OMAN’S banking sector continued its steady expansion in the first half of 2025, with total credit rising 8.4 per cent year on year to 34.1 billion Omani rials ($88.7bn), official data showed, reports Arab News.
According to the monthly statistical bulletin of the Central Bank of Oman, private sector lending climbed 6.6pc to 28bn rials, with non-financial corporations accounting for the largest share at 45.9pc, followed by households at 44.2pc. Credit to financial corporations made up 6.2pc, while other sectors received 3.7pc.
Deposits also strengthened, advancing 7.6pc to 33bn rials by June. Private sector deposits rose 6pc to 21.9bn rials, led by households at 49.4pc, non-financial corporations at 31pc, financial firms at 17.4pc, and other sectors at 2.2pc.
The strong performance of Oman’s banking sector and listed companies reflects steady progress towards the country’s Vision 2040 goals, which prioritise economic diversification, private sector growth, and financial stability. The expansion in banking credit, particularly to non-financial corporations and households, supports the national strategy to reduce reliance on hydrocarbons by fostering small and medium sized enterprises development and domestic investment.
In its report, the Central Bank of Oman stated: “The combined balance sheet of conventional banks showed a year-on-year growth of 7.2pc in total outstanding credit as of end-June 2025.”
It added: “Credit to the private sector increased by 4.8pc to reach OMR 21.5bn while their overall investments in securities increased by 1.3pc to OMR 5.7bn at end-June 2025.”
Public joint-stock companies listed on the Muscat Stock Exchange reported a 14.1pc rise in net profits in the first half, reaching 757.2 million rials compared with 663.3m rials a year earlier, the Oman News Agency reported.
A total of 76 companies reported profits, led by OQ Exploration and Production at 166m rials, Bank Muscat at 125.8m rials, and Sohar International Bank at 46.2m rials. Omantel, National Bank of Oman, and OQ Gas Networks also ranked among the top earners.
Seventeen firms booked combined losses of 8.6m rials, with Raysut Cement the largest at 2.9m rials, followed by Oman Fisheries and Financial Corporation Company.
The financial sector delivered the biggest earnings boost, with profits up 25.7pc to 345.1m rials, supported by a 275.9m rial banking profit. Insurers also improved, with Liva Group and Takaful Oman returning to profitability.
In the services sector, energy and water companies posted a 46.3pc jump in profits to 73.6m rials, while oil marketers earned 9.6m rials. Telecom profits dipped to 38.7m rials as Omantel’s domestic earnings slipped.
&uuid=(email))