Complex Made Simple

Oman’s banks’ assets grow 15.6 per cent in seven months

Credit facilities channelled to the private sector expand by 9.3 per cent

The total value of Oman’s local banks’ assets soared by 15.6 per cent during the first seven months of the current year to reach a total of OMR28.1 billion compared with the same period last year.

The Arab country’s banks extended credit facilities worth OMR17.9bn in the first seven months of the current year, up by 9.2 per cent compared with the same period last year, according to data released by the central bank of Oman.

Credit facilities channelled by the country’s banks to the private sector expanded by 9.3 per cent to a total of OMR15.7bn, the figures published by the Kuwait News Agency show.

The value of local banks’ investments in securities increased by 24.4 per cent to stand at OMR3.3bn compared with OMR2.6bn in the same period last year.

Investments in government-sponsored development bonds picked up by 4.3 per cent amounting to OMR590 million by the end of July.

Furthermore, the value of the country’s local banks’ investments in state treasury bonds reached OMR693.1m.

The value of deposits inched up by 6.5 per cent to a total of OMR18.3bn compared with OMR17.2bn last year.

(OMR1 = AED9.54, at the time of publishing)