Private Bank Deposits in Oman Increase by 9.7%

According to the monthly report by the Central Bank of Oman, private sector deposits with commercial banks in Oman saw a significant increase of 9.7%, reaching OMR 16.491 billion by the end of March 2024. This figure stood at OMR 14.629 billion during the same period in 2023.

The details of these deposits by type are as follows:

• Term deposits: OMR 5.430 billion
• Savings deposits: OMR 5.442 billion
• Demand deposits: OMR 4.846 billion

Additionally, the total deposits in Omani Rials amounted to OMR 14.427 billion, and foreign currency deposits totaled OMR 2.604 billion.

Key banking indicators for Omani commercial banks as of March 2024 show that the ratio of total cash and clearing to Omani Rial deposits was 6.7%, and the ratio of total cash and clearing to total deposits was 5.5%. The ratio of total loans to deposits reached 100.2%, indicating full utilization of loan capacity based on deposits.

The report also mentions that foreign currency deposits accounted for 17.2% of total deposits, while foreign assets represented 11.6% of total loans and 13.2% of total assets. Foreign liabilities constituted 10.3% of total liabilities, reflecting appropriate management of foreign exchange risks.

Other noteworthy ratios include private demand deposits, which made up 30.7% of total private deposits. Additionally, the ratio of equity and reserves to total deposits stood at 22.3%, and the ratio of allocations and retained earnings to total loans was about 5.9%.

Source: Private Bank Deposits in Oman Increase by 9.7% – Oman Observer