Logo of The Saudi Central Bank (SAMA)
The credit portfolio of financing firms in Saudi Arabia grew by 12% year-on-year (YoY) to nearly SAR 85 billion in 2023, data issued by the Saudi Central Bank (SAMA) showed.
Loans granted to the retail sector had the biggest contribution with 77% of the total. Meanwhile, the financing provided to micro, small and medium enterprises (MSMEs) sector came in at 20%. The corporate sector financing represented 3% of the total.
The volume of new financing reached nearly SAR 33 billion, rising 19% YoY in 2023.
The aggregate assets of financiers stood at SAR 31 billion, jumping 48% YoY.
The aggregate net income of the financing sector in Saudi Arabia dropped to SAR 1.7 billion by the end of H1 2023.
The following table shows the most important indicators of financing companies:
|
Key Indicators of Financing Companies Sector (SAR bln) |
|||
|
Indicator |
2022 |
2023 |
Growth (%) |
|
Aggregate Capital |
14.6 |
15.5 |
6% |
|
Aggregate Assets |
57.0 |
64.2 |
13% |
|
Credit Portfolio |
75.4 |
84.7 |
12% |
|
Net Income |
1.9 |
1.7 |
(11%) |
Personal finance accounted for 28% of the financing companies’ credit portfolio, or SAR 23.3 billion in 2023, followed by the residential real estate and vehicle sectors, at 27% and 25%, respectively.
The below table indicates the credit portfolio by activity for 2023:
|
Credit Portfolio by Activity |
||
|
Activity |
Value (SAR bln) |
Percentage to Total |
|
Personal Finance |
23.3 |
28% |
|
Residential Real Estate |
23.1 |
27% |
|
Vehicles |
21.2 |
25% |
|
Commercial Real Estate |
4.1 |
5% |
|
Equipment |
1.7 |
2% |
|
Credit Cards |
1.3 |
1% |
|
Other |
10.1 |
12% |
|
Total |
84.7 |
100% |
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