Credit granted by banks in Oman rises to OMR30.8bn

Credit granted by banks in Oman rises to OMR30.8bn

Muscat: The total balance of credit granted by the Omani banking sector increased by 2.9 percent to reach OMR30.8 billion by the end of March 2024.

The analysis issued by the Central Bank of Oman (CBO) showed that credit granted to the private sector recorded a growth of 3.6 percent to reach OMR25.9 billion by the end of March 2024.

Data related to distribution of credit among various sectors indicate that non-financial companies held the largest share, which amounted to 45.4 percent at the end of March 2024, followed by the household sector at 45 percent. The remaining was distributed among the financial companies sector at 5.8 percent and by other sectors at 3.8 percent.

Total deposits in the banking sector recorded a growth of 11.7 percent, reaching OMR30.3 billion by the end of March 2024. Within this total, private sector deposits in the banking system witnessed an increase of 13.7 percent to reach OMR20.2 billion by the end of March 2024.

While 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 49.8 percent, followed by the non-financial companies sector and