Tuesday 21 / January / 2025
Muscat: The banking sector in the Sultanate continued to witness a reasonable growth and supported the economic diversification initiatives including credit needs of all segments with added emphasis towards the SME’s sector.
The total outstanding credit extended by other depository corporations stood at OMR23.7 billion at the end of January 2018, a growth of 7.3 per cent over the level witnessed a year ago.
Credit to the private sector increased by 5.8 per cent to OMR21.1 billion as at the end of January 2018.
Of the total credit to the private sector, the household sector (mainly under personal loans) stood at 46 per cent closely followed by the non-financial corporate sector at 45.8 per cent while financial corporations and other sectors obtained 4.8 per cent and 3.4 per cent respectively.
Total deposits registered a growth of 5.1 per cent to OMR21.7 billion, with private sector deposits growing by 5.1 per cent to OMR14.1 billion as at the end of January 2018.
Sector-wise, the contribution of households in total private sector deposits was 48.3 per cent, followed by non-financial corporations at 29.7 per cent, financial corporations at 19.3 per cent, and the other sectors at 2.7 per cent.
