As credit balances increase by 5%, Oman’s banking industry experiences robust expansion.

The banking industry in Oman is still expanding rapidly; by September 2024, overall credit balances will have increased by 5% to RO 32 billion.

Muscat: The Central Bank of Oman recently released data showing a 4.2% growth in private sector credit, reaching RO 26.7 billion. At 45.2%, non-financial firms obtained the biggest proportion. Financial firms and other industries made up 6.3% and 3.5% of the total, respectively, while the individual sector came in second with 45%. Additionally, deposits increased significantly, rising 13.7% to RO 31.6 billion. Deposits in the private sector increased 12.7% to RO 20.7 billion. The largest share of private deposits (50.2%) was held by the individual sector, followed by non-financial firms (29.5%) and financial corporations (17.8%). The remaining 2.5 percent came from other sectors.

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