(MENAFN- Muscat Daily) Muscat- Oman's banking sector recorded a 6.1 per cent credit growth in January 2019 compared to the same month of the previous year.
Total outstanding credit extended by the sultanate's banking sector stood at RO25.1bn as of the end of January, witnessing a growth of 6.1 per cent compared to the level recorded a year ago, according to a monthly reported released by the Central Bank of Oman.
'The banking sector in Oman continued to witness reasonable growth and supported the economic diversification initiatives by meeting the credit needs of all segments in the economy', the report said.
Bank credit to the private sector increased by 4.8 per cent to RO22.1bn. Of total credit to the private sector, non-financial corporate sector received highest 45.9 per cent, closely followed by household sector (mainly personal loans) with 45.5 per cent, while financial corporations and other sectors obtained 5.3 per cent and 3.3 per cent of total credit, respectively.
Total bank deposits in January increased by 4.1 per cent to RO22.6bn, with private sector deposits growing 1.3 per cent to RO14.3bn as of the end of January.
Sector-wise, the contribution of households to total private sector deposits stood at 49.2 per cent, followed by non-financial corporations at 30.2 per cent, financial corporations at 18.1 per cent and the other sectors at 2.5 per cent.
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