Oman’s banking sector posts 8.4% credit growth in first half of 2025
Strong lending, deposits, and corporate profits drive progress toward Vision 2040 goals
MUSCAT, Oman (MNTV) — Oman’s banking sector continued to expand steadily in the first six months of 2025, with total credit rising 8.4% year-on-year to $88.7 billion, according to data from the Central Bank of Oman.
Private sector lending reached $72.8 billion, up 6.6%, led by non-financial corporations at 45.9% of the share, followed by households at 44.2%. Lending to financial firms accounted for 6.2%, while other sectors made up 3.7%.
Deposits also strengthened, climbing 7.6% to $85.7 billion by the end of June. Private sector deposits increased 6% to $56.9 billion, with households contributing nearly half of the total, followed by corporates at 31%, financial firms at 17.4%, and other sectors at 2.2%.
The central bank highlighted that conventional banks’ balance sheets recorded a 7.2% increase in total outstanding credit compared to last year, while private sector credit alone rose 4.8% to $55.9 billion. Investments in securities increased modestly to $14.8 billion.
Meanwhile, listed companies on the Muscat Stock Exchange reported a 14.1% rise in combined net profits, reaching $1.97 billion in the first half of 2025, compared with $1.73 billion a year earlier.
A total of 76 companies reported profits, led by OQ Exploration and Production at $431.2 million, Bank Muscat at $326.6 million, and Sohar International Bank at $120.1 million. Other major earners included Omantel, National Bank of Oman, and OQ Gas Networks.
Seventeen companies posted losses totaling $22.3 million, with Raysut Cement accounting for the largest share at $7.5 million, followed by Oman Fisheries and Financial Corporation Company.
The financial sector provided the strongest boost, with profits up 25.7% to $896 million, driven by a $717 million contribution from banks. Insurers also improved, with Liva Group and Takaful Oman returning to profitability.
In the services sector, energy and water utilities saw profits jump 46.3% to $191.1 million, while oil marketing firms earned $25 million. Telecom profits slipped to $100.5 million, as Omantel’s domestic earnings declined.
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