Increase in Oman’s Banking Sector Credit Balance to OMR 31.1 Billion (USD 80.9 Billion)
Oman’s banking sector has seen a significant increase in its credit balance, rising by 3.2% to OMR 31.1 billion (USD 80.9 billion) by the end of May 2024.
According to data from the Central Bank of Oman, credit granted to the private sector also increased by 3.1% to OMR 26.1 billion (USD 67.9 billion). Non-financial companies held the largest share of the credit balance at 45.4%, followed by the individual sector at 45.3%. The financial companies sector accounted for 5.7%, while other sectors comprised 3.6%.
Additionally, total deposits in Oman’s banking sector surged by 9.2%, reaching approximately OMR 30 billion (USD 78.1 billion) by the end of May 2024. Deposits from the private sector increased by 14%, amounting to OMR 20.4 billion (USD 53.1 billion).
The distribution of private sector deposits shows that the individual sector held the largest share at 50.4%, followed by the non-financial corporate sector at 29.4% and the financial corporate sector at 17.4%. Other sectors accounted for the remaining 2.8%.
Table: Statistics of Credit Balance and Deposits in Oman’s Banking Sector as of End of May 2024
| Statistic | Percentage | Amount (OMR Billion) | Equivalent in USD (Billion) |
|---|---|---|---|
| Total Credit Balance Increase | 3.2% | 31.1 | 80.9 |
| Credit Granted to Private Sector | 3.1% | 26.1 | 67.9 |
| Total Deposits in Banking Sector | 9.2% | 30 | 78.1 |
| Private Sector Deposits | 14% | 20.4 | 53.1 |
| Sector | Percentage of Credit Balance | Percentage of Private Sector Deposits | |
| Non-Financial Companies | 45.4% | 29.4% | |
| Individual Sector | 45.3% | 50.4% | |
| Financial Companies | 5.7% | 17.4% | |
| Other Sectors | 3.6% | 2.8% |
