Muscat – Oman’s bank deposit balances registered a strong growth of 11.6% in the first eight months of this year. According to data released by the Central Bank of Oman, bank deposits held within the Sultanate’s banking system increased to 31.1 billion Romania at the end of August 2024 compared to the same period last year.
Of total deposits, private sector deposits increased by 11.7% to R20.8 billion as of August 2024. Looking at the composition of private sector deposits by sector, household deposits made the largest contribution at 49.5%, followed by non-financial corporations. 30%, financial corporations 17.9%, and others 2.6%.
Total deposits with traditional banks increased by 10.1% year-on-year to 24.7 billion ROY as of the end of August 2024. Government deposits with conventional banks increased slightly by 2.1% to 5.4 billion ROY, while deposits from public enterprises increased significantly to 2.85 billion ROW. % to RO1.9 billion. Private sector deposits, which accounted for 66.5% of total traditional bank deposits, increased by 7.6% to reach RO16.4 billion as of August 2024.
In contrast, total deposits held in Islamic banks and tellers recorded a more robust growth of 17.6%, reaching INR 6.4 billion in August.
Regarding credit to the banking sector, the outstanding credit of the banking system increased by 3.3% to 31.4 billion Romania at the end of August 2024, while credit to the private sector increased by 2.8% to 26.3 billion Romania.
Non-financial corporations accounted for the highest proportion of total loans in the private sector, accounting for approximately 44.9% as of the end of August 2024, followed closely by the household sector at 45.2%. As of the end of August 2024, the share of financial corporations was 6.4%, and other sectors received the remaining 3.5% of the total private sector financing.
