Muscat: Conventional commercial banks in Oman have reported a steady increase in key financial indicators as of April 2024. Credit extended to both the overall economy and the private sector saw a modest uptick of 0.4 per cent, amounting to RO 20.3 billion. This growth underscores ongoing support for business and economic activities within the Sultanate.
Investments in securities also saw significant movements, with a notable 28.3 percent surge to approximately RO 5.7 billion. However, investment in government development bonds experienced a decline of 11.1 per cent, settling at RO 1.9 billion compared to the previous year.
The banks’ ventures into foreign securities marked a substantial increase of 133.8 per cent, reaching RO 2.2 billion by April 2024, signalling diversified investment strategies amid global financial markets.
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Turning to deposits, the total deposits in conventional commercial banks recorded a robust 9.2 per cent rise, totalling RO 24.2 billion. Government deposits saw a moderate increase of 0.9 per cent, amounting to RO 5.5 billion, while deposits from public sector institutions surged by 24.5 per cent, reaching RO 1.9 billion.
Private sector deposits, a critical indicator of economic vitality, grew by 8.9 per cent, reaching RO 16 billion by the end of April 2024, constituting a substantial 66.3 per cent of total deposits in conventional commercial banks.
