Bank lending in Oman rises 5.2% in October; deposits jump 10%

Bank lending in Oman rises 5.2% in October; deposits jump 10%

Muscat – Total bank lending in Oman grew by more than five per cent in the first ten months of 2023 while deposits jumped by more than 10 per cent as compared to the same period of 2022, according to the Central Bank of Oman. Total outstanding credit extended by the sultanate’s banking sector (both […]Muscat – Total bank lending in Oman grew by more than five per cent in the first ten months of 2023 while deposits jumped by more than 10 per cent as compared to the same period of 2022, according to the Central Bank of Oman.

Total outstanding credit extended by the sultanate’s banking sector (both conventional and Islamic banks) grew by 5.2% to RO30.4bn as of October 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 increased growth of 6.2% year-on-year to reach RO25.6bn in October. Non-financial corporations received the highest shares of the total private sector credit, at approximately 45.7%, followed by household sector at 44.6%. The share of financial corporations was 5.8% while other sectors received the remaining 3.7% of total private sector credit.

Conventional banks’