Credit granted by Oman banking sector rises 5.2 percent


Credit granted by Oman banking sector rises 5.2 percent to RO30.4 bn

Muscat: The total credit balance granted by the banking sector in the Sultanate of Oman increased by 5.2 percent to reach RO 30.4 billion at the end of October 2023.

Credit granted to the private sector recorded a growth of 6.2 percent to reach about RO 25.6 billion by the end of October 2023.

Data related to its distribution among various sectors indicated that non-financial companies held the largest share, which amounted to 45.7 percent by the end of October 2023, followed by the individual sector with 44.6 percent.

The remaining percentage was distributed among the financial companies sector with 5.8 percent and other sectors with 3.7 percent.

Total deposits in the banking sector recorded a growth of 10.1 percent to reach RO 28.2 billion by the end of October 2023. Within this total, private sector deposits in the banking system increased by 8.8 percent to reach RO 18.6 billion.

Regarding the distribution of the total deposit base of the private sector among various sectors, statistics indicated that the individual sector held the largest share, amounting to about 50.5 percent, followed by the non-financial companies sector and the financial companies sector with a share of 31.3 percent and 15.3 percent, respectively, while the remaining percentage was 2.9 percent was distributed to other sectors.

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