Credit for private sector grows 2.3%

Muscat: The review of the activities of conventional banks indicates an annual growth in total outstanding credit disbursement of 4.2 per cent at the end of January 2019. Credit to the private sector increased by 2.3 per cent to OMR18.7 billion.
Conventional banks’ overall investments in securities grew by 2.8 per cent to OMR3.2 billion. Investment in Government Treasury Bills (GTBs) stood at OMR269 million at the end of January 2019. Aggregate deposits held with conventional banks increased by 3.8 per cent to OMR19.4 billion in January 2019 from OMR18.6 billion a year ago.
Government deposits with conventional banks increased by 11.2 per cent to OMR5.4 billion, while deposits of public enterprises rose by 16.5 per cent to OMR1.1 billion during the same period.
Private sector deposits, which accounted for 64.6 per cent of total deposits with conventional banks, decreased by 0.8 per cent to OMR12.5 billion in January 2019 from OMR12.6 billion a year ago.
The core capital and reserves of conventional banks stood at OMR5 billion at the end of January 2019.
Islamic banks
Meanwhile, Islamic banking entities provided financing to the extent of OMR3.6 billion at the end of January 2019 as compared to OMR3.1 billion a year ago.
Total deposits held with Islamic banks and windows increased to OMR3.2 billion in January 2019 from OMR3.1 billion as at the end of January 2018.
The total assets of Islamic banks and Windows combined amounted to OMR4.4 billion at the end of January 2019, constituting about 13.2 per cent of the banking system assets.