Global Arab Network | Oman: 11.5 % increase in commercial banks assets

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Oman: 11.5 % increase in commercial banks assets

Friday, 20 August 2010 17:31

Oman (Muscat) - Total assets of commercial banks increased by 11.5 percent in June 2010 to RO 15,274.1 million compared to RO 13,700.8 million in June 2009, reports ONA.

Cash on hand and deposits of commercial banks with the CBO amounted to RO 814.7 million at the end of June 2010 compared to RO 910.2 million in June 2009.

Total outstanding credit increased by 5.5 percent to RO 10,172.8 million at the end of June 2010 from RO 9,646 million a year ago.

Investments of Commercial Banks increased from RO. 1,409.2 million in June 2009 to RO. 1,873.6 million at the end of June 2010.

Investments of commercial banks in CBO CDs increased from RO 914 million in June 2009 to RO 1,443 million in June 2010.

Outstanding investments in securities (domestic and foreign) increased to RO 1,873.6 million in June 2010 from RO 1,409.2 million in June 2009, of which outstanding investments in foreign securities decreased by 36.8 percent to RO 151.3 million from RO 239.6 million during the same period.

On the liabilities side of the balance sheet, aggregate deposits (Rial Omani plus foreign currency) witnessed a year-on-year growth of 13.2 percent to RO 9,880.8 million in June 2010 from RO 8,724.9 million in June 2009.

Government deposits with commercial banks increased by 28.5 percent to RO 2,135.9 million, while deposits of public enterprises rose by 29.3 percent to RO 684.5 million for the same period. Private sector deposits (accounting for 70.4 percent of total deposits with commercial banks) registered an increase of 7.7 percent to RO 6,952.3 million by the end of June 2010 from RO 6,456.2 million a year ago.

For the first half of the year, provisional figures on net profits stood at RO 121.3 million in 2010 compared to RO 129 million in the previous year. Provisions and reserve interest at the end of June 2010 amounted to RO 440.7 million compared to RO 408.6 million a year ago.
(ONA)

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