Credit granted by banks in Oman rises to OMR23.49bn

Muscat: The total credit granted by commercial banks in the Sultanate of Oman increased by 7.8 percent to 25.33 at the end of the third quarter of 2023 compared to OMR23.49 billion during the same period in 2022.

The quarterly statistical bulletin issued by the Central Bank of Oman (CBO) indicated that the personal loan sector received OMR9.36 billion representing 38.3 percent of the total bank credit to commercial banks at the end of September 2023.

The industrial sector received OMR2.18 billion or 8.2 percent of the total credit granted while the wholesale and retail trade sector received credits amounting to OMR1.92 billion or 7.9 percent of the total credit, followed by the construction sector at OMR1.81 billion or 7.4 percent of the total bank credit.

The bulletin further stated that the services sector received credits worth OMR1.74 billion or 7.1 percent of the volume of credit granted to commercial banks and the electricity, transportation, and water sector received OMR1.61 billion or 6.6 percent of the total volume of credit granted.

The transportation sector received OMR1.51 billion or 6.2 percent of the credit granted while the financial institutions sector received OMR1.33 or 5.4 percent, followed by the mining sector (mines and quarries), which received OMR1.20 billion or 4.9 percent of the credit granted.

The Statistical bulletin further indicated that the volume of bank credit granted to the import sector amounted to OMR894.3 million at the end of the third quarter of 2023 followed by the government sector at OMR786.7 million.

By the end of September 2023, the agriculture sector and related activities received OMR44.3 million or 0.2 percent of the credit granted while the export sector received OMR7.7 million.

The bulletin indicated that the volume of bank credit to commercial banks in the Sultanate of Oman for other economic activities amounted to about OMR800.3 million at the end of the third quarter of 2023, while the volume of bank credit to non-residents reached OMR252 million or one percent of the total volume of bank credit.