Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oman- Bank lending rises 11 rates soften in H1 CBO  Join our daily free Newsletter

MENAFN - Muscat Daily - 24/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) Credit disbursement by commercial banks in the sultanate rose 11.2 per cent and interest rates on both local currency lending and deposits softened during the first six months of 2014 according to the Central Bank of Oman (CBO).

Total credit of the country's commercial banks increased to RO16.37bn at the end of June 2014 from RO14.72 a year ago.

In its latest statistical bulletin CBO said that the performance of commercial banks has continued to remain favourable. 'The financial health of banks in terms of asset quality provision coverage capital adequacy and profitability remained strong.'

While commercial banks' credit to the government declined by 28.5 per cent during the period credit to the private sector and public enterprises increased by 11.3 per cent and 9.3 per cent respectively.

Credit to the private sector stood at RO14.21bn accounting for nearly 87 per cent of total bank credit. Of the total credit to the private sector at end June 2014 the share of the non-financial corporate sector stood at 48.3 per cent closely followed by household sector (mainly under personal loans) at 44.7 per cent financial corporations at 4.7 per cent with other sectors accounting for the remaining 2.3 per cent.

CBO said the balance sheet of commercial banks further strengthened due to robust growth in both deposits and credit during the period. 'Islamic banking is opening up new segments and players and is diversifying banking services and augmenting financial inclusion. Promotion of small and medium enterprises (SMEs) by the government and CBO has led to employment generation and the creation of a supply chain for the industrial sector.'

Aggregate deposits with commercial banks registered a significant increase of 16 per cent to RO17.32bn in June 2014 from RO14.93bn a year ago. Private-sector deposits which constitute 63 per cent of total deposits increased by 16.2 per cent to RO10.92bn from RO9.4bn. Government deposits rose 19.7 per cent to RO5.12bn.

The central bank added that both deposit and lending rates softened during the period. CBO added that the weighted average interest rate on rial deposits declined from 1.25 per cent in June 2013 to 1.04 per cent in June 2014 while the weighted average rial lending rate decreased from 5.51 per cent to 5.21 per cent during the same period. 


 


Muscat Daily




  MENA News Headlines
 Feb 5 2016 - Jordan's Joramco to spend USD10m on expansionMENAFN
(MENAFN) In response to expanding demand and an arising Iranian aviation market, Joramco, a Jordan-based aircraft heavy maintenance company, is planning to invest nearly USD10 million to expand its ...

 Feb 5 2016 - UAE's Career Fair 2016 kick-start with huge potentialMENAFN
(MENAFN) The Abu Dhabi City Municipality is participating in the Career Fair 2016, under the umbrella of the Department of Municipal Affairs, which launched in in Abu Dhabi National Exhibition ...

 Feb 5 2016 - Industries Qatar register USD1b gross profit over 2015MENAFN
(MENAFN) Industries Qatar, one of the region's industrial behemoths which specializes in the production of a wide range of petrochemical products, reported financial results for the period ended Dec, ...

 Feb 5 2016 - At least 2297 journalists killed since 1990: IFJThe Peninsula
(MENAFN - The Peninsula) Brussels: At least 2297 journalists and media workers have been killed in the last 25 years with Iraq ranking as the most deadly country the International Federation ...

 Feb 5 2016 - US accuses Damascus Moscow of seeking military solution in SyriaThe Peninsula
(MENAFN - The Peninsula) Washington:US Secretary of State John Kerry accused Moscow and Damascus of seeking a military solution to the war in Syria rather than a political one Wednesday after ...

 Feb 5 2016 - Greek bus drivers migrants block highway over border impasseThe Peninsula
(MENAFN - The Peninsula) Migrants walk to buses that will transport them to the Greek-Macedonian border following their arrival aboard the passenger ferry Eleftherios Venizelos at the port of Piraeus ...

 Feb 5 2016 - Passengers crew evacuated from Madrid Riyadh after bomb threatThe Peninsula
(MENAFN - The Peninsula) MADRID: Spanish authorities evacuated allpassengers and crew from a flight bound for Riyadh SaudiArabia at Madrid's Barajas international airport after a bombthreat ...

 Feb 5 2016 - US demands end to Russia strikes after Syria talks collapseThe Peninsula
(MENAFN - The Peninsula) U.S. Secretary of State JohnKerryspeaks at the donors Conference for Syria in London Britain February 4 2016. REUTERS London:The United States demanded Thursday that ...

 Feb 5 2016 - Five Czechs found in Lebanon on way home: ministerThe Peninsula
(MENAFN - The Peninsula) Foreign Minister Lubomir Zaoralek said on Thursday Five Czechs found in Lebanon following their suspected kidnapping last July are in a Czech government plane on their way to ...

 Feb 4 2016 - Pakistan to receive 497mn tranche of IMF loan: officialsThe Peninsula
(MENAFN - The Peninsula) Islamabad: The International Monetary Fund announced Thursday it would release the latest instalment worth $497 million of a three-year economic bailout package to ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help