Credit extended by Oman’s banking sector tops OMR29bn

Muscat: Total outstanding credit extended by Oman’s banking sector grew by 4.8 per cent to OMR29.20 billion at the end of December 2022, according to the latest statistics released by the Central Bank of Oman (CBO).

The credit granted to the private sector recorded a growth of 4.1 per cent to reach OMR24.40 at the end of December 2022. Data related to its distribution to other sectors indicate that non-financial companies received the largest share at 45.8 per cent, followed by the household sector at 45.1 per cent. The remaining share of credit was distributed to the financial companies sector at 5.3 per cent and other sectors at 3.7 per cent.

Total deposits with the banking sector recorded a growth of 11 per cent to reach OMR25.90 billion at the end of December 2022. Within this total, private sector deposits within the banking system rose by 0.3 per cent to reach OMR17.40 billion at the end of December 2022.

In terms of the sector-wise composition of private sector deposits, the share of household deposits stood at 52.2 per cent followed by the non-financial companies and the financial companies sector with a share of 28.9 per cent and 16.1 per cent, respectively, while the remaining 2.9 per cent was distributed among other sectors.