Credit extended by banks in Oman reach OMR23.4bn

Muscat: The total bank credit extended by commercial banks in the Sultanate of Oman increased by 2.3 per cent to OMR23.49 billion during the third quarter of 2022 compared to OMR22.96 billion in the corresponding period of 2021.

The quarterly statistical bulletin issued by the Research and Statistics Department of the Central Bank of Oman (CBO) indicated that the personal loans sector had obtained OMR8.87 billion, or 38.6 per cent of the total bank credit to commercial banks during the third quarter of 2022.

The services sector received OMR2.12 billion, at 8.7 per cent, the construction sector at OMR1.95 billion, at 8.5 per cent, followed by the industry sector at OMR1.92 billion, at 8.4 per cent of the total bank credit.

The bulletin indicated that the transportation and transportation sector received OMR455.1 billion, at 6.3 per cent of the volume of credit granted to commercial banks during the first nine months of 2022, the electricity, transport and water sector obtained OMR440.6 billion, at 6.3 per cent of the total volume of credit.

The financial institutions' sector received OMR175.2 billion, at 5.1 per cent, and the wholesale and retail trade sector received OMR124.30 billion, at 4.9 per cent, followed by the mining sector (mines and quarries) which received OMR952.10 million, at 4.1 per cent.

The quarterly bulletin of the Central Bank of Oman indicated that the volume of bank credit granted to the import sector during the third quarter of 2022 amounted to OMR858.8 million, at 3.7 per cent, followed by the government sector, at OMR713.2 million, at 3.1 per cent of total bank credit.

During the third quarter of 2022, the agricultural sector and related activities received OMR47.3 million, at 0.2 per cent, and the export sector received OMR38.9 million, at 0.2 per cent of the volume of bank credit to commercial banks.

The bulletin indicated that the volume of bank credit to commercial banks in the Sultanate for other economic activities amounted during the third quarter of 2022 to OMR734.4 million, at 3.2 per cent, while the volume of bank credit to non-residents amounted to OMR196.9 million, at 0.9 per cent of the total volume of bank credit.