KSA, 01 October, 2024 : The Saudi Central Bank (SAMA) published its 2024 Financial Stability Report, affirming the resilience of the Saudi financial system despite global uncertainties in 2023. The report highlighted the Kingdom's economic progress, with non-oil activities contributing 49.9% to GDP, growing by 4.4%.
Saudi banks remained strong, with a capital adequacy ratio of 20.1% and continued credit growth, driven by a 13.2% rise in corporate lending. Non-banking financial institutions also saw growth, with lending by finance companies increasing by 12.3% to SAR 84.7 billion.
SAMA also emphasized its efforts to promote innovative payment solutions while ensuring security. The full report is available on SAMA’s website.
Source : www.sama.gov.sa
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