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Saudi consumer debts up 5.3% in Q2

Saudi consumer debts up 5.3% in Q2
The consumer debts for Q2-20 came in at SAR 335.77 billion

Riyadh – Mubasher: The overall value of consumer debts in Saudi Arabia increased by 5.3% year-on-year (YoY) in the second quarter (Q2) of 2020, equivalent to SAR 16.89 billion.

The consumer debts for the April-June period of the year came in at SAR 335.77 billion, compared with SAR 318.88 billion in the same period a year ago, according to data collected by Mubasher based on official figures by the Saudi Arabian Monetary Authority (SAMA).

Quarter-on-quarter (QoQ), the debts surged by SAR 118 million when compared to their level in Q1-20 to SAR 335.65 billion.

In the first half (H1) of 2020, the value amounted to SAR 2.33 billion, an increase of 0.7% from SAR 333.44 billion at the end of 2019.

Credit card loans up 20% in Q2

During Q2-20, credit card loans, excluding mortgage loans, financial leasing, and loans granted for stock trading purposes, posted a 20.1% annual growth to stand at SAR 20.08 billion from SAR 16.72 billion in Q2-19.

QoQ, the value of the above-mentioned loans rose 1.05% when compared to the Q1-20 level of SAR 20.29 billion.

Furthermore, Saudi bank credit jumped 13.2% YoY or SAR 194.91 billion in Q2-20 to record SAR 1.672 trillion, compared with SAR 1.477 trillion in the corresponding period a year ago.