Credit granted by banks in Oman rises to OMR30.4bn

Muscat: The total credit granted by the banking sector in the Sultanate of Oman increased by 4.3 percent to reach OMR30.4 billion by the end of December 2023, according to the data issued by the Central Bank of Oman (CBO).
The CBO report further reveals that credit granted to the private sector recorded a growth of 4.7 percent reaching OMR25.5 billion by the end of December 2023.

Data related to its distribution among various sectors indicated that the personal loan sector received the largest share of loans at 45.2 percent, followed by non-financial companies at 45 percent, while the remaining share of loans was distributed among the financial companies sector at 6 percent and other sectors at 3.8 percent.

The total deposits in the banking sector of man recorded a growth of 12.4 percent to reach OMR29.1 billion by the end of December 2023. Within this total, private sector deposits in the banking sector witnessed an increase of 10.6 percent to reach OMR19.2 billion by the end of December 2023.

When looking at the distribution of the total deposit base of the private sector among the various sectors, the numbers show that the individual sector held the largest share, which amounted to about 49.3 percent, followed by the non-financial companies sector and the financial companies sector with a share of 32.4 percent and 15.4 percent, respectively, while the remaining percentage was 2.9 percent and was distributed among the other sectors.