RIYADH: 海角直播鈥檚 finance companies witnessed a 13 percent year-on-year surge in total assets to SR64.2 billion ($17.12 billion) in 2023, newly released data from the Kingdom鈥檚聽central bank has revealed.
The figures show that amid increased investment activities and favorable economic conditions, the paid-up share capital for these firms also聽surged by 6 percent聽compared to 2022 to聽reach聽SR15.5 billion.
The聽bank, also known as SAMA,聽highlighted that the total financial portfolio of these institutions increased by 12 percent year-on-year to SR84.7 billion in 2023.聽
According to the report, the overall net income of these companies in the Kingdom stood at SR1.7 billion last year.聽聽
Additionally, the total assets of the real estate refinancing sector witnessed an increase of 48 percent, reaching SR31 billion in 2023.聽聽
In terms of loan portfolio classification, the retail sector accounted for the largest share at 77 percent, followed by the micro, small and medium enterprises sector at 20 percent, and the corporate sector at 3 percent.聽聽
Highlighting the progress of Saudization in the sector, the report revealed that over 80 percent of the employees working in financial companies in the Kingdom are Saudis.聽聽
鈥淏y the end of 2023, the number of employees working in finance companies exceeded 6,000 employees where Saudis accounted for 86 percent of the total number of employees,鈥 said SAMA.聽聽
In May, another report released by the Kingdom鈥檚 Small and Medium Enterprises General Authority said that finance companies in 海角直播 provided loans amounting to $4.6 billion in the last three months of 2023, marking a year-on-year rise of 9.3 percent.聽聽
On the other hand, banks in 海角直播 provided credit facilities worth $68.9 billion in the final quarter of 2023, representing a rise of 21.1 percent compared to the same period of the previous year.聽聽
In its May monthly statistical bulletin聽the central bank聽revealed that聽Saudi banking sector鈥檚 loans increased to SR2.68 trillion in April, marking an 11 percent increase compared to the same month of the previous year.聽
According to SAMA, personal loans constituted 47 percent of banks鈥 total lending, with corporate loans making up the remaining 53 percent.聽聽
