Credit extended by Omani banks hit OMR24bn

Business Saturday 28/July/2018 14:43 PM
By: Times News Service
Credit extended by Omani banks hit OMR24bn

Muscat: The combined balance sheet of conventional and Islamic banks and windows (other depository corporations) taken together provided a complete overview of the financial intermediation taking place in the banking system in Oman.
The total outstanding credit extended by other depository corporations grew by 6.8 per cent to OMR24.1 billion at the end of May 2018 from the level witnessed a year ago.
Credit to the private sector increased by 5.7 per cent to OMR21.5 billion at the end of May 2018. Of the total credit to the private sector, the household sector stood at 45.6 per cent, the non-financial corporate sector at 46.0 per cent, while financial corporations and other sectors obtained 4.8 per cent and 3.5 per cent, respectively.
Total deposits registered a growth of 3.6 per cent to OMR22.3 billion, with private sector deposits growing by 4.1 per cent to OMR14.3 billion at the end of May 2018.
Sector-wise, the contribution of households in total private sector deposits was 49.1 per cent, followed by non-financial corporations at 29.2 per cent, financial corporations at 19.1 per cent, and the other sectors at 2.6 per cent.