Banks register 2.5 per cent annual credit growth

MUSCAT: A review of the activities of conventional banks denotes an annual growth in total outstanding credit of 2.5 per cent as at the end of October 2019, according to the bulletin released by the Central Bank of Oman (CBO).

Credit to the private sector increased by 1.3 per cent to reach RO 19 billion as at the end of October 2019.

Conventional banks’ overall investments in securities stood at RO 3.6 billion as at the end of October 2019. Investment in Government Development Bonds and Government Sukuk increased by 6.4 per cent over the year to RO 1.5 billion at the end of October 2019. Banks also invested RO 299.2 million in Government Treasury Bills as at the end of October 2019. Conventional banks’ investments in foreign securities stood at RO 1.2 billion in October 2019.

Aggregate deposits held with conventional banks increased by 2.5 per cent to RO 19.8 billion in October 2019 from RO 19.3 billion a year ago. Government deposits with conventional banks amounted to RO 5.2 billion. Moreover, deposits of public enterprises amounted to RO 1.2 billion during the same period.

Private sector deposits, which accounted for 65.4 per cent of total deposits with conventional banks, increased by 4 per cent to RO 12.9 billion in October 2019 from RO 12.4 billion a year ago.

The core capital and reserves as at the end of October 2019 of conventional banks stood at RO 4.9 billion. — ONA