Oman's commercial banks credit grows 9 per cent in first quarter

Muscat: The value of credit of commercial banks in the Sultanate stood at OMR19.05 million at the end of the first quarter of 2016, compared to OMR17.41 million in 2015; showing growth of 9.46 per cent.
The quarterly statistical bulletin issued by the Research and Statistics Administration at the Central Bank of Oman (CBO) pointed out that the personal loans sector received OMR7.51 million, or 39.4 per cent of the total commercial banking credit during the first quarter of 2016.
Further, the construction sector received OMR2.13 million (11.2 per cent), followed by the industry sector at OMR1.55 million (8.1 per cent) and the service sector received OMR1.497 million (7.9 per cent) of total banking credit.
The bulletin added that the import sector was allocated OMR1.12 million (5.9 per cent) of the total credit availed by the commercial banks during the first quarter of 2016, while the transport and communications sector received OMR1.02 million (5.4 per cent).
Meanwhile, the mining sector (mines and quarries) received OMR998 million (5.2 per cent), financial institutions sector received OMR980 million (5.1 per cent), the electricity, gas and water sector received OMR843 million (4.4 per cent), the retail sector received OMR604 million (3.2 per cent), the agriculture sector and associated activities received OMR59 million (0.3 per cent), the government sector received OMR18 million (0.1 per cent) and the export sector received OMR15 million (0.1 per cent).
The bulletin also pointed out that the value of commercial bank credit stood at OMR510 million (2.7 per cent). Further, the value of banking credit for expatriates stood at OMR192 million, amounting to one per cent of the total bank credit.