Oman’s banking sector sees a 2.7% rise in credit balance

Oman’s banking sector sees a 2.7% rise in credit balance

According to recent data from the Central Bank of Oman, the banking sector has witnessed a significant uptick in credit balances and deposits.

The post Oman’s banking sector sees a 2.7% rise in credit balance appeared first on The Arabian Stories News.Muscat: The Central Bank of Oman’s latest data reveals a positive trajectory for the Sultanate’s banking industry, highlighting a 2.7 percent increase in total credit balances, which now stand at an impressive RO 30.6 billion. This growth is particularly pronounced in the private sector, where credit extended saw a robust 3.9 per cent surge, totalling 25.8 billion Omani riyals by the end of February 2024.

Diving deeper into the credit landscape, non-financial companies emerged as the primary beneficiaries, securing the lion’s share of credit at 45.7 percent, closely trailed by individual borrowers at 45.3 percent. Financial companies and other sectors collectively accounted for the remaining credit distribution, reflecting a diversified lending approach within the banking system.

On the deposit front, Oman’s banking sector experienced a notable 13.3 per cent growth, with total deposits soaring to RO 30.1 billion by February’s close. Private sector deposits mirrored this positive trend, climbing by 14.8 per cent to reach RO 20.1 billion.

Analyzing deposit distribution among sectors,