Deposits held with conventional banks hit RO 19.2 bn: CBO report

MUSCAT: Review of the activities of conventional banks indicates that total outstanding credit increased by 4.1 per cent to RO 20.9 billion at the end of June 2018 while their credit extended only to the private sector grew by 2.7 per cent to RO 18.6 billion, according to the report issued by the Central Bank of Oman (CBO). Conventional banks’ overall investments in securities grew by 10.3 per cent to RO 3.1 billion. Investment in government treasury bills stood at RO 326.3 million while investment in government securities inclusive of GDBs, government Sukuk, and others stood at RO 1.3 billion at the end of June 2018. Aggregate deposits held with conventional banks, however, increased by 2.5 per cent to RO 19.2 billion in June 2018 from RO 18.7 billion a year ago. The government deposits with conventional banks increased by 2.8 per cent to RO 5.2 billion while deposits of public enterprises decreased by 3.3 per cent to RO 1.1 billion during the same period. Private sector deposits, which accounted for 65.1 per cent of total deposits with conventional banks, increased by 2 per cent to RO 12.5 billion in June 2018 from RO 12.3 billion a year ago. The core capital and reserves of conventional banks stood at RO 4.4 billion at the end of June 2018.  — ONA