Development Bank’s loan portfolio tops OMR245mn

Statistics issued by the bank indicated that the number of loans approved by the bank in the first quarter of 2024 amounted to OMR33.6 million

MUSCAT: The Development Bank’s lending portfolio posted a growth of 4 percent reaching OMR245.8 million in the first quarter of 2024 compared to the end of December 2023.

Statistics issued by the bank indicated that the number of loans approved by the bank in the first quarter of 2024 amounted to 1,499, worth OMR33.6 million, an increase of 26 percent compared to the first quarter of 2023.

Statistics showed that loan approvals during the first quarter of 2024 were 136 loans in Muscat Governorate, with a value amounting to OMR11.1 million, 182 loans worth OMR3 million in

Dhofar Governorate.

The Development Bank’s loan approvals in Governorate of North Al Batinah was 215 loans worth OMR3.5 million, in the South Al Batinah Governorate, 136 loans worth OMR3.5 million, 127 loans worth OMR1.1 million in Al Dhahirah Governorate, 58 loans worth OMR1.5 million in Al Dakhiliyah Governorate.

The bank further extended 93 loans worth OMR2 million in Al Wusta Governorate, 82 loans worth OMR700,000 in Musandam Governorate, 44 loans worth OMR600,000 in Al Buraimi Governorate, 88 loans worth OMR1.2 million in the North A’Sharqiyah Governorate and 338 loans worth OMR5.4 million in the Governorate of South Al Sharqiyah.

The number of loans in the agriculture and livestock sector reached 245 loans, worth OMR4.1 million whereas in the fisheries sector received 600 loans worth OMR6 million.

In the industrial sector, 292 loans worth OMR12.3 million were approved while in the mining sector, three loans worth OMR200,000 were granted.

Other loans were distributed among the educational, health, tourism, professional and public services sectors, with a total of 359 loans worth OMR11 million.