RIYADH — Commercial banks in Saudi Arabia recorded a historic surge in their assets by the end of October, nearing the SR5 trillion mark more than ever before. According to a recent government report, seen by Okaz newspaper, total banking assets reached approximately SR4.94 trillion. The rapid growth in the banking sector's assets reflects the strength of the Kingdom's financial performance and the continued economic momentum generated by the Saudi Vision 2030 projects and the expansion of financing and investment activities. The report revealed that cash classified as "private sector liabilities" topped the list of banking assets, reaching SR3.14 trillion, the highest among all categories. This reflects increased lending and financing activity directed towards individuals and companies. The volume of liabilities to the government and quasi-government entities rose to SR895.26 billion, while the value of foreign assets held by banks reached SR433.03 billion, confirming the continued diversification of investment portfolios and their connection to global markets. Regarding reserves, the report indicated that bank reserves classified as regulatory deposits with the Saudi Central Bank (SAMA) amounted to SR167.65 billion, in addition to other deposits valued at SR23.17 billion, while current deposits reached SR1.14 billion. The report also showed that the value of central bank treasury bills reached SR24.03 billion, and liabilities to banks amounted to approximately SR49.61 billion, while the value of fixed assets reached SR54.65 billion. Other assets were classified at SR136.97 billion, and cash on hand amounted to SR20.08 billion. These figures collectively reflect an unprecedented recovery in the Saudi banking sector, driven by strong economic growth and the expansion of massive investments witnessed by the Kingdom in various fields.
