Complex Made Simple

Omani banks’ assets grow 13.6 per cent

Credit, which accounts for 65 per cent of the total assets, grew by ten per cent during 2015

Assets of Omani traditional commercial banks rose by 13.6 per cent to reach OMR27.9 billion in September compared with OMR24.6bn in the same period last year, official statistics show.

A report issued by the Central Bank of Oman says that the credit, which accounts for 65 per cent of the total assets, grew by ten per cent during 2015 and reached OMR18.2bn at the end of September, reports Kuwait-based Al-Jarida.

The report explains that the total credit granted to the private sector recorded an increase of 10.1 per cent and reached OMR15.9bn at the end of September.

Commercial banks’ investments in securities fell by 10.9 per cent to OMR2.7bn at the end of last September, compared with OMR3bn in the same period of last year, adds the report.

The central bank’s report attributes this decline mainly to the commercial banks’ balance of “Certificates of Deposit” issued by the Central bank of Oman dropping to zero at the end of September, compared with OMR1.4bn in the same period of last year.

(OMR1 = AED9.54, at the time of publishing)