Outstanding credit extended by ODCs reaches OMR31.9billion

Muscat: Other depository corporations (ODCs) consist of conventional and Islamic banks in Oman. The total outstanding credit extended by ODCs grew by 4.8 percent to RO 31.9 billion at the end of October 2024, with credit to the private sector demonstrating an increase of 4.4 percent (Y-o-Y) to reach RO 26.8 billion.

According to a report issued by the Central Bank of Oman (CBO), household sector received the highest share of the total private sector credit at approximately 45.2 percent at end-October 2024, followed by Non-financial corporations at 45.1 percent. The share of financial corporations was 6.2 percent while other sectors received the remaining 3.5 percent of total private sector credit as at end-October 2024.

Total deposits held with ODCs registered a Y-o-Y significant growth of 13.0 percent to reach RO 31.9 billion at the end of October 2024.

Total private sector deposits increased by 9.4 percent to RO 20.4 billion. In terms ofsector-wise composition of private sector deposits, the biggest contribution is from household deposits at 50.2 percent, followed by non-financial corporations at 29.5 percent, financial corporations at 17.7 percent and other sectors at 2.6 percent.