The Growth of Oman’s Banking Sector: A Snapshot
![Bank lending in Oman rises by 2.9%, deposits surge 12% in March 1 1LEAD Oman banking sector](https://www.muscatdaily.com/wp-content/uploads/2024/06/1LEAD-Oman-banking-sector-770x578.jpg)
The Central Bank of Oman recently released statistics showing a steady growth in the country’s banking sector. By the end of March 2024, total outstanding credit extended by banks had increased by 2.9% year-on-year to reach RO30.8bn.
Of this amount, credit to the private sector saw a 3.6% growth, reaching RO25.9bn. The breakdown showed that non-financial corporations and households accounted for a significant portion of private sector credit.
Conventional banks saw a modest 0.8% increase in total outstanding credit, with notable growth in investments in securities. Islamic banking entities, on the other hand, recorded a 12% increase in total financing.
Notably, bank deposits also saw significant growth, with total deposits increasing by 11.7% to reach RO30.3bn. Private sector deposits showed a 13.7% increase, with household deposits leading the way.