Oman’s banking sector fares well

MUSCAT: Combined balance sheet of conventional and Islamic banks (other depository corporations) taken together, provides a complete overview of the financial intermediation taking place in the banking system in Oman.

The total outstanding credit extended by the other depository corporations stood at OMR21.8 billion at the end of September 2016, a rise of 11 per cent over the level witnessed a year ago. Credit to the private sector increased by 13.2 per cent to OMR19.7 billion as at the end of September 2016 according to the bulletin published by the Central Bank of Oman (CBO). Of the total credit to the private sector, the household sector (mainly under personal loans) and the non-financial corporate sector got an equal share of 45.8 percent each, financial corporations at 5.1 percent and other sectors the remaining 3.2 percent.

Total deposits showing a growth of 4.9 percent to OMR20.4 billion at the end of September 2016. Private sector deposits at the banking system registered a growth of 6.5 percent to OMR13 billion as at the end of September 2016.