Saudi banking sector assets hit $1.2 trillion in 2024
RIYADH — Saudi Arabia's financial sector exceeded key Vision 2030 benchmarks in 2024, with total banking sector assets reaching SR4.49 trillion, or 131% of the program's target of SR3.43 trillion, according to the annual report released Sunday by the Financial Sector Development Program (FSDP).
The report highlights the sector's achievements in supporting economic growth and outlines strategic goals for the coming years.
Among the key indicators, the Tadawul All Share Index (TASI), excluding Aramco, reached a market capitalization of 86.7% of GDP, while private credit accounted for 69% of GDP.
Insurance premiums reached 2.59% of non-oil GDP, surpassing the 2024 target by 9%. Small and medium enterprise (SME) loans made up 9.4% of total lending, hitting 94% of the annual goal.
Assets under management stood at 26.3% of GDP, reaching 89% of the target.
Finance Minister Mohammed Al-Jadaan, who chairs the FSDP committee, said the report reflects the Kingdom's continued success in bolstering financial resilience and enabling broader economic transformation.
He noted that fintech continues to play a vital role in sector growth, with 261 licensed fintech firms operating by the end of 2024.
In parallel, the Saudi Central Bank (SAMA) approved the launch of D360 Bank, a digital-only financial institution, as part of the Kingdom's push toward a cashless economy.
Digital payments surged to 79% of total consumer transactions last year, underscoring the sector's digital maturity.
Al-Jadaan also noted continued momentum in the capital markets, with 44 new company listings in 2024 bringing the total number of listed firms to 353.
The report, Al-Jadaan said, showcases the scale of reform and growth across all sectors of the Kingdom in this transformative era under the leadership of King Salman and Crown Prince Mohammed bin Salman.
The Financial Sector Development Program is one of the key Vision 2030 initiatives, aimed at building a diversified, resilient economy and strengthening Saudi Arabia's regional and global standing in financial services.
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