Bank credits in the Kingdom registered a growth rate of 10.3 percent year-on-year basis to hit SR1.28 trillion in March 2015 compared to SR1.16 trillion in the same period last year, according to a financial report.

The growth in bank credits was boosted by increase in the three types of credits but topped by short-term and long-term credits, which grew by more than SR57 billion and SR37 billion, respectively, Al-Eqtisadiah daily said quoting a report released by the Saudi Arabian Monetary Agency (SAMA).

Short-term credits captured the highest portion of all types of credits by the end of March at 51.6 percent, followed by long-term and medium-term credits at 29.8 percent and 18.6 percent, respectively, the report said.

Month-on-month basis, short-term credits grew by 7.6 percent to SR661.3 billion by the end of March 2015 compared to SR614.6 billion in February of the same year, the report said.

Year-on-year basis, short-term credits grew by 9.6 percent in March 2015 compared to SR603.3 billion in March 2014.

Likewise, medium-term credits grew by 4.8 percent to SR238.7 billion by the end of March compared to SR227.8 billion in February 2015. On yearly basis, medium-term credits grew by 11.6 percent in March compared to SR213.9 billion in March 2014, the report said.

On the other hand, long-term credits dropped by 10.6 percent to SR381.7 billion in March, 2015 compared to SR427.1 billion in February of the same year. Year-on-year basis, however, long-term credits jumped by 10.8 percent in March compared to SR344.4 billion in March 2014, the report said.