Oman’s Bank Credit and Deposits Grow Strongly in October 2024

Oman, 16 December, 2024 : Oman’s banking sector experienced significant growth in October 2024, with total credit outstanding rising 4.8% year-on-year to reach RO31.9bn, according to the Central Bank of Oman.

Private sector lending accounted for the largest share, rising 4.4% to RO26.8bn, with the household sector receiving the largest portion at 45.2%. Conventional banks saw a 2.7% increase in credit to RO20.7bn, while Islamic banking entities posted a 13.8% rise in financing, reaching RO6.7bn.

Deposits across the banking sector surged 13% to RO31.9bn. Private sector deposits grew 9.4% to RO20.4bn, with household deposits making up the largest portion. Conventional banks saw a 10.4% rise in deposits, reaching RO25.4bn, while Islamic banks’ deposits jumped 24% to RO6.5bn.

In terms of interest rates, the weighted average interest rate on Omani rial deposits with conventional banks rose to 2.709%, while the weighted average lending rate increased to 5.628%. The overnight domestic inter-bank lending rate for the Omani rial declined to 4.681%.