Total bank credit in Oman rises 3.8% by end of January 2024


Muscat: The total credit granted by the banking sector in the Sultanate of Oman increased by 3.8 percent to reach RO 30.4 billion by the end of January 2024, according to the data issued by the Central Bank of Oman (CBO).

The report issued by the Central Bank of Oman indicated that credit granted to the private sector recorded a growth of 4.5 percent to reach 25.7 billion Omani riyals by the end of January 2024.

Data related to its distribution among various sectors indicate that non-financial companies held the largest share, which amounted to 45.6% at the end of January 2024, followed by the individual sector with 45.3%. The remaining percentage was distributed among the financial companies sector at a rate of 5.3% and other sectors at a rate of 3.8%. Total deposits in the banking sector recorded a growth of 12.8%, reaching 29.7 billion Omani riyals by the end of January 2024.

Within this total, private sector deposits in the banking system witnessed an increase of 11.6% to reach 19.6 billion Omani riyals by the end of January 2024.

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 48.7%, followed by the non-financial companies sector and the financial companies sector with a share of 33.3% and 15.1%, respectively, and the remaining percentage 2.8% was distributed among other sectors.

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