Oman banking sector credit reaches RO 30.4 billion

MUSCAT: The total balance of credit extended by the banking sector increased by 5.2%, reaching RO 30.4 billion by the end of October 2023, with credit allocated to the private sector rising by 6.2% to reach about RO 25.6 billion during the same period.

The distribution of credit among various sectors, with non-financial companies securing the largest share at 45.7% by the end of October 2023. Following closely, the retail sector with 44.6% share, while the financial companies sector with 5.8%, and the remaining 3.7% with other sectors.

Moreover, the overall deposits in the banking sector recorded an increase of 10.1%, to reach RO 28.2 billion by the closure of October 2023. Private sector deposits within this total surged by 8.8%, scaling up to RO 18.6 billion.

The distribution of the private sector’s total deposit base across sectors, the data unveiled the retail sector dominating with a 50.5% share. Non-financial and financial companies with 31.3% and 15.3% shares, respectively, while the remaining 2.9% was distributed among various other sectors. — ONA