Total bank credit rises 6.7% in Oman

Muscat - 

 Total outstanding credit extended by Oman’s banking sector grew 6.7 per cent to RO25.7bn as of the end of May 2019.

Bank credit to the private sector witnessed a growth of 4.8 per cent to RO22.6bn as of May 31, 2019 compared to the same period of last year, according to an Oman News Agency report citing the Central Bank of Oman’s (CBO) monthly report.

Of the total credit to Oman’s private sector, the share of non-financial corporate sector stood at 45.6 per cent, the household sector (mainly under personal loans) at 45.1 per cent, while that of financial corporations and other sectors stood at 5.8 per cent and 3.5 per cent, respectively.

The central bank’s statistics showed that the total deposits held with the banking system increased by 2.1 per cent to RO22.8bn, with private sector deposits growing by 3.5 per cent to RO14.8bn as at the end of May 2019.

Sector-wise, the contribution of households in total private sector deposits was 50.2 per cent, followed by non-financial corporations at 28.4 per cent, financial corporations at 18.9 per cent, and the other sectors at 2.5 per cent.

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