Credit granted by banks in Oman rises to $79.1bln

PHOTO

Muscat: The total credit granted by the banking sector in the Sultanate of Oman increased by 3.8 percent to reach OMR30.4 billion at the end of January 2024.

Data issued by the Central Bank of Oman (CBO) showed that credit granted to the private sector, in particular, recorded a growth of 4.5 percent to reach OMR25.7 billion at the end of January 2024.

Data related to the distribution of credit to various sectors indicate that non-financial companies accounted for the largest share of 45.5 percent, followed by the household sector at 45.3 percent. The remaining percentage was distributed among the financial companies sector with a share of 5.3 percent and while other sectors had a share of 3.8 percent.

Total deposits in the Omani banking sector recorded a growth of 12.8 percent to reach OMR29.7 billion.
Private sector deposits in the banking system witnessed an increase of 11.6 percent to reach OMR19.6 billion at the end of January 2024.

When looking at the distribution of the total deposit base of the private sector among the various sectors, the numbers indicate that the individual sector held the largest share, which amounted to about 48.7 percent, followed by the non-financial companies sector and the financial companies sector with a share of 33.3 percent and 15.1 percent, respectively, while the remaining 2.8 percent was distributed in other sectors.