The banking industry in Oman continues to thrive as credit and deposits increase.

An examination of traditional commercial banks’ operations in Oman between September 2023 and September 2024 showed consistent increase in a number of important financial indicators.

Muscat: The total credit balance granted by these banks grew by 3.2 percent, with credit to the private sector rising by 1.6 percent to reach RO 20.7 billion by the end of September 2024.

On the investment front, traditional commercial banks saw a significant 22.3 percent surge in securities investments, amounting to RO 6 billion. However, investments in government development bonds dipped slightly by 0.6 percent to RO 1.9 billion, while investments in foreign securities soared by 54.4 percent to RO 2.1 billion.

On the liabilities side, total deposits with conventional commercial banks increased by 11.3 percent, reaching RO 25 billion. Government deposits rose by 6.2 percent to RO 5.4 billion, and deposits from public sector institutions surged by 37 percent to RO 2.4 billion. Deposits from the private sector climbed by 7.6 percent to RO 16.2 billion, making up 64.8 percent of total deposits.

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