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Total Outstanding Credit Extended by ODCs Grows by 3.8 Percent

Total Outstanding Credit Extended by ODCs Grows by 3.8 Percent


Muscat: Other depository corporations (ODCs) consist of conventional and Islamic banks in Oman. Total outstanding credit extended by ODCs grew by 3.8 percent to RO 30.4 billion at the end of January 2024, with credit to the private sector demonstrating an increase of 4.5 percent (Y-o-Y) to reach RO 25.7 billion.

The report released by the Central Bank of Oman (CBO) said that non-financial corporations received the highest share of the total private sector credit at approximately 45.6 percent at end-January 2024, followed by Household sector at 45.3 percent. The share of financial corporations was 5.3 percent while other sectors received the remaining 3.8 percent of total private sector credit as at the end of January 2024.

Total deposits held with ODCs registered a Y-o-Y significant growth of 12.8 percent to reach RO 29.7 billion at the end of January 2024.

Total private sector deposits increased by 11.6 percent to RO 19.6 billion. In terms of sector-wise composition of private sector deposits, the biggest
contribution is from household deposits at 48.7 percent, followed by non-financial corporations at 33.3 percent, financial corporations at 15.1 percent and other sectors at 2.8 percent.

Source: Oman News Agency