Riyadh – Mubasher: Retail loans in Saudi Arabia increased by the end of the fourth quarter (Q4) of 2019 by 3.8% or SAR 12.15 billion compared with Q4-18.

Commercial loans reached SAR 333.44 billion by the end of last year, compared with SAR 321.29 billion by the end of 2018, as shown by the Saudi Arabian Monetary Authority’s (SAMA) most recent data.

On a quarterly basis, loans rose by 3.45% or SAR 11.13 billion, compared with its level by the end of last September.

Loans for reconstructing and renovating proprieties accounted for the biggest share of retail loans last year, representing SAR 25.65 billion or 7.7% of the total.

Car loans came in second place with SAR 15.63 billion, recording a 6.9% decline compared to its level for the corresponding period last year.

Loans for furniture and consumer durables recorded SAR 12.46 billion, while loans for other purposes amounted to SAR 275.45 billion.

Meanwhile, credit card loans levelled up by 24.3% year-on-year (YoY) to SAR 19.05 billion, rising by 4.2% compared to its level in Q3-19.

It is worth noting that Saudi bank credit grew by 7.6% or SAR 109.77 billion in 2019, reaching a total of SAR 1.552 trillion by the end of last year.