Total bank credit in Oman rises 5.7%
The total outstanding credit extended by Oman’s banking sector increased to RO25.5bn as of the end of March 2019, recording a year-on-year growth of 5.7 per cent.
Credit to the private sector increased 4.2 per cent to RO22.4bn as of the end of March 2019. Of the total credit to the private sector, the share of non-financial corporate sector stood at 46.1 per cent, the household sector (mainly under personal loans) at 45.1 per cent, while the share of financial corporations and other sectors stood at 5.5 per cent and 3.4 per cent, respectively.
An analysis of the combined balance sheet of conventional banks and Islamic banking entities showed the progress of financial intermediation taking place in the sultanate.
Total deposits held with the banking system increased by 3.4 per cent to RO23bn, with private sector deposits growing by 2.9 per cent to RO14.6bn as of the end of March 2019.
Sector-wise, the contribution of households in total private sector deposits was 49.4 per cent, followed by non-financial corporations at 30.7 per cent, financial corporations at 17.4 per cent, and the other sectors at 2.5 per cent.