The Saudi Central Bank (SAMA) released its latest Annual Performance Report of the Saudi Finance and Real Estate Refinance Companies Sector for the year 2023. The report highlighted several key developments and financial metrics for the sector in 2023.
The paid-up share capital for the finance companies sector increased by 6 percent to reach SAR15.5 billion ($4.13 billion).
Additionally, total assets grew by 13 percent to SAR64.2 billion ($17.1 billion). The total finance portfolio expanded by 12 percent to SAR84.7 billion ($22.58 billion).
Read more: How to open a bank account in the UAE
Additionally, the report noted that the net income of the finance companies sector stood at SAR1.7 billion ($453.28 million). In the real estate refinancing sector, total assets witnessed a 48 percent increase, reaching SAR31 billion ($8.26 billion).
In terms of the loan portfolio breakdown, the retail sector accounted for the largest share at 77 percent, followed by the Micro, Small and Medium Enterprise (MSME) sector at 20 percent, and the corporate sector at 3 percent.
Moreover, by the end of 2023, the number of employees (male and female) working in finance companies topped 6,000, with Saudis making up 86 percent of the total workforce.
For more news on banking & finance, click here.
