The Omani banking sector has seen an increase in total credit granted by 2.9 percent, reaching OMR30.8 billion by the end of March 2024. Credit granted to the private sector also grew by 3.6 percent, reaching OMR25.9 billion during the same period. Data shows that non-financial companies held the largest share of credit at 45.4 percent, followed by the household sector at 45 percent, with the remaining distributed among financial companies and other sectors.
Total deposits in the banking sector also saw growth, increasing by 11.7 percent to reach OMR30.3 billion by the end of March 2024. Private sector deposits in the banking system increased by 13.7 percent to OMR20.2 billion during the same period. When looking at the distribution of the total deposit base among various sectors within the private sector, the individual sector held the largest share at 49.8 percent, followed by non-financial companies at 30.9 percent, financial companies at 16.5 percent, and other sectors at 2.8 percent.
By the end of March 2024, the Omani banking sector had granted OMR30.8 billion in credit, representing a 2.9 percent increase from previous periods. Credit granted to the private sector also saw growth by 3.6 percent, reaching OMR25.9 billion. Non-financial companies held the largest share of credit at 45.4 percent, followed closely by the household sector at 45 percent. The rest of the credit was divided among financial companies at 5.8 percent and other sectors at 3.8 percent.
In addition to the increase in credit, total deposits in the banking sector also experienced growth, rising by 11.7 percent to OMR30.3 billion by the end of March 2024. Private sector deposits in the banking system increased by 13.7 percent, totaling OMR20.2 billion. The individual sector held the largest share of the total deposit base within the private sector at 49.8 percent, followed by non-financial companies at 30.9 percent, financial companies at 16.5 percent, and other sectors at 2.8 percent.
The growth in total credit granted and deposits in the Omani banking sector points towards a positive trend in the country’s economy. With both credit and deposits on the rise, it indicates increased economic activity and confidence in the banking system. The distribution of credit and deposits among various sectors shows a diverse and robust financial landscape, with different sectors contributing to the overall growth and stability of the banking sector in Oman.
Overall, the Omani banking sector’s performance in terms of credit grant and deposits reflects a healthy and growing economy. The increase in credit and deposits indicates a positive outlook for businesses and individuals in Oman, with the banking sector playing a crucial role in supporting economic growth. As credit and deposits continue to rise, it is likely that the Omani banking sector will continue to play a significant role in driving economic development and prosperity in the country.
