Saudi banks' credit card loans surge 14 per cent

RIYADH, Nov 03 (Arab News): Credit card loans by Saudi banks hit a record high of SR30.27 billion ($8.07 billion) in the third quarter of 2024, according to recent data.
Figures by the Saudi Central Bank, also known as SAMA, showed that this marked a 14.24 per cent rise compared to the same period last year.
Consumer loans, excluding real estate financing, finance leasing, and margin lending, reached SR462.29 billion, reflecting a 4.01 per cent increase.
Among these, education lending experienced the highest growth, rising by 16 per cent to SR8.24 billion.
Loans for vehicles and private transportation constituted the largest share within the sectors identified by SAMA, accounting for 3 per cent of the total at SR11.93 billion.
Notably, the majority - 91 per cent - of consumer loans were categorized as "Others."