MUSCAT: Oman’s banking sector, comprising conventional and Islamic banks, increased total credit issuance by 6.7% in 2024, reaching RO 32.5 billion by year-end, according to the Central Bank of Oman (CBO).
Credit to the private sector grew by 5.9%, totaling RO 27.1 billion. The non-financial corporate sector accounted for the largest share (45.6%), followed closely by individual borrowers (44.8%). Financial institutions and other sectors held smaller portions at 5.6% and 3.9%, respectively.
Meanwhile, total banking sector deposits rose by 9.1% to RO 31.7 billion. Private sector deposits climbed 8.5% to RO 20.8 billion, with individuals making up the largest share at 49.9%, followed by non-financial corporations (30.7%) and financial companies (16.7%).
The steady rise in credit and deposits reflects the sector’s robust growth, positioning it as a key driver of economic activity in Oman. — ONA
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