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Oman grants credit worth OMR 22.2bn by end-February

Oman grants credit worth OMR 22.2bn by end-February
(Photo Credit: Arabianeye-Reuters)

Muscat – Mubasher: Conventional and Islamic banks and deposit companies in Oman granted credit facilities worth OMR 22.2 billion, rising 8.1% by the end of February 2017, compared to the same month in 2016, according to Oman News Agency (ONA).

According to preliminary financial statements, loans given to the private sector increased 9.5% reaching OMR 20.1 billion by end-February 2017.

The distribution of credit across sectors showed that the retail sector (mostly personal loans) acquired 46.2%, followed by the non-financial sector with 45.8%, the financial sector with 5%, and other sectors with 3%, ONA said.

Total deposits in the banks sector increased to OMR 20.8 billion by the end of 2017, registering a growth of 7.1% from the corresponding the year before.

Private sector deposits levelled up 7.2% reaching OMR 13.7 billion by the end of February 2017, ONA added.

In the private sector, retail acquired 48.6% of total deposits, followed by the non-financial sector with 29.5%, the financial sector with 19%, and other sectors with 2.9%.