Omani banks credit grows 5.3 per cent

Muscat: A review of the activities of conventional banks denotes an annual growth in total outstanding credit of 5.3 per cent at the end of October 2018. Credit to the private sector increased by 3.7 per cent to OMR18.8 billion as of the end of October 2018, according to the bulleting released by the Central Bank of Oman (CBO).
Conventional banks’ overall investments in securities stood at OMR3.2 billion at the end of October 2018. Investments in Government Development Bonds and Government Sukuk increased by 20.3 per cent over the year to OMR1.4 billion at the end of October 2018.
Conventional banks also invested OMR262.2 million in Government Treasury Bills, while their investments in foreign securities stood at OMR1.1 billion at the end of October 2018.
Aggregate deposits held with conventional banks increased by 3.6 per cent to OMR19.3 billion in October 2018 from OMR18.6 billion a year ago.
Government deposits with conventional banks went up by 9.7 per cent to OMR5.3 billion, while deposits of public enterprises with conventional banks increased by 21.2 per cent to OMR1.2 billion during the same period.
Private sector deposits, which accounted for 64.2 per cent of total deposits with conventional banks, marginally decreased by 0.3 per cent to OMR12.4 billion in October 2018. The core capital and reserves of conventional banks as of the end of October 2018 stood at OMR4.5 billion.
Assets of Islamic banks
Islamic banking entities provided financing to the extent of OMR3.5 billion at the end of October 2018 as compared to OMR2.9 billion a year ago.
Total deposits held with Islamic banks and windows also increased significantly by 12.5 per cent to OMR3.2 billion in October 2018 from OMR2.9 billion as of the end of October 2017.
The total assets of Islamic banks and windows combined amounted to OMR4.3 billion at the end of October 2018 and constituted some 13 per cent of the banking system assets.