Credit granted by banks in Oman rises to OMR30.8bn

Muscat: The total credit granted by Oman's banking sector increased by 2.6 percent to reach OMR30.8 billion by the end of April 2024.

Data issued by the Central Bank of Oman (CBO) showed that credit granted to the private sector recorded a growth of 3.2 percent, reaching OMR25.9 billion by the end of April 2024.

Data related to distribution of credit across various sectors indicate that non-financial companies accounted for the largest share, amounting to 45.7 percent by the end of April 2024. This was followed by the individual sector at 45.1 percent. The remaining was distributed between the financial companies sector at 5.6 percent and other sectors at 3.6 percent.

The CBO data further indicates that total deposits in the banking sector recorded a growth of 10.4 percent to reach OMR30 billion by the end of April 2024.

Within this total, private sector deposits in the banking system witnessed a 12.4 percent increase to reach OMR20.1 billion by the end of April 2024.

While looking at the distribution of the total private sector deposit base across the various sectors, the figures indicate that the individual sector had the largest share, amounting to about 50.6 percent, followed by the non-financial corporate sector and the financial corporate sector with shares amounting to 29.7 percent and 16.8 percent respectively, while the remaining 2.8 percent was distributed across other sectors.