Credit granted by Oman's banking sector tops OMR30bn

Muscat: The total credit granted by the banking sector in the Sultanate of Oman increased by 5.2 percent to reach OMR30.4 billion at the end of October 2023.

Credit granted to the private sector recorded a growth of 6.2 percent to reach OMR25.6 billion at the end of October 2023.
Data related to credit distribution among various sectors indicated that non-financial companies held the largest share, at 45.7 percent at the end of October 2023, followed by the household sector at 44.6 percent. The remaining was distributed among the financial corporations at 5.8 percent and other sectors at 3.7 percent.

Total deposits in the banking sector recorded a growth of 10.1 percent to reach OMR28.2 billion at the end of October 2023. Within this total, private sector deposits in the banking system increased by 8.8 percent to reach OMR18.6 billion.
Regarding the distribution of the total deposit base of the private sector among various sectors, statistics indicated that the individual sector held the largest share, amounting to about 50.5 percent.

This was followed by the non-financial companies sector and the financial corporations with a share of 31.3 percent and 15.3 percent, respectively, while the remaining of 2.9 percent was distributed to other sectors.