Saudi Private-Sector Lending Grows 6% in September, Unchanged From August
Key Facts
Saudi private-sector lending rose 6% year over year in September 2026, matching the rate recorded in August. The figure was attributed to the Saudi Central Bank by Trading Economics, whose calendar showed consensus expectations for growth of 5.9%. The published reading came in above that consensus, while the growth rate was unchanged from the previous month. The central bank published its September monthly statistical bulletin on October 29. These figures put lending growth in its monthly context, without identifying the sources of demand or its impact on bank performance.
The comparison between the two months points to the private-sector lending growth rate holding at 6% year over year, with August and September recording the same rate. Consensus expectations for September were 5.9%, below the actual reading. The available figures do not break down the contributions of companies or individuals to lending, so the reading does not show which group led growth. The rate alone is also insufficient to establish accelerating demand for credit or draw conclusions about the financial sector. The comparison matters because it distinguishes an unchanged monthly growth rate from a reading above expectations.
In the context of banking-sector performance, Saudi-listed banks’ profits rose 7% to 73.58 billion riyals in the first nine months, according to the headline of an earlier EL7 report. That total provides a separate measure of bank profits alongside lending data, but does not establish that lending growth drove the increase in profits. The figures cover different periods: lending measures the year-over-year change in September, while profits cover the first nine months. The accompanying information provides no details on the factors behind the rise in profits or lending growth’s contribution to it. Each figure therefore remains a separate indicator of one aspect of sector activity.
On monetary policy, the Saudi Central Bank raised its repo rate to 4.5% on September 16, 2026, from 4.25% since December 10, 2025. The reverse repo rate stood at 4% in September, according to central bank data. The bank also said inflation was 1.9% in the same month. These readings provide monetary and financial context for the month in which private-sector lending recorded year-over-year growth of 6%. But the published figures do not specify the impact of repo rates or inflation on the lending rate.
In the national accounts, Saudi Arabia’s real gross domestic product growth was -4.7% year over year in the second quarter of 2026, according to the Ministry of Economy and Planning, citing the General Authority for Statistics. This is a reading for the second quarter, not a general annual growth rate; it is also separate in timing from September’s private-sector lending data. The authority’s calendar shows that third-quarter GDP and national accounts data are scheduled for release on December 8, 2026. The third-quarter release will therefore be the next update to GDP data, while the lending reading covered here is for September.