Muscat: The Central Bank of Oman has reported a significant rise in the total credit balance granted by the country’s banking sector, which saw a 2.6% increase, reaching RO 30.8 billion by the end of April 2024. This growth reflects the sector’s resilience and the ongoing economic recovery.

Credit granted to the private sector alone recorded a growth of 3.2%, totalling RO 25.9 billion. Non-financial companies held the largest share of this credit at 45.7%, followed closely by the individual sector with 45.1%. The financial companies sector accounted for 5.6%, while other sectors made up 3.6% of the total credit distribution.

In addition to the credit growth, total deposits in the banking sector surged by 10.4%, reaching RO 30 billion by the end of April 2024. Private sector deposits contributed significantly to this increase, growing by 12.4% to RO 20.1 billion.

Breaking down the private sector deposit base, individuals held the largest share at 50.6%. Non-financial companies and financial companies followed with shares of 29.7% and 16.8%, respectively, while other sectors accounted for the remaining 2.8%.