Oman: Oman’s banking sector continued its steady growth in August 2025, with total credit rising 8.6 percent year on year to 34.1 billion Omani rials ($88.69 billion), while private sector lending increased 6.5 percent, official data showed. 

Sectoral distribution data indicated that non-financial corporates accounted for the largest share at 46.7 percent, followed by households at 44.7 percent, according to a statement from the Central Bank of Oman.  

The remaining portion was allocated to financial corporations at 5.7 percent and other sectors at 2.9 percent. 

Oman’s robust banking sector, coupled with strong performance from listed companies, reflects the nation’s steady progress toward Vision 2040, which emphasizes economic diversification, private sector growth, and financial resilience. 

Rising credit flows, particularly to non-financial corporates and households, are fueling the development of small and medium-sized enterprises and domestic investment, supporting efforts to reduce reliance on hydrocarbons and build a more diversified economy. 

“Total deposits held with ODCs registered a Y-o-Y significant growth of 7 percent to reach 33.3 billion rials at the end of August 2025. Total private sector deposits increased by 7.5 percent to OMR 22.4 billion,” CBO said in a release. 

In terms of sectoral composition, households held the largest share of private sector deposits at 50 percent, followed by non-financial corporates at 30.6 percent, financial corporations at 17.2 percent, and other sectors at 2.2 percent. 

The combined balance sheet of conventional banks showed a 7.3 percent year-on-year growth in total outstanding credit by the end of August. Credit to the private sector rose 4.5 percent to 21.4 billion rials, while overall investments in securities increased 3.2 percent to 6.1 billion rials. 

Investments in government development bonds grew 12 percent to 2.2 billion rials, whereas foreign securities declined 7 percent to 2.3 billion rials, according to the CBO report. 

On the liabilities side, aggregate deposits with conventional banks rose 5.5 percent year on year to 26.1 billion rials at the end of August. Government deposits increased 9.6 percent to 5.9 billion rials, while public enterprise deposits fell 7.8 percent to 1.7 billion rials. Private sector deposits, representing 67 percent of total deposits, grew 6.1 percent to 17.5 billion rials. 

The CBO also noted that the total assets of Islamic banks and windows grew 15.1 percent year on year to 9.1 billion rials, representing about 19.7 percent of the banking system’s total assets at the end of August.