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Local banks have seen a growth in both loans and deposits in February after receding in January, QNB Financial Services (QNBFS) has said in a report.
The loan book grew by 1.7% month-on-month (MoM) after receding by 1.4% MoM in January 2015. Deposits followed suit and gained by 2.4% MoM in February.
Public sector drove total credit growth with a gain of 1.5% MoM, but down 5.7% year-to-date (YTD). Moreover, public sector deposits expanded by 5.2% MoM (down 1% YTD). Thus, the loan-to-deposit (LDR) stood at 109% compared with 110% at the end of January.
The public sector deposits increased by 5.2% MoM in February, QNBFS said.
Delving into segment details, the government institutions’ segment that represents 64% of public sector deposits expanded by 12.8% MoM (+11.6% YTD).
On the other hand, the government segment contracted by 11.4% MoM (down 31.7% YTD) after dropping by 22.9% in January 2015.
Moreover, the semi-government institutions’ segment posted flat performance, the report said.
On the other hand, private sector deposits’ receded by 0.5% MoM (down 1.1% YTD).
On the private sector front, the companies and institutions’ segment decreased by 3.2% MoM (down 4.7% YTD) while the consumer segment climbed up 2.2% MoM (+2.6% YTD).
Non-resident deposits grew by 9.1% MoM (+13.7% YTD).
The overall loan book rebounded and posted healthy performance, QNBFS said.
Total domestic public sector loans increased by 1.5% MoM (down 5.7% YTD) against a drop of 7.1% MoM in January 2015. The government segment’s loan book expanded by 11.8% MoM (down 14.5% YTD) after dropping by 23.6% in January.
Moreover, semi-government institutions’ segment also grew by 3.2% MoM (down 0.5% YTD). However the government institutions’ segment that represents 64% of public sector loans declined by 2.5% MoM (down 2.7% YTD).
Hence, the government and semi-government sub-segments pushed the overall loan book down for the month of February 2015.
Private sector loans exhibited flattish performance MoM (up 1.6% YTD). Consumption and others followed by contractors positively contributed toward the loan growth.
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