Credit granted by banks in Oman tops RO 30.4 billion


Credit granted by banks in Oman rises 5.7% to reach RO 30.4 billion

Muscat: Credit granted by the banking sector in the Sultanate of Oman increased by 5.7 percent to reach RO 30.4 billion by the end of September 2023, according to the data issued by the Central Bank of Oman showed that credit granted to the private sector recorded a growth of 6.2 percent, reaching RO 25.6 billion at the end of last September.

Data related to its distribution among various sectors indicate that non-financial companies held the largest share, amounting to 46.1 percent at the end of September 2023, followed by the individuals sector with 44.5 percent. The remaining percentage was distributed among the financial companies sector at a rate of 5.8 percent and other sectors at a rate of 3.6 percent. Total deposits in the banking sector recorded a growth of 5.5 percent, reaching RO 27.8 billion  at the end of last September. Within this total, private sector deposits in the banking system witnessed an increase of 6.3 percent to reach RO 18.4 billion at the end of last September.

When looking at the distribution of the total deposit base of the private sector among the various sectors, the numbers indicate that the individual sector held the largest share, which amounted to about 50.7 percent, followed by the non-financial companies sector and the financial companies sector with a share of 31.3 percent and 15.1 percent, respectively, while the remaining percentage was 2.9. percent and distributed to other sectors.

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