Credit granted by Omani banking sector rises 6.3%

Muscat: The total balance of credit granted by the banking sector in the Sultanate of Oman increased by 6.3 percent to reach OMR30 billion at the end of April 2023.

The report issued by the Central Bank of Oman (CBO) shows that credit granted to the private sector recorded a growth of 6.8 percent to reach OMR25.2 billion at the end of April 2023.

The data related to its distribution among various sectors indicated that non-financial companies acquired the largest share, which amounted to 46.3 percent, followed by the individual sector at 44.4 percent, while the remaining percentage was distributed to the financial companies sector at 5.6 percent and other sectors at 3.7 percent.

Total deposits with the banking sector recorded a growth of 5.5 percent to reach OMR27.2 billion at the end of April 2023. Within this total, private sector deposits with the banking system increased by 3.7 percent to reach OMR17.9 billion.

When looking at the distribution of the total deposit base of the private sector over various sectors, figures show that the individual sector acquired the largest share, amounting to about 52.3 percent, followed by the non-financial companies sector and the financial companies sector with a share of 28.2 percent and 16.6 percent, respectively, while the remaining percentage is 2.9 percent distributed to other sectors.