Omani banks assets grow 8.5% in March

06 May 2010

(MENAFN) A report issued by the Central Bank of Oman showed that total assets of commercial banks in Oman grew by 8.5 percent in March to $38.5 billion, compared with $35.4 billion a year earlier, Times of Oman reported.

Total outstanding credit increased by 5.7 percent to $25.9 billion from $24.5 billion. Outstanding investments in securities (domestic and foreign) increased to $4.62 billion from $3.56 billion.

On the liabilities side, aggregate deposits (Rial Omani plus foreign currency) saw a year-on-year growth of 13.2 percent to $25.4 billion from $22.4 billion.

Private sector deposits (accounting for 69.2 percent of total deposits with commercial banks) registered an increase of 7.2 percent to $17.5 billion from $16.4 billion.

The country?s gross domestic product (GDP) at current prices declined by 23.5 percent in 2009 in contrast to an increase of 43.9 percent in 2008, the CBO report noted.

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