MUSCAT: Omani banks, including Islamic institutions, have achieved a year-on-year growth of 6.1 per cent in total credit at OMR22.8 billion by July-end of 2017.
Credit to the private sector alone grew by 6.8 per cent to OMR20.6 billion as of the end of July this year. Of the total credit extended to the private sector, the household sector (mainly under personal loans) stood at 46.2 per cent, closely followed by the non-financial corporate sector at 45.5 per cent, while financial corporations and other sectors contributed 5 per cent and 3.3 per cent, respectively, the Central Bank of Oman (CBO) said in its latest monthly report.
Total deposits of Omani banks rose by 6 per cent to OMR21.6 billion, with private sector deposits growing by 4.3 per cent to OMR13.7 billion as of the end of July. Sector-wise, the contribution of households in total private sector deposits was 48.5 per cent, followed by non-financial corporations at 29.6 per cent, financial corporations at 19 per cent, and the other sectors at 2.9 per cent.
