Credit grows 4.7 per cent till Nov 2018

MUSCAT: Loans of banks registered an annual growth of 4.7 per cent as at the end of November 2018, according the Central Bank of Oman. Credit to the private sector increased by 3.8 per cent to reach RO 18.9 billion.

Conventional banks’ overall investments in securities stood at RO 3.1 billion. Investment in government development bonds and government Sukuk increased by 13.2 per cent over the year to RO 1.4 billion, while their investment in treasury bills stood at RO 272.6 million.

Conventional banks investments in foreign securities stood at RO 1.1 billion at the end of November 2018.

Aggregate deposits held with conventional banks increased by 4.9 per cent to RO 19.5 billion in November 2018 from RO 18.6 billion a year ago.

Government deposits went up by 11.1 per cent to RO 5.4 billion, while deposits of public enterprises increased by 15.1 per cent to RO 1.1 billion.

Private sector deposits, which accounted for 65 per cent of total deposits with conventional banks, increased by 1.3 per cent to RO 12.7 billion in November 2018.

The core capital and reserves of conventional banks stood at RO 4.5 billion as at the end of November 2018.

The Islamic banking entities provided finance amounting to RO 3.5 billion at the end of November 2018 compared to RO 3 billion a year ago.

Total deposits held with Islamic banks and agencies also increased significantly by 11.2 per cent to RO 3.2 billion in November 2018.

The total assets under Islamic banking amounted to RO 4.3 billion constituted about 13 per cent of the total banking assets.