Credit granted by Oman's banking sector reaches OMR30.9bn

Muscat: Data issued by the Central Bank of Oman (CBO) indicate that the total credit balance granted by the banking sector at the end of November 2023 increased by 5.8 percent to reach OMR30.9 billion.

The credit granted to the private sector recorded a growth of 4.8 percent to reach OMR25.5 billion at the end of November 2023. Data related to its distribution among various sectors indicate that non-financial companies held the largest share and amounted to 45.2 percent at the end of November 2023. This was followed by the individual sector with a share of 45.1 percent. The remaining share was distributed among the financial companies sector at 5.9 percent and other sectors at 3.8 percent.

Total deposits in the banking sector recorded a growth of 9.9 percent reaching OMR28.4 billion at the end of November 2023.

Within this total, private sector deposits in the banking system witnessed an increase of 9.2 percent to reach OMR18.9 billion at the end of November 2023.

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, and amounted to to 49.7 percent, followed by the non-financial companies sector and the financial companies sector with a share of 34.1 percent and 13.4 percent, respectively, and the remaining share of 2.8 percent was distributed among other sectors.