GDP jumps 34% in first half

The Gross Domestic Product (GDP) of the country at current prices showed a robust 33.9 per cent growth in June 2010, which is against a fall of 25 per cent witnessed for the first half of 2009, an ONA report said yesterday.

The state-run news agency also said that the total net profit fell to RO183.6 million for the first nine months of 2010, from RO194.9 million posted for the same period last year, mainly on account of a growth in provisions. Provisions and reserve interest at the end of September 2010 touched RO450.9 million, as against RO419.2 million in September 2009.

Total outstanding credit moved up by 9.9 per cent to RO10,572.9 million in September 2010, over the same period last year, and accounted for 67.3 per cent of total assets.

Similarly, total assets of commercial banks increased by 12.6 per cent for end-September 2010 to RO15,705.3 million, compared to RO13,943.6 million in September 2009.

Cash on hand and deposits of commercial banks with the Central Bank of Oman (CBO) amounted to RO1,044.7 million at the end of September 2010 compared to RO725.8 million in September 2009.

Commercial banks
Commercial banks' investments in securities (domestic and foreign) increased marginally to RO1,693.9 million in September 2010 from RO1,675.8 million in September 2009. Of the total investment in securities, outstanding investments in CBO CDs increased to RO1,189.6 million in September 2010 from RO1,149 million a year ago, while outstanding investments in foreign securities decreased by 41.6 per cent to RO140.3 million from RO240.1 million during the same period.

On the liabilities side of the balance sheet, aggregate deposits (Rial Omani and foreign currency) witnessed a year-on-year growth of 11.6 per cent to RO9,971.3 million in September 2010 from RO8,935.8 million in September 2009.

Private sector deposits (accounting for 70 per cent of total deposits with commercial banks) registered an increase of 8.2 per cent to RO6,983.3 million by the end of September 2010 from RO6,452.6 million a year ago.

Government deposits with commercial banks increased by 18.6 per cent to RO2,129.5 million, while deposits of public enterprises rose by 25.7 per cent to RO746.2 million during the same period.