Deposits in banking sector grow

MUSCAT: The banking sector continued to perform well in terms of meeting credit requirements and providing other banking services. Total outstanding credit extended by other depository corporations (ODCs), consisting of conventional banks and Islamic banking entities, increased year-on-year (YoY) by 4.2 per cent to RO 25.9 billion at the end of September 2019, according to the statistics released by the Central Bank of Oman (CBO). The credit to private sector grew YoY by 3.4 per cent to RO 22.7 billion during this period. The sectoral composition indicates that the non-financial corporate sector received the largest share in private sector credit at 46.2 per cent, followed by household sector (mainly under personal loans) with 45.2 per cent, financial corporations with 5.2 per cent and other sectors with 3.4 per cent. Total deposits held with ODCs increased YoY by 3.3 per cent to RO 23.2 billion, with private sector deposits witnessing a growth of 6.3 per cent to RO 15 billion at the end of September 2019. — ONA