Credit Extended by Banking Sector Grows by 6 Percent till June 2018

Muscat, The several regulatory amendments issued recently by the Central Bank of Oman (CBO) enabled more space for banks to extend credit for stimulating economic activities in the Sultanate.

The combined balance sheet of conventional and Islamic banks and windows (other depository corporations) indicate that the total outstanding credit extended by other depository corporations (ODCs) increased by 6.1 percent to RO24.3 billion as at the end of June 2018.

Credit extended to the private sector rose by 5.1 percent to RO21.7 billion at the end of June 2018.

The disaggregated information in private sector credit exhibits that non-financial corporate constituted highest of 45.8 percent, followed by household sector 45.5 percent, financial cooperation 4.9 percent and other sectors 3.8 percent.

Total deposits registered a growth of 4.5 percent to RO22.3 billion, with private sector deposits increasing by 4.7 percent to RO14.2 billion as at the end of June 2018.

Sector-wise break-up of total private sector deposits shows that households contributed 49.4 percent, followed by non-financial corporations with 29.6 percent, financial corporations with 18.5 percent, and the other sectors with 2.5 percent.

Source: Oman News Agency