Oman’s banking sector sees growth with 4.8% rise in credit and 13% rise in deposits

Muscat: According to the latest report by the Central Bank of Oman, credit granted to the private sector grew by 4.4%, amounting to RO 26.8 billion. The credit balance was largely distributed between the individual sector (45.2%) and the non-financial corporate sector (45.1%), while the financial corporate sector and other sectors accounted for 6.2% and 3.5%, respectively.

On the deposits front, the banking sector recorded remarkable growth of 13%, with total deposits reaching RO 31.9 billion by the end of October. Private sector deposits alone grew by 9.4%, amounting to RO 20.4 billion. The individual sector dominated the private deposit base with a 50.2% share, followed by the non-financial corporate sector (29.5%) and the financial corporate sector (17.7%), while other sectors accounted for 2.6%.