Omani banks extend OMR20.90bn in credit

Business Saturday 30/June/2018 14:43 PM
By: Times News Service
Omani banks extend OMR20.90bn in credit

Oman's commercial banks extend OMR20.90b in credit in the first quarter of 2018
Muscat: Credit extended by commercial banks in the Sultanate in the first quarter of 2018 stood at OMR20.90 billion, a 6 per cent increase from the OMR19.72 billion recorded during the same period in 2017.
The quarterly statistical bulletin issued by the Research and Statistics Department of the Central Bank of Oman (CBO) showed that personal loans accounted for OMR8,227.7 million or 39.4 per cent of the total banking credit extended during the first quarter of 2018, while OMR2,027.2 million or 9.7 per cent went to the construction sector and OMR2,021.3 million or 9.7 per cent was extended to the services sector. The industry sector received OMR1,510.6 million or 7.2 per cent of the total amount.
The bulletin also revealed that the import sector received OMR1,140.9 million or 5.5 per cent of the credit granted by commercial banks during the first quarter of 2018. Financial institutions received OMR1,070.7 million or 5.1 per cent of the total credit in the same period.
The mining sector, which includes quarries and mines, received OMR1,013.6 million or 4.8 per cent, while the transport sector got a total of OMR984.2 million or 4.7 per cent of the total credit extended by commercial banks.
The CBO quarterly statistical bulletin also pointed out that the banking credit granted to the electricity, gas, and water sectors during the first quarter of 2018 stood at OMR961.5million or 4.6 per cent of the total figure. The wholesale and retail sector, meanwhile, received OMR870.1 million, representing 4.2 per cent of the total credit extended.
The agriculture sector and its associated activities received OMR50.5 million or 0.2 per cent, while OMR32.7 million or 0.2 per cent was extended to the government sector. This was followed by the export sector, which received OMR29.2 million or 0.1 per cent of the total loans granted to economic sectors.
The bulletin also revealed that credit extended by commercial banks to other economic activities by the end of the first quarter of 2018 stood at OMR704.5 million or 3.4 per cent of the total figure, while non-residents received OMR258.1 million or 1.2 per cent of the total banking credit.