MUSCAT: Oman’s banking sector, including Islamic banks, has achieved a robust 11.41 per cent (or OMR2,221.1 million) year-on-year growth in credit disbursements, which stood at OMR21.68 billion by the end August 2016. Of this, credit to the private sector surged ahead by 13.4 per cent to OMR19.5 billion by the end of August2016, according to the latest monthly statistics released by the Central Bank of Oman on Monday.
Of the total credit to the private sector, the share of the household sector (mainly under personal loans) stood at 46 per cent, closely followed by the non-financial corporate sector at 45.6 per cent, financial corporations at 5.2 per cent and other sectors at 3.2 per cent. Total deposits of Omani banks registered an year-on-year growth of 6.3 per cent (or OMR1,231.5 million) to OMR20.71 billion as at the end of August 2016, from OMR19.48 billion.
The CBO report said that the aggregate credit of conventional banks grew by 8.18 per cent (or OMR1,472.6 million) to OMR19.48 billion by the end of August 21016, while the deposits of these banks have increased by 2.54 per cent to OMR18.71 million by August 2016. Government deposits with conventional banks declined by 8.6 per cent to OMR4.9 billion. Deposits of public enterprises surged ahead by 44.7 per cent to OMR1.5 billion during the period.
Islamic banks provided financing to the extent of OMR2.2 billion as at the end of August 2016, against OMR1.45 billion a year ago. Total deposits held with Islamic banks and windows amounted to OMR2 billion by August 2016 from OMR1.23 billion for the same period of last year. Also, the total assets of Islamic banks and windows stood at OMR2.8 billion by the end of August 2016, which constituted 9.4 per cent of the entire assets of Omani banks.
