Outstanding credit extended by ODCs in Oman tops OMR27bn by March

Muscat: The total outstanding credit extended by other depository corporations (ODCs), consisting of conventional and Islamic Banks, in Oman grew by 2.8 per cent to reach OMR27.9 billion by the end of March 2022.

According to the data issued by the Central Bank of Oman (CBO), the credit extended to the private sector recorded an increase of 0.7 per cent (Y-o-Y) to reach OMR23.5 billion.

Non-financial corporations and the household sector received the highest shares of the total private sector credit, constituting 45.4 per cent each, by the end of March 2022. The share of financial corporations stood at 5.4 per cent and other sectors received the remaining 3.8 per cent of the total private sector credit.

Total deposits held with ODCs registered a Y-o-Y rise of 4.7 per cent to reach OMR25.9 billion by the end of March 2022. Total private sector deposits went up by 2.4 per cent to OMR17.5 billion.

In terms of the sector-wise composition of private sector deposits, the biggest contribution is from household deposits at 51.9 per cent, followed by non-financial corporations at 30.2 per cent, financial corporations at 15 per cent and other sectors at 0.8 per cent.