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Bahrain’s domestic credit up 15.9pc in March

Manama, April 30, 2012

Bahrain’s total domestic credit grew 15.9 per cent to BD6.586 billion ($17.45 billion) at end-March this year, compared to the same period last year, the kingdom's central bank said.

Total outstanding loans at Bahrain's retail banks increased 0.5 per cent at end-March, compared to end-February this year, it said.

The aggregated balance sheet for retail banks increased by 0.5 per cent to reach BD26.11 billion at end-March 2012 compared to end-February 2012.  Year-on-year, the aggregated balance sheet is 5.1 per cent higher than it was at end-March 2011, a Central Bank of Bahrain statement said.

Lending rates for business and personal sectors decreased to 4.64 per cent and 6.27 per cent respectively against to end-February 2012.

Total outstanding loans to businesses increased by 1.0 per cent to reach BD4.22 billion at end-March 2012 from February.

The increase is mainly due to growth in transport and communication (12.2 per cent), construction and real estate (2.6 per cent) and manufacturing by 1.8 per cent.  Year-on-year, outstanding loans to businesses is 14.3 per cent higher than it was at end-March 2011.

Total outstanding loans to the personal sector decreased by 0.5 per cent to reach BD2.14 billion at end-March 2012.

This was mainly due to drops in credit card receivables (2.9 per cent), property mortgage (1.5 per cent) and salary assignments by 1.0 per cent. Year-on-year, outstanding loans to the personal sector increased by 22.6 per cent.

Total deposits grew by 0.7 per cent to reach BD9.71 billion at end-March 2012, compared to end-February 2012. Year-on-year, total deposits is 7.1 per cent higher than it was at end-March 2011. – TradeArabia News Service

Tags: Bahrain | Central Bank | retail bank | Loans | Manama | Domestic credit |

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