Credit extended by ODCs in Oman tops OMR27.7 billion

Muscat: The total outstanding credit extended by other depository corporations (ODCs) grew by 4.9 per cent to OMR27.7 billion at the end of September 2021, while credit to the private sector demonstrated a moderate increase of 2.6 per cent (Y-o-Y) to reach OMR23.4 billion, as per the preliminary data released by National Centre for Statistics and Information (NCSI). The ODCs consist of conventional and Islamic banks in Oman.

The nominal GDP showed an increase of 10.1 per cent over the first half of 2021 over the same period of 2020.

The expansion was driven by an increase in output of the hydrocarbon sector by 8.7 per cent and the non-hydrocarbon sector by 11.1 per cent. The Omani oil average price during January-September 2021 at $60.9 per barrel was higher by 45.1 per cent than that in January-September 2020.

The average daily oil production at 961.300 barrels during January-September 2021 increased by 0.9 per cent. Oman’s average Consumer Price Index (CPI) showed a y-o-y inflation of 0.9 per cent during the period January-September 2021.

The non-financial corporate sector received the highest share of the total private sector credit, over 46.4 per cent, followed by the household sector accounted for 45.2, at the end-September 2021. The share of financial corporations was 4.9 per cent and other sectors received the remaining 3.5 per cent of the total private sector credit as of the end of September 2021.

Total deposits held with ODCs registered a Y-o-Y growth of 2.7 per cent to reach OMR25.0 billion at the end of September 2021. Total private sector deposits increased by 5.2 per cent to OMR17.2 billion. In terms of the sector-wise composition of private sector deposits, the biggest share goes to household deposits at 51.5 per cent, followed by non-financial corporations at 32.4 per cent, financial corporations at 13.7 per cent and the other sectors at 2.4 per cent.