Wealth Management by

Omani listed banks post 10% increase in lending

May 6, 2014 9:39 am

Credit offtake at Oman’s six listed commercial banks grew 10% in the first quarter of 2014, indicating an upswing in both corporate as well as retail loans, Muscat Daily has reported. According to the financial statements of the banks, total lending rose to OR13.56bn from OR12.33bn a year ago. Meanwhile, deposits rose 13.3% to OR15.46bn in the first three months of this year, against OR13.64bn a year ago, indicating excess liquidity in the system. “The ten per cent credit growth is slightly above our expectations,” said a senior banker, who did not want to be named. “Most of the banks achieved growth in retail loans during the quarter that resulted in a better growth in total credit. In past two years the growth was mainly driven by corporate segment, but in last quarter it came from both corporate as well as retail segment,” added the banker.