In comparison to SAR1.848 trillion a year ago and SAR1.99 trillion last month, total assets during the month exceeded SAR2.005 trillion ($533.8 billion), according to the most recent monthly bulletin released on Monday. The assets of the Saudi Central Bank increased by 8.5% in July, when compared to a year ago.
Bank deposits also rose to SAR2.23 trillion in July 2022 from SAR2.04 trillion in the same period last year, with businesses and individuals accounting for the biggest chunk in savings at SAR1.2 trillion.
Assets of commercial banks in the kingdom reached SAR3.528 trillion, up by 13% from a year ago’s SAR3.12 trillion but down by .01% from the previous month’s SAR3.539 trillion.
Banks’ foreign assets grew to SAR262 billion at the end of July from SAR243 billion a year ago, while foreign liabilities rose to SAR225 billion from SAR189 billion.
Major lenders in the country have recently posted positive results, with combined profits growing by 17.6% in the first quarter of the year compared to the previous quarter, according to Alvarez & Marsal.
The Saudi economy is expected to grow at its quickest rate in almost ten years, according to IMF predictions. The kingdom’s GDP might increase by 7.6% in 2022, the strongest rate in almost ten years, according to the Washington-based lender’s prediction.
