The Banking Executive Magazine - July 2022 Issue

Saudi Finance Companies SAUDI FINANCE COMPANIES FINANCIAL PORTFOLIOS HIT OVER $18BLN IN 2021 Saudi Arabia recorded a 26% year- on-year (YoY) increase in the total fi- nancing portfolios of finance companies to SAR 68.12 billion in 2021, compared to SAR 54.13 bil- lion. The financing portfolio included SAR 42.49 billion from non-real estate fi- nance companies and SAR 25.63 bil- lion from real estate finance companies. This announcement was published in the Saudi Central Bank's (SAMA) second annual report on the per- formance of the Saudi financing sec- tor. Meanwhile, the value of new financ- ing disbursed by finance companies jumped by 47% YoY to SAR 25.40 billion during the last year. The assets of the Kingdom's real es- tate financing and refinancing com- panies rose by 26% to SAR 66.95 bil- lion in 2021, compared to SAR 53.1 billion in 2020. In addition, the combined net profit of finance companies amounted to SAR 1.9 billion in 2021, up 114% on an annual basis. the BANKING EXECUTIVE 36 ISSUE 163 JULY 2022