in May, against SAR 156.67 billion in the prior-year period.

Month-on-month, Saudi Arabia’s bank deposits inched up 1.2%, or SAR 20.05 billion, in April.

Bank credit 

The kingdom’s bank credit levelled up 3.75% year-on-year, or SAR 53.15 billion, to SAR 1.469 trillion during May, from SAR 1.416 trillion.

The rise of bank lending in the GCC nation was attributed to a 19.97% increase in long-term credit, reaching SAR 522.26billion, compared to SAR 435.33 billion in May 2018.

Short-term credit levelled down 0.78% year-on-year to SAR 713.82 billion during May.