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Reading: Banks in Oman increase credit to OMR20.3bn
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Gulf Press > Business > Banks in Oman increase credit to OMR20.3bn
Business

Banks in Oman increase credit to OMR20.3bn

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Last updated: 2024/07/07 at 3:58 PM
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The total credit balance granted by traditional commercial banks in the Sultanate of Oman saw a 0.4 percent increase by the end of April 2024. The credit granted by these banks also rose by 0.4 percent, reaching OMR20.3 billion by the same period. Furthermore, the investments of conventional commercial banks in securities experienced a significant boost of 28.3 percent, totaling around OMR5.7 billion by April 2024. However, investment in government development bonds (GDBs) decreased by 11.1 percent, amounting to OMR1.9 billion as opposed to the previous year. Additionally, traditional banks’ investments in foreign securities saw an impressive 133.8 percent increase, reaching OMR2.2 billion by the end of April 2024.

In terms of liabilities, total deposits at conventional commercial banks also witnessed a positive trend, increasing by 9.2 percent to OMR24.2 billion by April 2024. Government deposits with commercial banks rose by 0.9 percent to around OMR5.5 billion, while deposits of public sector institutions surged by 24.5 percent to about OMR1.9 billion. Private sector deposits also went up by 8.9 percent, reaching OMR16 billion by the end of April 2024, making up 66.3 percent of total deposits in traditional commercial banks.

The financial sector in Oman is showing signs of growth and stability, with traditional commercial banks increasing their credit balance and investments in securities. The rise in credit and investments indicates a positive outlook for the economy and indicates the confidence of investors in the banking sector. The increase in investments in foreign securities also shows the banks’ commitment to diversifying their portfolios and taking advantage of global opportunities. This steady growth in investments and deposits reflects a healthy financial environment in the Sultanate.

The increase in total deposits at conventional commercial banks is a positive sign for the economy, as it shows a growing trust and confidence in the banking system. The rise in deposits from government, public sector institutions, and private individuals suggests a healthy circulation of money within the economy. The surge in private sector deposits, in particular, highlights the robust nature of businesses and individuals in Oman, indicating potential for further economic growth and development. This growth in deposits is essential for banks to continue lending and investing in various sectors to support economic activities.

The government’s deposits with commercial banks have also seen an increase, indicating a stable relationship between the public sector and banks. This partnership is crucial for maintaining financial stability in the country and ensuring that funds are available for government projects and initiatives. The growth in deposits from public sector institutions further reinforces the positive sentiment towards the banking sector and the overall financial climate in Oman. Overall, the increase in deposits across various sectors reflects a broader trend of economic growth and stability in the Sultanate.

The rise in total credit balance and investments by traditional commercial banks bodes well for the overall economy in Oman. This growth in credit and investments indicates that banks are actively supporting businesses and individuals, which in turn fuels economic activities and growth. The increase in investments in foreign securities also indicates a broader global outlook for traditional commercial banks in Oman, highlighting their efforts to capitalize on international opportunities. The surge in deposits from various sectors further solidifies the positive sentiment towards the banking sector and suggests a healthy financial environment in the Sultanate.

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News Room July 7, 2024
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