The banking sector exhibited steady progress as regards credit growth, deposit growth and total assets consistent with sustained recovery of non-oil activities. The monthly bulleting released by the Central Bank of Oman (CBO) pointed out that the total assets of commercial banks increased by 7 percent to RO. 16,346.1 million in June 2011 compared to RO. 15,274.1 million in June 2010. Cash on hand and deposits of commercial banks with the CBO stood higher at RO. 931.664 million at the end of June 2011 compared to RO. 814.7 million in June 2010. Total credit grew by 12.6 percent to RO. 11,450.4 million in June 2011and accounted for 70 percent of total assets. While credit to Government increased marginally by 2 percent in June 2011, credit to public enterprises and the private sector increased by 62.4 percent and 8.6 percent, respectively. Commercial banks\' overall investments in securities declined by 3.2 percent to RO. 1,814.6 million by June 2011 from RO. 1,873.6 million a year ago. Of the total outstanding investments, commercial banks\' investments in CBO CDs decreased to RO. 1,163 million in June 2011 from RO. 1,443 million a year ago, whereas investments in government development bonds increased to RO. 285.7 million from RO. 143.7 million during the same period. Investments in foreign securities increased by 45.7 percent to RO. 220.6 million from RO. 151.3 million during the same period. On the liabilities side of the balance sheet, total deposits (Riyal Omani plus foreign currency deposits) witnessed a year-on-year growth of 12.9 percent to RO. 11,152.5 million in June 2011 from RO. 9,880.8 million in June 2010. Government deposits with commercial banks increased by 32.1 percent to RO. 2,822 million, while deposits of public enterprises increased by 21.4 percent to RO. 830.9 million during the same period. Private sector deposits with commercial banks increased by 6.2 percent to RO. 7,381.7 million by the end of June 2011 from RO. 6,952.3 million a year ago. For the first half of the year, provisional figures for net profits of commercial banks stood at RO. 119 million.