Bank credit in Oman grows 4.3% to RO30.4bn in 2023

Bank credit in Oman grows 4.3% to RO30.4bn in 2023

Muscat – Oman’s banking sector recorded a modest credit growth of 4.3% last year but deposits sharply jumped by more than 12% year-on-year in 2023, the latest data from the Central Bank of Oman showed. Total outstanding credit extended by the banking sector (both conventional and Islamic banks) grew 4.3% to RO30.4bn at the end […]Muscat – Oman’s banking sector recorded a modest credit growth of 4.3% last year but deposits sharply jumped by more than 12% year-on-year in 2023, the latest data from the Central Bank of Oman showed.

Total outstanding credit extended by the banking sector (both conventional and Islamic banks) grew 4.3% to RO30.4bn at the end of December 2023 against the same month of the previous year, the CBO said in its monthly statistical bulletin.

Of the total outstanding credit, bank credit to the private sector demonstrated a growth of 4.7% year-on-year to reach RO25.5bn. Household sector received the highest share of the total private sector credit at approximately 45.2% at end-December 2023, followed by non-financial corporations at 45%. The share of financial corporations was 6.0% in private sector credit, while other sectors received the remaining 3.8% of total private sector credit as at end-December 2023.

Conventional banks’ total