Muscat: Private deposits with commercial banks surged by 8.8% to a total of RO 16 billion and 38.7 million at the end of April 2024. This marks a substantial increase from RO 14 billion and 733.8 million reported during the same period in 2023.
The Central Bank of Oman’s monthly statistical bulletin reveals that the growth in deposits is attributed to both time and savings deposits. Time deposits reached RO 5 billion and 296.6 million, while savings deposits amounted to RO 5 billion and 540.9 million. Demand deposits contributed RO 4 billion and 840.3 million to the total.
Additionally, the bulletin detailed that deposits in foreign currencies stood at RO 1 billion and 980.5 million, complementing the total deposit value of RO 14 billion and 58.3 million in Omani riyals.
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Key banking indicators for Omani commercial banks as of March 2024 include a total cash and clearing to deposits ratio of 7% in Omani riyals and 5.9% across all deposits. The loan-to-deposit ratio is reported at 100.2%, reflecting a balanced lending and deposit growth approach.
Foreign currency deposits represented 16.7% of total deposits, while foreign assets accounted for 12.6% of total assets. The ratio of private demand deposits to total private deposits has risen to 30.8%, with capital and reserves making up 22.4% of total deposits. Additionally, provisions and retained interest to total credit is approximately 6%.
