The loan book decreased by 1.4% Month-over-Month, it was up 13.1% Year-on-Year (YoY) for full year 2014 (FY2014) while deposits declined by 2.2% Month on Month (MoM) (+9.6% YoY in FY2014) in the month of January 2015.
Public sector pushed total credit down with a decline of 7.1% MoM (down 2.64% in FY2014). Moreover, public sector deposits dropped by 5.9% MoM (down 0.9% in FY2014). Thus, the LDR grew to 110% vs. 109% at the end of 2014.
The public sector deposits decreased by 5.9% MoM for the month of January 2015. Delving into segment details, the government institutions’ segment (represents ~60% of public sector deposits) declined by 1.0% MoM (+4.2% in FY2014).
Furthermore, the government segment decreased by 22.9% MoM (down 13.2% in FY2014). However, the semi-government institutions’ segment posted a modest growth of 4.0% MoM (up 4.8% in FY2014). On the other hand, private sector deposits declined by only 0.6% MoM (+14.1% in FY2014).
On the private sector front, the companies & institutions’ segment decreased by 1.6% MoM (+17.1% in FY2014) while the consumer segment ticked up by 0.4% MoM (up 11.3% in FY2014). Non-resident deposits grew by 4.3% MoM (+43.3% in FY2014).
The overall loan book posted a weak performance. Total domestic public sector loans decreased by 7.1% MoM (down by 2.6% in FY2014). The government segment’s loan book went down by 23.6% MoM (up 14.5% YoY in FY2014).
Moreover, the government institutions’ segment (represents ~65% of public sector loans) declined by only 0.2% MoM, was down 7.9% YoY in FY2014.
However, the semi-government institutions’ segment declined by 3.6% MoM (down 7.4% in FY2014). Hence, all the three sub-segments pushed the overall loan book down for the month of January 2015.
Private sector loans gained by 1.0% MoM (up 20.4% YoY in FY2014). Real Estate followed by Contractors positively contributed toward the loan growth.
Real Estate (contributes 27% to private sector loans) increased by 1.5% MoM. Contractors (contributes 9% to private sector loans) increased by 3.9% MoM. On the other hand, Services (contributes~18% to private sector loans) decreased by 0.3% MoM.
Overall for 2014, Consumption & Others followed by General Trade and Services were the biggest contributors to the loan book growth. Consumption & Others increased by 22.2% in 2014. General Trade grew by 34.0% in 2014. Services segment grew by 21.3% in 2014. On the other hand, the Industry segment only witnessed a 5.7% YoY increase in 2014.