The macroeconomic conditions remain supportive of the financial system with Saudi Arabia’s nonoil GDP expected to grow over 8 percent this year following 7.5 percent in 2012, driven by the benefits of economic diversification and vast projects sourced by record oil revenues, according to a report by the National Commercial Bank.
The asset/liability composition in the form of loans and deposits have been on a positive trajectory and offer improvement opportunities for 2013 as the loans-to-deposits ratio slid to 79.3 by the end of December, down from 82.7 during the previous month. As a catalyst for future financing, total deposits set a record level at SR 1.26 trillion by gaining 14.2 percent Y/Y by the end of last year. Over 2012, total deposits added a substantial SR 157 billion which have been mainly sourced from demand deposits as interest rates remain relatively subdued.
Read more: http://www.arabnews.com/economy/kingdom%E2%80%99s-nonoil-gdp-expected-grow-over-8-year
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