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Credit extended by banks in Oman rise 3.5% to surpass OMR27bn

Business Tuesday 12/April/2022 15:16 PM
By: ONA
Credit extended by banks in Oman rise 3.5% to surpass OMR27bn

Muscat: the total credit extended by Other Depository Corporation (ODCs), which consist of conventional and Islamic banks in Oman, recorded a growth of 3.5 per cent to reach OMR27.9 billion at the end of February 2022, according to the data released by the Central Bank of Oman (CBO).

Credit to the private sector saw a moderate increase of 1.6 per cent year-on-year (Y-o-Y) to reach OMR23.5 billion.

The non-financial corporate sector received the highest share of the total private sector credit of 46.6 per cent, followed by the household sector which accounted for 45.1 per cent at the end of February 2022. The share of financial corporations reached 4.6 per cent and other sectors received the remaining 3.7 per cent.

Total deposits held with ODCs registered a Y-o-Y growth of 4.2 per cent to reach OMR25.8 billion at the end of February 2022. Total private sector deposits increased by 2.2 per cent to OMR17.4 billion.

In terms of the sector-wise composition of private sector deposits, the biggest share goes to deposits of households at 50.9 per cent, followed by non-financial corporations at 32.4 per cent, financial corporations at 14.2 per cent and other sectors at 2.5 per cent.