Total bank credit hits RO25bn mark

Muscat - 

Banking sector activities in Oman gained further traction last year in line with a pickup in overall economic activities. The combined balance-sheet of the conventional and Islamic banks showed that total outstanding bank credit in the sultanate rose 6.5 per cent year-on-year in November 2018 to reach RO25.1bn.

According to an Oman News Agency report, credit to the private sector, which accounted for nearly 88 per cent of total bank credit in Oman, increased 5.8 per cent to RO22.2bn as of the end of November 2018.

Of the total credit to private sector, share of non-financial corporate sector stood at 46.4 per cent, followed by households sector (mainly personal loans) at 45.2 per cent, financial corporations at 5.4 per cent and other sectors at three per cent.

Total deposits at the banks in Oman grew 5.8 per cent to RO22.8bn as of the end of November 2018. Private sector deposits of the banking system increased 3.9 per cent to RO14.5bn. Share of households in total private sector deposits stood at 47.9 per cent, followed by non-financial corporations at 30.8 per cent, financial corporations at 18.8 per cent and other sectors at 2.5 per cent.

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