Credit to private sector in Oman hits OMR18.3b
Aggregate deposits held with conventional banks increased by 1.2 per cent to OMR18.6 billion in January 2018 from OMR18.4 billion a year ago.
MUSCAT: A review of the activities of conventional banks in Oman indicates an annual growth in total outstanding credit disbursement of 5.3 per cent at the end of January 2018. Credit to the private sector alone increased by 3.4 per cent to OMR18.3 billion.
Conventional banks’ overall investments in securities grew by 8.2 per cent to OMR3.1 billion. Investment in Government Treasury Bills stood at OMR534.2 million at the end of January 2018. Investment in government securities, inclusive of government development bonds (GDBs), government sukuk, and others, increased by 2.9 per cent over the year to OMR1.35 billion. Aggregate deposits held with conventional banks increased by 1.2 per cent to OMR18.6 billion in January 2018 from OMR18.4 billion a year ago.
Government deposits with conventional banks marginally declined by 1.7 per cent to OMR4.9 billion, while deposits of public enterprises increased by 2.6 per cent to OMR0.9 billion during the same period. Private sector deposits, which accounted for 67.6 per cent of total deposits with conventional banks, increased by 2.4 per cent to OMR12.6 billion in January 2018 from OMR12.3 billion a year ago. The core capital and reserves of conventional banks at the end of January 2018 stood at OMR4.6 billion.
Islamic banking entities provided financing to the extent of OMR3.1 billion at the end of January 2018, as compared to OMR2.5 billion a year ago.
Total deposits held with Islamic banks and windows also registered a significant increase to OMR3.1 billion in January 2018 from OMR2.2 billion at the end of January 2017.
The total assets of Islamic banks and Windows combined, amounted to OMR3.9 billion at the end of January 2018, constituting some 12.2 per cent of the banking system assets.