Moderate growth in credit despite sluggish economy

MUSCAT: The Omani banking sector has witnessed a moderate growth in credit and deposit despite the general sluggishness of the economy.
The statistics point out that the total credit availed by the other deposit companies stood at RO 22.8 billion as of the end of July 2017; a growth by 6.1 per cent compared to the same period last year.
The credit availed to the private sector grew by 6.8 per cent to hit RO 20.6 billion as of the end of July 2017.
In terms of sectors for the total credit availed to private sector, the retail sector (mostly personal loans) constituted 46.2 per cent followed by Non-Financial Institutions (NFIs) with 45.5 per cent, the financial institutions 5 per cent and other sectors 3.3 per cent.
The total deposits with the banking sector grew by 6 per cent to RO 21.6 billion.
As part of this total, the private sector deposits increased by 4.3 per cent to RO 13.7 billion as of the end of July 2017.
The sector distribution for the total deposits by the private sector pointed out that the retail share stood at 48.5 per cent compared to 29.6 per cent for the non-financial institutions and 19 per cent for the financial institutions. The remainder sectors’ share stood at 2.9 per cent. — ONA