Oman's Banking Sector Reports Credit Growth, Totaling Over $78 Billion

Oman, 29 April, 2024 : The banking sector in the Sultanate of Oman witnessed a 2.7% increase in total credit balance, reaching OMR30.6 billion by February 2024, as reported by the Central Bank of Oman (CBO).

Credit granted to the private sector experienced a 3.9% growth, totaling OMR25.8 billion during the same period. Non-financial companies received the largest share of credit at 45.7%, followed closely by the individual sector at 45.3%. Financial companies secured 5.3% of the credit, with the remaining 3.7% distributed among other sectors.

Total deposits in the banking sector surged by 13.3% to OMR30.1 billion by February 2024. Private sector deposits increased by 14.8%, reaching OMR20.1 billion. Among private sector deposits, individuals held the largest share at 48.4%, followed by non-financial companies at 32.3% and financial companies at 16.5%, while the remaining 2.8% was distributed among other sectors.

Source : www.zawya.com