Mubasher - Mr. Jamal: The value of personal loans in the Kingdom of Saudi Arabia increased by 4.59% year-on-year at the end of the third quarter of 2024, with an increase of 21.61 billion riyals compared to its value at the end of the same quarter last year .

The value of cumulative personal loans in the Kingdom (facilities provided by commercial banks to natural persons for the purpose of financing personal and consumer needs and for non-commercial purposes) amounted to 492.56 billion riyals by the end of the third quarter of 2024, compared to 470.94 billion riyals at the end of the same quarter of 2023; according to statistics prepared by "Mubasher" based on data from the Saudi Central Bank "SAMA " .

Personal loans are divided into consumer loans, which represent the largest percentage of personal loans, at 93.86%, in addition to credit card loans, which represent 6.14%, noting that credit card loans exclude real estate financing, financial leasing, and financing granted for the purpose of trading in stocks .

On a quarterly basis, the value of personal loans (consumer loans and credit card loans) increased by about 2.1%, equivalent to 10.2 billion riyals, by the end of the third quarter of 2024, compared to its value in the previous quarter of the same year, which amounted to 482.36 billion riyals .

During the first 9 months of 2024, the volume of personal loans granted amounted to 23.66 billion riyals, as the total loans increased by 5.05% compared to their value at the end of the fourth quarter of 2023, which amounted to 468.9 billion riyals .

It is noteworthy that personal loans are one of the types of credit loans provided by banks and other credit institutions, but personal loans differ from other loans; this is because the loan is provided for a specific purpose, usually for personal expenses .

462 billion riyals total consumer loans

The value of cumulative consumer loans in Saudi Arabia increased by about 4% by the end of the third quarter of 2024 on an annual basis, with a growth of 17.84 billion riyals compared to its value at the end of the same quarter last year .

The total value of consumer loans in the Kingdom amounted to 462.29 billion riyals by the end of the third quarter of 2024, compared to 444.45 billion riyals by the end of the corresponding quarter of 2023 .

Consumer loans include several sectors; most notably loans for real estate renovation and improvement, loans for cars and personal transportation, loans for furniture and durable goods, education, health care, tourism and travel, and others .

The value of car and personal transportation loans amounted to 11.93 billion riyals by the end of the third quarter of this year, compared to 11.06 billion riyals in the corresponding quarter of 2023, an increase of 7.8% on an annual basis .

The value of loans for real estate restoration and improvement amounted to 9.47 billion riyals, down by 15.95% from its value at the end of the third quarter of 2023, which amounted to 11.26 billion riyals .

Furniture and durable goods loans amounted to 8.27 billion riyals, education 8.2 billion riyals, tourism and travel 1.01 billion riyals, and health care 482 million riyals by the end of the third quarter of 2024 .

Other loans accounted for 91.48% of the value of cumulative consumer loans in the Kingdom by the end of the third quarter of 2024, amounting to 422.93 billion riyals, recording a growth of 4.25% on an annual basis, compared to 405.69 billion riyals in the corresponding quarter of 2023 .

On a quarterly basis, the value of consumer loans increased during the third quarter of 2024 compared to its value in the second quarter of the same year, which amounted to 412.93 billion riyals, rising by about 2.4%, equivalent to 9.99 billion riyals .

Credit card loans up 14%

In contrast, total credit card loans increased by 14.2% by the end of the third quarter of 2024 on an annual basis, to 30.27 billion riyals, compared to 26.49 billion riyals in the corresponding quarter of 2023; an increase of 3.77 billion riyals .

Credit card loans increased by about 0.76%, equivalent to 228 million riyals, by the end of the third quarter of 2024, compared to their value of 30.04 billion riyals at the end of the second quarter of the same year .