Muscat: At the close of January 2024, the total credit balance extended by Oman’s banking sector surged by 3.8 percent, reaching an impressive RO 30.4 billion.

This growth was primarily attributed to a 4.5 percent increase in credit granted to the private sector, which amounted to RO 25.7 billion during the same period. Examining the breakdown of credit distribution among various sectors, non-financial companies emerged at the forefront, claiming 45.5 percent of the total credit, closely followed by the individual sector with 45.3 percent.

Financial companies and other sectors secured smaller shares, with percentages of 5.3 and 3.8, respectively. In tandem with the rise in credit, total deposits in Oman’s banking sector also saw a robust increase, soaring by 12.8 percent to reach RO 29.7 billion by January’s end. Within this growth, private sector deposits notably surged by 11.6 percent, reaching RO 19.6 billion.

Analyzing the distribution of private sector deposits across sectors, the individual sector emerged as the dominant player, accounting for 48.7 percent of the total deposit base.

The non-financial companies and financial companies sectors followed suit, with shares of 33.3 percent and 15.1 percent, respectively, while the remaining 2.8 percent was spread across other sectors.