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Oman’s banking sector grows 9.1%

The Omani banking sector has maintained its strong performance, helped by higher credit growth, increasing contribution from non-interest income and stabilising asset quality, Oman Daily Observer has reported. Total income of the banks listed on the Muscat Securities Market grew by 9.1% year-on-year basis to OR158.724m. On a sequential basis, the total revenue grew by 7.6% led by stabilising margins and higher contribution from fee and commission income during the first quarter of 2012. Total deposits of the sector had increased by OR479.8m during the quarter, an increase of 3.8% for the year led by higher level of growth in private sector and government deposits, the report said.