Omani banking sector continued its robust performance consistent with overall growth of the economy. Total assets of Omani commercial banks increased by 21.5 per cent to RO19.17million in April 2012 compared to RO15.78 million in April 2011. Cash on hand and deposits of commercial banks with the Central Bank of Oman (CBO) stood higher at RO1,165.2 million at the end of April 2012 compared to RO977.1 million in April 2011. On a year-on-year basis, total credit expanded by 20.8 per cent to RO13,312.8 million at the end of April 2012 and accounted for 69.4 per cent of the total assets. While credit to government declined by 22.7 per cent in April 2012 reflecting revenue surplus arising out of higher realization of crude oil prices, credit to public enterprises and the private sector increased by 47.5 per cent and 17.9 per cent respectively. Commercial banks' overall investments in securities increased by 19.1per cent to RO2,005 million in April 2012 from RO1,683.3 million a year ago. Of the total outstanding investments, commercial banks' investments in CBO certificates of deposit (CDs) increased 3.6 per cent to RO1,097 million in April 2012 from RO1,059 million a year ago. Investments in government development bonds (GDBs) increased by 39.7 per cent to RO399.9 million in April 2012 compared to its level last year, reflecting new issues of five-year GDBs by the Ministry of Finance in December 2011. Investments of commercial banks in foreign securities increased to RO356.2 million in April 2012 from RO180.6 million a year ago, Oman News Agency reported.
