Total credit granted Omani banks increase by 2%

Muscat: The total credit granted by conventional commercial banks in the Sultanate of Oman increased by 2 percent, while credit granted to the private sector increased by 2.7 percent to reach OMR20.7 billion by the end of November 2024.

As for the investment item, the total investments of traditional commercial banks in securities witnessed a 24.6 percent increase to reach about 6 billion Omani riyals by the end of November 2024.

Within this item, the investment of these banks in government development bonds (GDBs) by the end of November 2024 recorded an increase of 3.2 percent compared to the same period in 2023, reaching OMR2 billion, while their investments in foreign securities increased by 52.9 percent to reach OMR2.4 billion.

On the liabilities side, total deposits with conventional commercial banks increased by 8.1 percent to reach OMR24.9 billion by the end of November 2024.

Within the total deposits, government deposits with commercial banks increased by 6.7 percent to reach about OMR5.4 billion, while deposits of public sector institutions increased by 34.3 percent to reach about OMR2.6 billion during the same period.

Private sector deposits increased by 5.4 percent to reach OMR16.2 billion by the end of November 2024, representing 65.3 percent of total deposits in conventional commercial banks.