Standard & Poor's revealed that the Saudi banking sector has grown rapidly over the past few years, driven primarily by mortgages.
The agency indicated that the growth of bank deposits did not keep pace with financing the expansion witnessed by the Kingdom, which led to the ratio of loans to deposits exceeding 100 percent by the end of 2022, compared to 86.4 percent by the end of 2019. According to Standard & Poor's, the average growth of private sector deposits has reached 5 percent over the past five years, compared to the average growth of deposits of the government and its affiliates of 14 percent. The agency expected the banking system to continue its effective role in financing the Kingdom's Vision 2030 projects.
Source (Al-Arabiya.net Website, Edited)
