Riyadh – Mubasher: Saudi deposits increased by 2.1% year-on-year, or SAR 33.7 billion ($8.99 billion), in the third quarter of 2018, recording SAR 1.636 trillion ($436.4 billion), from SAR 1.063 trillion ($427.4 billion), Saudi Arabian Monetary Authority’s (SAMA) data showed.
The growth of bank deposits was attributed to a 4.5% year-on-year rise in demand deposits to SAR 1.022 trillion in Q3-18, versus SAR 977.85 billion during the year-ago period, the central bank added.
On the other hand, time and saving deposits decreased by SAR 44.42 billion or 9.4%, reaching SAR 426.3 billion from July to September, compared to SAR 470.72 billion in Q3-17.
In the first ten months of 2018, Saudi bank deposits rose SAR 17.43 billion or 1.1%, compared to its value of SAR 1.619 trillion by the end of Q4-17.
Bank lending grows
The Kingdom’s bank lending rose SAR 21.39 billion or 1.5% to SAR 1.43 trillion in Q3-18, compared to SAR 1.408 trillion during Q3-17.
Year-on-year, an increase by SAR 66.76 billion or 15.6% in long-term bank credit boosted the GCC country’s bank lending during the three-month period ended September.
Long-term bank credit amounted to SAR 494.43 billion from July to September this year, compared to SAR 427.67 billion in the same period last year.
On the flipside, medium-term credit fell 10.4% to SAR 230.52 billion during Q3-18, compared to SAR 257.74 billion in the same period a year earlier.
Short-term bank credit decreased by 2.6% to SAR 705.28 billion in Q3-18, from SAR 723.93 billion during Q3-17.
