Oman banking sector continued to witness reasonable growth and supported the economic diversification initiatives by meeting the credit needs of all segments in the economy.

The total outstanding credit extended by other depository corporations (conventional and Islamic banks together) stood at RO25.1 billion as at the end of January 2019, witnessing a growth of 6.1 percent over the level a year ago.

Credit to the private sector increased by 4.8 percent to RO22.1 billion. Of the total credit to the private sector, the non-financial corporate sector received highest 45.9 percent, closely followed by the household sector (mainly under personal loans) with 45.5 percent while financial corporations and other sectors obtained 5.3 percent and 3.3 percent, respectively.

Total deposits increased by 4.1 percent to RO22.6 billion, with private sector deposits growing by 1.3 percent to RO14.3 billion as at the end of January 2019.

Sector-wise, the contribution of households to total private sector deposits stood at 49.2 percent, followed by non-financial corporations at 30.2 percent, financial corporations at 18.1 percent, and the other sectors at 2.5 percent. (-ONA)

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