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Saudi bank deposits rise 7.3% in 2019

Saudi bank deposits rise 7.3% in 2019
Saudi Arabian Monetary Authority (SAMA)

Riyadh – Mubasher: Banking deposits in Saudi Arabia recorded an annual growth of 7.3% or SAR 122.47 billion during 2019, according to official data.

Bank deposits registered SAR 1.795 trillion last year, compared with SAR 1.674 trillion in 2018, as shown by the data of the Saudi Arabian Monetary Authority (SAMA).

Demand deposits made up 61.2% of the total, growing by 5.6% year-on-year (YoY) or SAR 58.49 billion, to a total of SAR 1.099 trillion.

Meanwhile, saving and term deposits increased by 13.2% YoY in 2019 to SAR 501.67 billion.

Furthermore, similar growth was seen in bank credit last year, as the Saudi central bank data showed a 7.6% YoY growth, equal to SAR 109.77 billion, to a total of SAR 1.552 trillion, compared with SAR 1.443 trillion in 2018.

Long-term credit surged by 26.7% or SAR 134.77 billion to SAR 634.64 billion by the end of 2019, while medium and short-term credit rose by 2.9% and 4.4%, respectively.

The credit-deposit ratio for 2019 registered 86.44%.