Bahrain's Domestic Credit swells 16%
The total domestic credit in the Kingdom of Bahrain has grown by a robust 15.9 per cent as on end-March 2012 when compared with end-March 2011 levels, the Central Bank of Bahrain said in a statement yesterday.
The country's banking regulator said the aggregated balance sheet for retail banks increased by 0.5pc to BD26,117.2 million (BD26 billion) at end-March 2012 compared to end-February 2012. Year-on-year, the aggregated balance sheet is 5.1pc higher than it was at end-March 2011.
Total outstanding loans for retail banks increased by 0.5pc at end-March 2012 compared to end-February 2012 to BD6,585.9m (BD6bn).
Lending rates (interest rates) for business and personal sectors decreased to 4.64pc and 6.27pc respectively against to end-February 2012.
Total loans to businesses increased by 1pc to BD4,229.5m (BD4bn) at end-March 2012. The increase is mainly due to growth in transport and communication (12.2pc), construction and real estate (2.6pc) and manufacturing by 1.8pc. Year-on-year, the level of loans to business is 14.3pc higher than at end-March 2011.
Total outstanding loans to the personal sector decreased by 0.5pc to reach BD2,149.9m (BD2bn) at end-March 2012. This was mainly due to drops in credit card receivables (2.9pc), property mortgage (1.5pc) and salary assignments by 1pc. Year-on-year, loans to the personal sector increased by 22.6pc.
Total deposits grew by 0.7pc to reach BD9,719.8m (BD9.7bn) at end-March 2012, compared to end-February 2012. Year-on-year, total deposits are 7.1pc higher than at end-March 2011.