Oman's bank credit up 8.0pc to $90b as non-oil sector expands

RIYADH, Nov 09 (Arab News): The total credit extended by the banking sector in Oman rose by 8 per cent year on year to reach 34.5 billion Omani rials ($89.7 billion) by the end of September, official data showed.

According to data released by the Central Bank of Oman, credit granted to the private sector accounted for the majority of this growth, increasing by 5.7 per cent to 28.2 billion rials.

The distribution of private sector credit showed that non-financial corporations held the largest share at 46.7 per cent, followed by individual borrowers at 44.7 per cent. Financial corporations accounted for 5.8 per cent, while other sectors made up the remaining 2.8 per cent.

Total deposits with the banking sector also increased, rising by 4.7 per cent to 33.1 billion rials by the end of September.

These developments in credit and deposit growth reflect broader macroeconomic trends, particularly the expansion of Oman's non-hydrocarbon sector. Preliminary national accounts data for the first half of 2025 show a 4.1 per cent increase in non-oil activities, which was the main driver behind a 2.3 per cent rise in real gross domestic product.

Private sector deposits grew at a faster pace, registering a 7.5 per cent year-on-year increase to reach 22.3 billion rials.