Total assets of Oman’s banks up 22%

Oman’s banking sector continues to post robust performances consistent with overall growth of the economy. Total assets of commercial banks increased 21.5 per cent to RO19.17bn in April 2012 compared to RO15.78bn in April 2011.
Cash on hand and deposits of commercial banks with the Central Bank of Oman (CBO) stood higher at RO1.17bn at the end of April of this year compared to RO977.1mn a year ago. On a year-on-year basis, total credit expanded 20.8 per cent to RO13.31bn at the end of April this year and accounted for 69.4 per cent of total assets.

While credit to government declined 22.7 per cent reflecting revenue surplus arising out of higher realisation of crude oil prices, credit to public enterprises and the private sector increased 47.5 per cent and 17.9 per cent, respectively.

Commercial banks’ overall investments in securities increased 19.1 per cent to RO2bn in April 2012 from RO1.68bn a year ago.
Of the total outstanding investments, commercial banks’ investments in CBO certificates of deposit (CDs) increased 3.6 per cent to RO1.09bn in April 2012 from RO1.06bn a year ago.

Investments in government development bonds (GDBs) increased by 39.7 per cent to RO 399.9mn in April 2012 compared to its level last year, reflecting new issues of five-year GDBs by the Ministry of Finance in December 2011. Commercial banks’ investments in foreign securities increased to RO356.2mn in April 2012 from RO180.6mn a year ago.

Muscat Daily, Jun 09 2012