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Personal loans in Saudi Arabia increased at the end of the second quarter of the year to about 339.2 billion riyals, against about 337.7 billion riyals at the end of the first quarter of the same year, registering an increase of 0.4%, or 1.5 billion riyals.
According to the analysis of the unit of reporting in the newspaper "Economic", based on data from the Saudi Monetary Agency (SAMA), the rise in consumer loans in the second quarter of 2019 is occurred after a fall for two consecutive quarters.
Consumer loans decreased by 1.6% (5.5 billion SAR) at the end of the fourth quarter of 2018, against 344.4 billion SAR at the end of the third quarter of the same year, and 0.4 % (1.3 billion SAR) in the first quarter of 2019. To 337.7 billion riyals.
Consumer lending jumped in the third quarter of last year, before the principles of responsible retail financing were implemented on August 12, 2018, defined by SAMA, before starting to decline over the course of two years. next quarters.
It should be noted that consumer loans do not include real estate financing, leasing or financing granted for the purpose of trading in equities.
Consumer loans comprise eight main divisions: loans for renovation, renovation and improvement of real estate, purchase of vehicles and personal transport, purchase of furniture and durable goods, education, care health, loans on credit cards and other consumer loans.
Loans to restore real estate improvement accounted for 7.7 percent of total consumer loans in Saudi Arabia at the end of the second quarter of 2019, reaching 26.2 billion riyals, while loans for cars and personal transport, about 4.8%, valued at 16.2 billion riyals.
Loans to purchase furniture and durable goods accounted for 3.6% of consumer loans, amounting to 12.2 billion Riyals, while loans for education accounted for about 1%. , worth 3.3 billion riyals.
While loans for health care accounted for about 0.2%, for a value of 612 million rand, while loans for tourism and travel accounted for about 0.1%, for a total of 423 million rand .
Credit card loans represented 4.9 percent of the value of R16.6 billion, while the largest share of other consumer loans was 77.7 percent, worth $ 263.7 billion. of riyals.
The increase in total consumer loans is attributable to the increase of QR 2.1 billion in loans to the "other" category and to 1.1 billion "credit cards".
At the end of last year, consumer loans reached their highest level at 339 billion riyals. These loans increased by about 2.6% last year, amounting to 8.5 billion riyals, compared with 330.5 billion at the end of 2017, an increase of only 0.4% (1 , 2 billion riyals) compared to 2016.
Consumer credit rose in 2018 for the tenth consecutive year, after declining in 2008 and then continuing its annual rise until the end of last year.
The increase in consumer credit in 2018 is mainly produced during the third quarter, which grew by 12.1 billion riyals compared to the previous quarter, its highest level in two years and half before applying the principles of responsible retail financing.
In 20 years, consumer loans have increased sevenfold to 46.1 billion riyals by the end of 1998.
Over the 20-year period, consumer credit registered only an annual decline in 2008, in connection with the global financial crisis: 169.3 billion riyals, compared with 174.5 billion at the end of 2007.
* Economic Reporting Unit
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