Oman’s banking sector credit rises 9pc to $87.3b

RIYADH, June 01 (Arab News): Total outstanding credit extended by Oman’s banking sector, comprising both conventional and Islamic institutions, rose by 9 per cent year-on-year to 33.6 billion Omani rials ($87.3 billion) at the end of April, according to new data.

According to the Central Bank of Oman, private sector credit rose by 7 per cent to 27.8 billion rials. Non-financial corporations held the largest share at 46.6 per cent, followed closely by the household sector at 44 per cent.

Financial corporations held 5.6 per cent, while other sectors represented the remaining 3.7 per cent.

Deposits across the banking system also showed robust growth.