Assets of Omani commercial banks increased
Despite adverse international developments, the Omani banking sector continued to exhibit optimism and resilience during 2011, consistent with the recovery of the real economy. According to the latest data available throught September 2011, the total assets of commercial banks increased by 9.5 per cent to RO 17,203.6 million compared to RO 15,705.3 million in September 2010.
Cash and deposits with the CBO stood at RO 823.3 million at the end of September compared to RO 1,044.7 million in September 2010. Total credit grew by 12.4 per cent to RO 11,882.2 million in September 2011 and accounted for 69.1 per cent of total assets. While credit to government declined by 7 per cent in September 2011, credit to public enterprises and the private sector increased by 55.2 per cent and 8.6 per cent, respectively.
Commercial banks’ overall investments in securities increased by 30.1 per cent to RO 2,204.4 million by September 2011 from RO 1,693.9 million a year ago. Of the total outstanding investments, commercial banks’ investments in CBO CDs increased to RO 1,434 million in September 2011 from RO 1,189.6 million a year ago, whereas investments in government development bonds increased to RO 284.9 million from RO 227.2 million during the same period.
Investments in foreign securities increased to RO 337.1 million in September 2011 from RO 140.3m during the same period of 2010.
On the liabilities side of the balance sheet, total deposits (Rial Omani plus foreign currency deposits) witnessed a year-on-year growth of 18.1 per cent to RO 11,772.4 million in September 2011 from RO 9,971.3 million in September 2010.
Government deposits with commercial banks increased by 39.7 per cent to RO 2,975 million, while deposits of public enterprises increased by 21.5 per cent to RO 906.8 million during the same period. (Source: www.yallafinance.com)
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue