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Muscat: The total outstanding credit extended by the Sultanate’s banking sector grew by 3.2% to approximately OMR 31.1 billion at the end of May 2024.
Credit to the private sector grew by 3.1% to Omani riyal 26.1 billion at the end of May. Data from the Central Bank of Oman showed that non-financial companies accounted for the largest share of outstanding credit at the end of May, at 45.4%, followed by the individual sector at 45.3%. The remaining percentage was distributed between the financial companies sector, at 5.7%, and other sectors, at 3.6%.
Total banking deposits grew by 9.2% to around 30 billion riyals by the end of May 2024. Private sector deposits grew by 14% to 20.4 billion riyals.
Regarding the distribution of the total deposit base in the private sector, the data shows that the individual sector accounts for the largest share, at 50.4%, followed by the non-financial corporate sector and the financial corporate sector, at 29.4% and 17.4%, respectively. The remaining 2.8% is distributed among other sectors. — ONA
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