The Saudi Central Bank (SAMA) published the Annual Performance Report of the Saudi Finance and Real Estate Refinance Companies Sector for the year 2023, the Saudi Press Agency (SPA) reported today.

The report highlighted the sector’s developments and financials during 2023, noting that the paid-up share capital for the finance companies sector increased by 6 percent to SAR15.5 billion, total assets by 13 percent to SAR64.2 billion, and the total finance portfolio by 12 percent to SAR84.7 billion. The report also showed that the net income of the finance companies sector stood at SAR1.7 billion. Likewise, the total assets of the real estate refinancing sector witnessed an increase of 48 percent, reaching SAR31 billion.

In terms of loan portfolio classification, the retail sector accounted for the largest share at 77 percent, followed by the MSME sector at 20 percent, and the corporate sector at 3 percent.

Source: Emirates News Agency