Credit granted by Oman’s banking sector rise 5.8%


Credit granted by Oman’s banking sector rise 5.8 percent to RO 30.9 bln

Muscat: Data issued by the Central Bank of Oman indicate that the total credit balance granted by the Omani banking sector by the end of November 2023 increased by 5.8 percent to reach 30.9 billion Omani riyals.

Regarding the credit granted to the private sector, it recorded a growth of 4.8 percent to reach 25.5 billion Omani riyals by the end of November 2023.

Data related to its distribution among various sectors indicate that non-financial companies held the largest share, which amounted to 45.2 percent by the end of November 2023, followed by the individual sector with a percentage 45.1 percent.

The remaining percentage was distributed among the financial companies sector at a rate of 5.9 percent and other sectors at a rate of 3.8 percent. Total deposits in the banking sector recorded a growth of 9.9 percent, reaching 28.4 billion Omani riyals by the end of November 2013.

Within this total, private sector deposits in the banking system witnessed an increase of 9.2 percent to reach 18.9 billion Omani riyals by the end of November 2023. 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 49.7 percent, followed by the non-financial companies sector and the financial companies sector with a share of 34.1 percent and 13.4 percent, respectively, and the remaining percentage 2.8 percent was distributed among other sectors.

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