Omani banks achieve 5.7 per cent growth in credit

Omani banks, including Islamic institutions, achieved year-on-year growth of 5.7 per cent in total credit at RO23bn by September-end this year.

Credit to the private sector alone grew by 5.7 per cent to RO20.8bn as of the end of September 2017, the Central Bank of Oman (CBO) said in its latest monthly report.
Of the total credit extended to the private sector, the household sector (mainly under personal loans) stood at 46.3 per cent, closely followed by the non-financial corporate sector at 45.5 per cent, while financial corporations and other sectors contributed 5.1 per cent and 3.1 per cent, respectively.
Total deposits registered a growth of 5.8 per cent to RO21.6bn, with private sector deposits growing by 5.6 per cent to RO13.8bn by September-end 2017. Sector-wise, the contribution of households to total private sector deposits was 48.6 per cent, followed by non-financial institutions at 28.7 per cent, financial institutions at 20 per cent, and other sectors at 2.7 per cent.

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