MUSCAT: The total credit balance granted by the banking sector in the Sultanate of Oman saw a 3.2 per cent increase, reaching approximately RO 31.1 billion by the end of May 2024.
Credit extended to the private sector grew by 3.1 per cent by the end of May, reaching RO 26.1 billion. Data from the Central Bank of Oman indicated that non-financial companies accounted for the largest share of the credit balance at 45.4 per cent by the end of May, followed by the individual sector at 45.3 per cent. The remaining percentage was distributed among the financial companies sector at 5.7 per cent and other sectors at 3.6 per cent.
Total deposits in the banking sector grew by 9.2 per cent, amounting to approximately RO 30 billion by the end of May 2024. Within this total, private sector deposits increased by 14 per cent, reaching RO 20.4 billion.
Regarding the distribution of the total deposit base for the private sector, the data showed that the individual sector held the largest share at 50.4 per cent, followed by the non-financial corporate sector and the financial corporate sector with shares of 29.4 per cent and 17.4 per cent respectively. The remaining 2.8 per cent was distributed among other sectors. — ONA
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