Total Outstanding Credit Increases 5.8 Percent till August 2018

Muscat, Review of the activities of conventional banks indicates an annual growth in total outstanding credit of 5.8 percent as at the end of August 2018, mainly due to increase in credit to the private sector by 3.2 percent to RO18.7 billion from RO18.1 billion in August 2017, according to the bulletin released by the Central Bank of Oman (CBO).

Conventional banks’ overall investments in securities grew by 5 percent to RO3 billion, of which investment in Government Treasury Bills was for RO267.8 million at the end of August 2018.

Over the year, investment in Government securities (inclusive of GDBs and Government Sukuk), and foreign securities increased significantly by 15.2 percent and 15.8 percent, respectively.

Aggregate deposits held with conventional banks increased by 1.6 percent to RO19.1 billion in August 2018 from RO18.8 billion a year ago.

Government deposits with conventional banks went up by 3.8 percent to about RO5.3 billion in August 2018 from RO5.1 billion during the same period in 2017 while deposits of public enterprises witnessed a growth of 8.3 percent to RO1.1 billion during this period.

Private sector deposits with conventional banks, which accounted for 65.1 percent of total deposits, at around RO12.5 billion in August 2018 remained almost at the same level as in August 2017. The core capital and reserves of conventional banks at the end of August 2018 stood at RO4.1 billion, increasing by about 9 percent from last year.

Source: Oman News Agency