Credit granted by banking sector exceeds $77.9bln

PHOTO

Muscat: Total outstanding credit extended by other depository corporations (ODCs) grew by 3.8 percent to OMR30.4 billion at the end of January 2024, with credit to the private sector alone demonstrating an increase of 4.5 percent year-on-year to reach OMR25.7 billion. ODCs consist of conventional and Islamic banks in Oman.

The report released by the Central Bank of Oman (CBO) said that non-financial corporations received the highest share of the total private sector credit at approximately 45.6 percent at end-January 2024, followed by household sector at 45.3 percent.

The share of financial corporations was 5.3 percent while other sectors received the remaining 3.8 percent of total private sector credit by at the end of January 2024.

Total deposits held with ODCs registered a significant growth year-on-year of 12.8 percent to reach OMR29.7 billion at the end of January 2024.

The CBO report further stated that total private sector deposits increased by 11.6 percent to OMR19.6 billion.

In terms of sector-wise composition of private sector deposits, the biggest contribution is from household deposits at 48.7 percent, followed by non-financial corporations at 33.3 percent, financial corporations at 15.1 percent and other sectors at 2.8 percent.