Personal loans exceed OMR 9 billion in Oman in Q1 2023

Muscat: The total volume of bank credit for commercial banks in the Sultanate of Oman during the first quarter of 2023 amounted to about OMR 24.288.5 billion, compared to OMR 23.10.9 billion in 2022, an increase of 5.5 percent.

The quarterly statistical bulletin issued by the Research and Statistics Department of the Central Bank of Oman indicated that the personal loans sector obtained RO 46.9 billion and 37.2 percent of total bank credit to commercial banks during the first quarter of 2023.

The services sector received two billion and 65.5 million RO at 8.5 percent, followed by the construction sector at one billion and 887.1 million RO at 7.8 percent, then the industry sector at one billion and 881.5 million RO at 7.7 percent of the total bank credit.

The bulletin indicated that the electricity, transportation and water sector received OMR 669.9 billion, or 6.9 percent of the volume of credit granted to commercial banks during the first three months of 2023. The transportation and transportation sector received OMR 497.2 billion, or 6.2 percent of the total volume of credit.

The financial institutions sector received RO 341.1 billion, or 5.5 percent, and the mining sector (mines and quarries) received RO 182.1 billion, or 4.9 percent, followed by the wholesale and retail trade sector (retail) and received RO 129.2 billion, or 4.6 percent.

The quarterly bulletin of the Central Bank of Oman indicated that the volume of bank credit granted to the import sector during the first quarter of 2023 amounted to OMR 932.8 million, or 3.8 percent, followed by the government sector, which amounted to OMR 710.7 million, or 2.9 percent of the total bank credit.

During the first quarter of 2023, the agricultural sector and related activities received RO 54.3 million, or 0.2 percent, and the export sector received RO 36.1 million, or 0.1 percent of the volume of bank credit to commercial banks.

The bulletin indicated that the volume of bank credit to commercial banks in the Sultanate for other economic activities amounted during the first quarter of 2023 to about OMR 655.4 million, or 2.7 percent, while the volume of bank credit to non-residents amounted to OMR 197.8 million, or 0.8 percent of the total volume of bank credit.