Total deposits in Oman's banking sector grow 3.4% to OMR24 billion

Muscat: The combined activities of conventional and Islamic banks provide a comprehensive picture of financial intermediation through the banking sector in Oman.

Total deposits held with other depository corporations (ODCs) reached OMR24 billion at the end of October 2020, increasing by 3.4 per cent from October 2019. Total private sector deposits increased by 9.0 per cent to OMR16.4 billion.

The total outstanding credit extended by ODCs grew by 2.2 per cent to OMR26.4 billion at the end of October 2020.

Credit to the private sector rose by 0.4 per cent Y-o-Y to OMR22.8 billion. Of the total credit to the private sector, the non-financial corporate sector and the household sector (mainly under personal loans) received a share of 46.5 per cent and 45.0 per cent, respectively, while financial corporations received 5.1 per cent and other sectors the remaining 3.4 per cent.

When looking at the sector-wise analysis of private sector deposits; the share of households was largest at 51.6 per cent, followed by nonfinancial corporations at 31.8 per cent, financial corporations at 14.2 per cent and the other sectors at 2.4 per cent.