Saudi banking assets hit record SR4.94 trillion

Saudi Arabia’s commercial banks have reported a historic rise in total assets, reaching SR4.94 trillion at the end of October, the highest level ever recorded and edging closer to the SR5 trillion mark. The figures, disclosed in a recent government report, highlight the accelerating expansion of the Kingdom’s financial sector, Okaz Arabic newspaper reported.

The surge reflects the robustness of the Kingdom’s economic performance and the continued momentum generated by Vision 2030 projects, alongside the steady growth in financing and investment activities.

According to the report, private sector liabilities topped the list of assets at SR3.14 trillion, signalling strong demand for corporate and consumer lending. Liabilities to government and quasi-government entities rose to SR895.26 billion, while foreign assets held by banks reached SR433.03 billion, demonstrating ongoing diversification and international exposure.

Bank reserves at the Saudi Central Bank (SAMA) stood at SR167.65 billion, with additional deposits of SR23.17 billion. Treasury bills totalled SR24.03 billion, liabilities to banks reached SR49.61 billion, and fixed assets amounted to SR54.65 billion. Other classified assets were valued at SR136.97 billion, while cash on hand stood at SR20.08 billion.

Collectively, these indicators point to the strongest recovery and growth trajectory the Saudi banking sector has witnessed, supported by vigorous economic activity and unprecedented levels of national investment.

Story by Gulf News