MUSCAT: The total credit balance granted by the banking sector in the Sultanate of Oman by the end of February 2024 increased by 2.7% to reach RO 30.6 billion.
Regarding credit granted to the private sector, it recorded a growth of 3.9% to reach RO 25.8 billion by the end of last February.
Data from the Central Bank of Oman indicated that non-financial companies have the largest share of credit granted to the private sector, reaching 45.7% by the end of last February, followed by the individual sector at 45.3%. The remaining percentage was distributed among the financial sector at 5.3% and other sectors at 3.7%.
Total deposits in the banking sector increased by 13.3% to reach RO 30.1 billion by the end of last February. Within this total, private sector deposits in the banking system witnessed an increase of 14.8% to reach RO 20.1 billion.
Looking at the distribution of total deposit base for the private sector among different sectors, the numbers showed that the individual sector had the largest share at around 48.4%, followed by non-financial companies and financial companies sectors with shares of 32.3% and 16.5% respectively. The remaining percentage of 2.8% was distributed among other sectors. — ONA
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