Total outstanding credit extended by Oman’s banking sector grew by 3.3 per cent to RO26.7bn at the end of December 2020 compared to a year ago period, according to the latest figures released by the Central Bank of Oman (CBO) on Wednesday.
Bank credit growth remained slow during the last year in the sultanate amid the economic slowdown caused by the coronavirus pandemic and weak oil prices. Total bank credit to the private sector showed a relatively moderate growth of 1.1 per cent at RO22.9bn in December 2020 compared to the same month a year ago, the CBO data showed.
The shares of non-financial corporate sector and the household sector (mainly under personal loans) in the total private sector credit stood at 46.5 per cent and 45 per cent, respectively, at end-December 2020. The share of financial corporations was 5.1 per cent and other sectors received the remaining 3.4 per cent of the total private sector credit as at end-December 2020.
The data issued by the central bank showed that the total deposits held with Oman’s banking system reached RO24.3bn at the end of December 2020, increasing by 2.9 per cent from December 2019.
Of the total banking sector deposits, total private sector deposits increased by 10.5 per cent to RO16.8bn in December last year compared to a year ago.
In terms of sector-wise composition of private sector deposits, the households deposits represented 51 per cent of the total, followed by non-financial corporations at 32.3 per cent, financial corporations at 14.3 per cent and other sectors at 2.4 per cent of total private sector deposits.