Credit extended by banks in Oman increased to OMR30.8 billion

Muscat: Total lending by Oman’s banking sector increased by 2.6 percent to reach OMR 30.8 billion by the end of April 2024.

Data released by the Central Bank of Oman (CBO) shows that credit to the private sector increased by 3.2% to reach OMR25.9 billion by the end of April 2024.

Data on the distribution of loans across sectors indicate that the largest share was held by non-financial enterprises, which accounted for 45.7% by the end of April 2024. This was followed by the individual sector with 45.1%. The remainder was distributed between the financial enterprises sector with 5.6% and other sectors with 3.6%.

CBO data also indicates that total deposits in the banking sector recorded an increase of 10.4 per cent, reaching OMR 30 billion at the end of April 2024.

Out of this total, private sector deposits in the banking system recorded a 12.4 per cent increase and reached OMR 20.1 billion by the end of April 2024.

Looking at the distribution of the total deposit base of the private sector across sectors, the data shows that the largest share was held by the individual sector at around 50.6 per cent, followed by the non-financial corporations sector and the financial corporations with shares sector at 29.7 per cent and 16.8 per cent, respectively, with the remaining 2.8 per cent distributed across other sectors.