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Financial Stability Report FINANCIAL STABILITY REPORT MARCH 2020 | ISSUE NO. 28 Financial Stability Report- March 2020|Issue no. 28 Production: Financial Stability Directorate Central Bank of Bahrain P.O. Box 27, Manama, Kingdom of Bahrain Tel: (+973) 1754 7777 | Fax: (+973) 1753 0399 www.cbb.gov.bh The Financial Stability Report (FSR) is a semi-annual report prepared by the Central Bank of Bahrain’s (CBB) Financial Stability Directorate (FSD). The FSR is available online in PDF format under the Publications and Data section on the CBB’s website at http://www.cbb.gov.bh. Central Bank of Bahrain Financial Stability Report | March 2020 Table of Contents Table of Contents ............................................................................................................................................................. i List of Tables ................................................................................................................................................................... iv List of Charts ................................................................................................................................................................... vi Preface ............................................................................................................................................................................ 1 The COVID-19 Crisis ....................................................................................................................................................... 3 CBB and Government Initiatives .............................................................................................................................. 4 CBB Circulars ............................................................................................................................................................. 6 Executive Summary ........................................................................................................................................................ 8 Part I: Developments in the International and Domestic Financial Markets ........................................................... 12 1. Developments in the International Financial Markets ..................................................................................... 13 1.1 Overview ...................................................................................................................................................... 13 1.2 Global Macro-financial Environment ......................................................................................................... 13 1.2.1 Economic Performance .................................................................................................................... 14 1.2.2 Financial Markets ....................................................................................................................... 16 2. Developments in Bahrain’s Financial and non-Financial Sectors .................................................................... 17 2.1 Overview ...................................................................................................................................................... 17 2.2 The Financial Sector .................................................................................................................................... 17 2.2.1 The Retail Banking Sector ................................................................................................................ 19 2.2.2 The Wholesale Banking Sector ........................................................................................................ 20 2.2.3 The Islamic Banking Sector .............................................................................................................. 21 2.2.4 Islamic Windows .............................................................................................................................. 22 2.2.5 Credit Developments ........................................................................................................................ 23 2.2.6 Net Foreign Assets ........................................................................................................................... 23 2.3 Monetary Indictors...................................................................................................................................... 26 2.4 Inflation ........................................................................................................................................................ 26 2.5 The Households/Personal Sector ............................................................................................................... 27 2.6 The Bahraini Corporate/Business Sector ................................................................................................... 29 2.6.1 Construction and Real Estate .......................................................................................................... 31 2.7 Overall assessment of the Bahraini Financial sector and non-Financial Sector. ...................................... 32 Part II: Developments in the Banking Sector ............................................................................................................. 33 3. Overall Banking Sector ....................................................................................................................................... 34 3.1 Overview ...................................................................................................................................................... 34 3.2 Overall Banking Sector Performance .......................................................................................................... 34 3.2.1 Capital Adequacy ............................................................................................................................. 34 3.2.2 Asset Quality ..................................................................................................................................... 35 3.2.3 Profitability ....................................................................................................................................... 38 3.2.4 Liquidity ............................................................................................................................................ 39 3.3 Overall Assessment of the Banking Sector ................................................................................................ 39 4. Conventional Banks ............................................................................................................................................ 40 4.1 Overview ...................................................................................................................................................... 40 4.2 Conventional Retail Banks .......................................................................................................................... 40 4.2.1 Capital Adequacy ............................................................................................................................. 40 4.2.2 Asset Quality ..................................................................................................................................... 41 4.2.3 Profitability ....................................................................................................................................... 45 4.2.4 Liquidity ............................................................................................................................................ 46 4.3 Conventional Wholesale Banks .................................................................................................................. 47 4.3.1 Capital Adequacy ............................................................................................................................. 47 4.3.2 Asset Quality ..................................................................................................................................... 47 4.3.3 Profitability ....................................................................................................................................... 51 4.3.4 Liquidity ............................................................................................................................................ 52 4.4 Overall Assessment of the Conventional Banking Sector ......................................................................... 53 Table of Contents i Central Bank of Bahrain Financial Stability Report | March 2020 5. Islamic Banks ...................................................................................................................................................... 54 5.1 Overview ...................................................................................................................................................... 54 5.2 Islamic Retail Banks ..................................................................................................................................... 54 5.2.1 Capital Adequacy ............................................................................................................................. 54 5.2.2 Asset Quality ..................................................................................................................................... 54 5.2.3 Profitability ......................................................................................................................................
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