Oman Banking Sector Witnesses Reasonable Growth

Residential buildings stand beside desert sands in the Bawshar district of Muscat, Oman, on Saturday, May 5, 2018. Being the Switzerland of the Gulf served the country well over the decades, helping the sultanate survive, thrive and make it a key conduit for trade and diplomacy in the turbulent Middle East. Photographer: Christopher Pike/Bloomberg

Oman banking sector continued to witness reasonable growth and supported the economic diversification initiatives by meeting the credit needs of all segments in the economy.

The total outstanding credit extended by other depository corporations (conventional and Islamic banks together) stood at RO25.1 billion as at the end of January 2019, witnessing a growth of 6.1 percent over the level a year ago.

Credit to the private sector increased by 4.8 percent to RO22.1 billion. Of the total credit to the private sector, the non-financial corporate sector received highest 45.9 percent, closely followed by the household sector (mainly under personal loans) with 45.5 percent while financial corporations and other sectors obtained 5.3 percent and 3.3 percent, respectively.

Total deposits increased by 4.1 percent to RO22.6 billion, with private sector deposits growing by 1.3 percent to RO14.3 billion as at the end of January 2019.

Sector-wise, the contribution of households to total private sector deposits stood at 49.2 percent, followed by non-financial corporations at 30.2 percent, financial corporations at 18.1 percent, and the other sectors at 2.5 percent. (-ONA)

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