The Saudi Central Bank (Sama) has announced that the total assets of the Saudi Finance and Real Estate Refinance Companies Sector for FY 2023 surged by 13% to SAR64.2 billion ($17 billion), while the paid-up share capital for the finance sector rose 6% to SAR15.5 billion ($4.1 billion).

 

Sama, in its annual performance report of the Saudi Finance and Real Estate Refinance Companies Sector for FY 2023, highlighted the sector's developments and financials during 2023, noting that the total finance portfolio posted a 12% jump to hit SAR84.7 billion. 

 

The report also highlighted 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%, reaching SAR31 billion.

 

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

 

By the end of 2023, the number of employees (male and female) working in finance companies exceeded 6,000 with Saudis accounting for 86% of the total number of employees.-TradeArabia News Service