Deposits with Saudi banks increased by 9% during the second quarter of 2020 to reach 1.84 trillion riyals, compared to about 1.69 trillion in the same period last year. >
According to Al-Eqtisadiah newspaper, SAMA data showed the growth of deposits for the fifth consecutive quarter, after registering a growth of 1.8% compared to the previous quarter.
The growth comes in support of the increase in demand deposits during the second quarter by about 13.5% on an annual basis, in addition to the slight growth of savings deposits by 1.4%, while deposits in foreign currency declined by about 8.2%.
Deposit growth slowed during the second quarter compared to the growth achieved during the first quarter of 10.1%, due to the decline in deposits in June 1% compared to May deposits .
Deposits with Saudi banks are divided into three main types, namely, demand deposits or as they are known as free deposits, time and savings deposits, in addition to a third type called other semi-cash deposits. Which includes foreign currency deposits, deposits against documentary credits, existing transfers, as well as repo operations implemented with the private sector.
Demand deposits constituted 66% of total deposits at the end of the second quarter, while they constituted about 63.4% for the same period last year.
While savings deposits accounted for about 24% of total deposits at the end of the second quarter, after they were about 25.8% for the same period, and this decline coincides with falling interest rates during the period .
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