Oman's Banking Sector: Credit Exceeds OMR30 Billion, Deposits Show Strong Growth

Oman, 20 March, 2024 : The total outstanding credit granted by other depository corporations (ODCs) in Oman exceeded OMR30.4 billion by the end of January 2024, marking a 3.8% increase. Within this, credit to the private sector alone rose by 4.5% year-on-year, reaching OMR25.7 billion. ODCs include both conventional and Islamic banks in Oman.

According to the Central Bank of Oman (CBO), non-financial corporations received the largest share of private sector credit at around 45.6%, followed closely by the household sector at 45.3%. Financial corporations accounted for 5.3% of the total private sector credit, while other sectors received the remaining 3.8%.

Total deposits held with ODCs experienced significant growth, rising by 12.8% year-on-year to OMR29.7 billion by January 2024. Private sector deposits also increased by 11.6% to OMR19.6 billion.

In terms of the composition of private sector deposits, household deposits contributed the most at 48.7%, followed by non-financial corporations at 33.3%, financial corporations at 15.1%, and other sectors at 2.8%.

Source : www.timesofoman.com