Total credit of commercial banks in Oman rises by 3.5 per cent

Muscat: The total credit of commercial banks in Oman during the first quarter of 2017 stood at OMR19.71 million, compared with OMR19.05 million during the same period in 2016, registering a growth by 3.5 per cent.
The quarterly statistical bulletin issued by the Research and Statistics Department at the Central Bank of Oman (CBO) pointed out that personal loans received OMR7,973.3 million or 40.5 per cent of the total banking credit during the first three months of 2017, compared with OMR2,200.6 million or 11.2 per cent for the construction sector, OMR1,698.2 million or 8.6 per cent for the services sector, and OMR1,370.4 million or 7 per cent for the industry sector.
The bulletin also pointed out that the import sector received OMR1,117.7 million or 5.7 per cent of the credit granted to commercial banks during the first quarter of 2017. Financial institutions received OMR1,041.5 million or 5.3 per cent of the total credit during the same period.
Electricity, gas and water received OMR974.9 million or 4.9 per cent, compared with OMR980 million or 5.1 per cent for financial institutions, and OMR918.1 million or 4.7 per cent for the mining sector (quarries and mines).
The CBO quarterly statistical bulletin pointed out that banking loans extended to the transport sector during the first quarter of this year stood at OMR749.6 million or 3.8 per cent, compared with OMR733.8 million or 3.7 per cent for the wholesale and retail sector, OMR53.9 million for the agriculture sector and its associated activities, OMR19.7 million or 0.1 per cent for the export sector and OMR13.5 million or 0.1 per cent of the total loans of the economic sectors for the government sector.
The bulletin also added that commercial banks' total credit for other economic activities during the first three months of 2017 stood at OMR586.6 million or 3 per cent.
Banking credit for non-residents stood at OMR267.3 million or 1.4 per cent of the total banking credit.