Credit granted by banks in Oman rises to OMR31.4bn

Muscat: The total credit granted by the banking sector in the Sultanate of Oman increased by 3.8 percent to reach OMR31.4 billion by the end of June 2024.

Data issued by the Central Bank of Oman (CBO) showed that credit granted to the private sector recorded a growth of 3.4 percent reaching OMR26.3 billion by the end of June 2024.

Data on its distribution across various sectors indicate that non-financial companies accounted for the largest share, amounting to 45.2 percent by the end of June 2024. This was followed by the household sector at 44.8 percent, while the remaining percentage was distributed between the financial companies sector at 6.4 percent and other sectors at 3.6 percent.

Total deposits in the banking sector recorded a growth of 11.6 percent to reach OMR30.7 billion by the end of June 2024. Within this total, private sector deposits in the banking system witnessed an increase of 14.8 percent to reach OMR20.7 billion by the end of June 2024.

When looking at the distribution of the total private sector deposit base across the various sectors, the figures indicate that the household sector has the largest share, amounting to approximately 51.8 percent, followed by the non-financial corporate sector and the financial corporate sector with shares amounting to 29.6 percent and 15.6 percent respectively, while the remaining 2.9 percent is distributed across other sectors.