Banking Sector Achieves Reasonable Growth in the Sultanate

Muscat, The banking sector in the Sultanate continued to witness a reasonable growth and supported the economic diversification initiatives including credit needs of all segments with added emphasis towards the SME’s sector.

The total outstanding credit extended by other depository corporations stood at RO23.7 billion as at the end of January 2018, a growth of 7.3 percent over the level witnessed a year ago. Credit to the private sector increased by 5.8 percent to RO21.1 billion as at the end of January 2018.

Of the total credit to the private sector, the household sector (mainly under personal loans) stood at 46 percent closely followed by the non-financial corporate sector at 45.8 percent while financial corporations and other sectors obtained 4.8 percent and 3.4 percent respectively.

Total deposits registered a growth of 5.1 percent to RO21.7 billion, with private sector deposits growing by 5.1 percent to RO14.1 billion as at the end of January 2018.

Sector-wise, the contribution of households in total private sector deposits was 48.3 percent, followed by non-financial corporations at 29.7 percent, financial corporations at 19.3 percent, and the other sectors at 2.7 percent.

Source: Oman News Agency