Oman’s Bank Lending Rises 3.4% and Deposits Jump 12.5%

According to statistics released by the Central Bank of Oman, the total credit extended by the banking sector reached RO 31.3 billion (approximately $81.2 million) at the end of July 2024, marking a 3.4% increase year-on-year.

Credit to the private sector also rose to RO 26.2 billion (around $68.1 million), reflecting a growth of 3.0%. Among this, the household sector received the highest share of private sector credit at 45.1%.

Islamic banking has played a significant role in this growth, with total financing from Islamic banks reaching RO 6.4 billion (about $16.6 million), representing an 11% increase compared to the previous year.

Deposits Reach RO 31 Billion

In terms of deposits, the total deposits held by the banking sector surged to RO 31 billion (approximately $81.2 million), showcasing a robust year-on-year growth of 12.5%. Private sector deposits also increased by 13.9%, reaching RO 20.7 billion (around $53.9 million).

source Oman’s Bank Lending Rises 3.4% and Deposits Jump 12.5% (muscatdaily.com)