(MENAFN) A report issued by the Central Bank of Bahrain (CBB) said that the Kingdom's banking system posted solid growth in 2008, TradeArabia News Service.
The report said that the consolidated balance sheet for banks, retail and wholesale, reached 252.4 billion in 2008, compared to 245.8 billion in 2007, with wholesale banks reporting a 74.8 percent rise, and the retail banks posting a 25.2 percent growth.
According to the CBB report, retail bank balances rose 28.5 percent to BD23.9 billion, while wholesale bank balances dropped by 3.8 percent, compared to 2007. Islamic banks' consolidated balances grew by 8.4 billion, or 50.6 percent, to 24.7 billion, from 16.4 billion a year earlier.
Local assets grew from 37.6 billion to 48.5 billion, 29 percent increase. While foreign assets fell by 2.1 percent to 203.9 billion from 208.2 billion previously, the report said.
The CBB added that local banks' receivables in Bahrain grew by 22.7 percent to 54.5 billion from 44.4 billion in 2007, with foreign banks' receivables declined by 1.7 percent to 197.9 billion in 2008.