Bahrain – Central Bank of Bahrain (CBB) data shows an increase in money supply and transactions, reflecting a recovery in economic activity during the first eight months of this year.
Broad money supply (M3) totaled BD15.8 billion at the end of August 2023, an increase of 3.8% compared to the level at the end of August 2022, the regulator said in a statement after the third board meeting. . 2023 Board of Directors Meeting Schedule.
Regarding retail banks, total private deposits increased to BD 13.9 billion as of the end of August 2023, an increase of 3.1% compared to the end of August 2022.
The Board, chaired by Mr. Hassan Al Jarrahma, will discuss key financial and banking developments up to the end of August 2023, CBB’s financial performance report, financial sector developments for the third quarter of 2023, and the financial services sector. We reviewed the progress regarding development. Under the strategy, the total balance of loans and credit facilities provided to the economic sector of the population will increase to BD 11.6 billion as of the end of August 2023, an increase of 1.8% year-on-year, of which the business sector will account for 43.2%. I noted that there were. The personal sector accounts for his 50.9% of total loans and credit facilities.
The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $224.7 billion at the end of August 2023, an increase of 0.1% compared to the end of August 2022.
Point of sale (POS) data shows that the number of transactions increased in the first eight months of 2023 (January to August 2023), totaling 119.4 million transactions (of which 77.6% were contactless) This is an increase of 14.6% compared to the previous year. Same period in 2022.
From January to August 2023, the total POS transactions in the Kingdom reached BD2.7 billion (of which 50.9% were contactless transactions), an increase of 7.6% compared to the same period in 2022.
Reviewing the data, the banking sector’s capital adequacy ratio reached 19.2% in the second quarter of 2023, indicating that the banking sector maintains a high level of capital adequacy and liquidity.
Capital adequacy ratios were 21.7% for conventional retail banks, 17% for conventional wholesale banks, 21.4% for Islamic retail banks, and 17.2% for Islamic wholesale banks.
The number of registered collective investment entities (CIUs) was 1,667 as of the end of September 2023.
CIU’s net asset value (NAV) decreased from $11.8 billion in the second quarter of 2022 to $10.7 billion in the second quarter of 2023, reflecting a decrease of 9.3%.
Additionally, the NAV of expatriate CIUs decreased by 1.6% from $6.4 billion in Q2 2022 to $6.3 billion in Q2 2023.
Meanwhile, Shariah-compliant CIU’s NAV increased by 16.7% from $1.2 billion in Q2 2022 to $1.4 billion in Q2 2023.
Regarding the insurance sector, the total insurance premiums (conventional and Takaful) generated in the domestic market in the first half of 2023 reached BD 151.5 million, an increase of about 3.1%, while general insurance business (including medical insurance business) It accounted for 90%. Total gross premiums written.
Total medical insurance premiums increased by 12% from BD 46.78 million in January to June 2022 to BD 52.31 million in the same period in 2023.
Medical insurance was the largest in terms of total premiums, accounting for approximately 35% of total premiums over a 6-month period.
Total motor insurance premiums increased by 8% to BD 38.89 million in the six-month period compared to BD 36.06 million in the same period in 2022.
Auto insurance accounted for the second largest share, accounting for approximately 26% of total written premiums.
Life insurance and savings products (long-term insurance) generated gross premiums of BD 15.9 million for the six-month period, compared to BD 23.32 million for the same period in 2022.
Long-term premiums accounted for 10% of total premiums in the first half of 2023.
At the meeting, board members also expressed their gratitude to outgoing Governor Rashid Al Maraj for his efforts and achievements during his tenure.
The Board also congratulated Mr. Khalid Humaidan on his appointment as the new Governor from February 2024.
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