The total deposits held with ODCs (other depository corporations) registered a year-on-year (Y-o-Y) growth of 4.1 percent to reach RO24.9 billion ($64.5 billion) at the end of April, according to data issued by the Central Bank of Oman (CBO).

The total private sector deposits increased by 6.8% to RO17.3billion, reported Oman News Agency (ONA). The nominal GDP, as per the preliminary data released by National Centre for Statistics and Information (NCSI), showed a decline of 15.3% during the fourth quarter of 2020 over the same period of 2019.

The contraction was driven by a decline in the output of both the hydrocarbon sector by 23.4%and non-hydrocarbon sector by 10.5%. The Omani oil average price during April 2021 at $52.4 per barrel was lower by 15.5% than that in April 2020. The average daily oil production at 952,800 barrels during April 2021 declined by 7%.

The Sultanate’s Consumer Price Index (CPI) showed a y-o-y deflation of 0.4% during April 2021. The Other Depository Corporations (ODCs) consist of conventional and Islamic banks in Oman. The total outstanding credit extended by ODCs grew by 3.0% to RO27.2 billion at the end of April 2021, while credit to the private sector demonstrated a relatively moderate growth of 1.2% (Y-o-Y) to reach RO23.3 billion.

The shares of non-financial corporate sector and the household sector (mainly under personal loans) in the total private sector credit stood at 46.7% and 45.1%, respectively, at end- April 2021. The share of financial corporations was 4.8% and other sectors received the remaining 3.4% of the total private sector credit as at end- April 2021.

In terms of sector-wise composition of private sector deposits, the share of households deposits stood at 50.9%, followed by non-financial corporations at 32.4%, financial corporations at 14.2% and the other sectors at 2.5%. The combined balance sheet of conventional banks showed a Y-o-Y growth of 1.5% in total outstanding credit as of end- April 2021.

Credit to the private sector declined to reach RO19.1 billion while their overall investments in securities went up by 40.6% to RO4.8 billion at end- April 2021. Investment in Government Development Bonds increased by 27.3% compared to the same period last year to RO2.2 billion while their investments in foreign securities declined by 9.9% to RO0.88 billion at the end of April 2021.

Aggregate deposits held with the conventional banks increased by 2.3% Y-o-Y to RO20.9 billion at end- April 2021. Government deposits with conventional banks witnessed a decrease of 8.9% at RO4.4 billion, likewise, deposits of public enterprises declined by 2.2% to RO1.3 billion.

Private sector deposits, which accounted for 70.6% of total deposits with conventional banks, increased by 6.1 % as of April 2021 to reach RO14.7 billion. Islamic banking entities provided financing of RO4.5 billion at the end of April 2021, recording a growth of 11.2% over that a year ago.

Total deposits held with Islamic banks and windows increased by 14.7% to RO4.1 billion. The total assets of Islamic Banks and Windows increased by 11.6% on a Y-o-Y basis to RO5.5 billion and constituted about 14.6% of the banking system’s assets as at end- April 2021.