Bahrain's economy is on the upswing with major improvement in the security situation and key local banks expecting a seven to 10% growth in their profits. Local banks are likely to boost profits by seven to 10% according to local expectations, Bahrain New Agency (BNA) said Thursday citing a report. Prime Minister Prince Khalifa bin Salman Al Khalifa hailed the growing economic momentum as he received Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj, who revealed new economic data, reported the Gulf Daily News. According to updated figures, the overall volume of bank deposits soared by 10%, while loans grew by 5 to 7%. The tangible improvement in the security situation was a major boost for the economy, the report said and added that the government has also played a vital role by stepping up public expenditure in infrastructure and housing sectors.