Omank's bank credit rises 3% in March, deposits up 2.5%: central bank

Omank's bank credit rises 3% in March, deposits up 2.5%: central bank

Published 16 May,2021 via Muscat Daily - Total outstanding credit extended by Oman’s banking sector grew by 3 per cent year-on-year to reach at RO27.2bn at the end of March 2021, the latest statistics released by the Central Bank of Oman (CBO) showed.

However, bank credit to the sultanate’s private sector demonstrated a relatively moderate growth of 0.9 per cent year-on-year to reach at RO23.3bn as of March 31, 2021, the CBO said in its monthly statistical bulletin.

The shares of non-financial corporate sector and household sector (mainly under personal loans) in total private sector credit stood at 46.8 per cent and 45 per cent, respectively. The share of financial corporations was 4.9 per cent and other sectors received the remaining 3.3 per cent of total private sector credit. The combined balance sheet of the conventional banks showed a year-on-year growth of just 1.5 per cent in total outstanding credit as of end-March 2021.