Saudi commercial banks’ deposits grew in June at highest rate in past 16 months

RIYADH: Saudi commercial banks’ deposits grew by SR53.5 billion ($14.2 billion) in June, the Saudi Central Bank, also known as SAMA, revealed on Sunday. 

The aggregate sum of time and savings deposits surged 8.7 percent year on year, the highest rate of change since February 2021.

The time and saving deposits at commercial banks grew to SR1.93 trillion, data compiled by Arab News showed.

On a month-on-month basis, it grew 2.8 percent, the fastest monthly rate of change seen since January 2014.

Additionally, the banks’ claims on the private sector grew in June by SR272.3 billion from the same month a year ago to SR2.21 trillion. 

Banks’ claims on the sector increased 14.1 percent from SR1.9 trillion in May 2021, data published by SAMA revealed.   

 Looking at the month-on-month changes, claims in the private sector grew in June by SR37.3 billion to SR2.21 trillion. The claims on the sector increased by 1.7 percent from SR2.17 trillion in May, according to data compiled by Arab News.

Saudi commercial banks’ assets grew by SR117.1 billion over the same period to SR3.53 trillion. Total assets increased by 3.4 percent from SR3.41 trillion in May, the highest monthly rate of change since October 2004, data compiled by Arab News show.  

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