Muscat: An analysis of the activities of conventional commercial banks in Oman from May 2023 to May 2024 revealed sustained growth in credit and investments. The total credit balance granted by these banks rose by 1.3 per cent, while credit extended to the private sector increased by 1.1 per cent, reaching RO 20.3 billion by the end of May 2024.
Investment activities also saw significant movements. Traditional commercial banks’ total investments in securities surged by 20.8 per cent, amounting to approximately RO 5.6 billion. However, investments in government development bonds declined by 9.0 per cent to RO 1.9 billion during the same period.
Foreign securities investments by commercial banks skyrocketed by 80.6 per cent, reaching RO 2.2 billion by the end of May 2024, highlighting a strategic shift towards international investment opportunities.
Read More
- Honourable Lady visits Omani Women’s Association in Salalah
- Oman Foreign Minister holds talks with Tunisia, Brunei on bilateral ties and global developments
- Oman, Kazakhstan review bilateral ties and regional developments
- Oman’s Health Ministry urges public to act on suspected unsafe food
- Low clouds, fog expected over Muscat and Al Batinah
On the liabilities side, total deposits at conventional commercial banks increased by 7.1 per cent, totalling RO 23.9 billion by the end of last May. Within this, government deposits with commercial banks fell by 3.8 per cent to RO 5.2 billion, and deposits from public sector institutions decreased by 1.5 per cent to RO 1.7 billion.
In contrast, private sector deposits showed a robust increase of 9.9 per cent, reaching RO 16.2 billion and constituting 67.8 per cent of the total deposits in conventional commercial banks.
