MUSCAT: An analysis of the activities of traditional commercial banks from May 2023 to May 2024 indicated continued credit growth in the Sultanate of Oman. The total credit balance granted by commercial banks increased by 1.3 per cent, while credit granted to the private sector grew by 1.1 per cent to reach RO 20.3 billion by the end of May 2024.
In terms of investments, traditional commercial banks’ total investments in securities rose by 20.8 per cent to reach around RO 5.6 billion by the end of May. However, investment in government development bonds decreased by 9.0 per cent compared to the same period last year, totalling RO 1.9 billion. Investments in foreign securities by commercial banks surged by 80.6 percent, reaching RO 2.2 billion by the end of May 2024.
On the liabilities side, total deposits with conventional commercial banks increased by 7.1 per cent to reach RO 23.9 billion by the end of May. Government deposits with commercial banks declined by 3.8 per cent to RO 5.2 billion, and deposits from public sector institutions decreased by 1.5 per cent to reach RO 1.7 billion by the end of May 2024.
Conversely, private sector deposits rose significantly in May 2024, increasing by 9.9 per cent to reach RO 16.2 billion. These private sector deposits constituted 67.8 per cent of the total deposits with conventional commercial banks. — ONA
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