DUBAI, Feb 5 (Reuters) - National Bank of Oman (NBO), the sultanate’s third-largest lender by assets, is expecting to increase lending by between 10 percent and 12 percent this year, its chief executive was quoted as saying by the Oman Tribune.
CEO Ahmed al-Musalmi told the paper that lending growth would be sustained by higher spending on infrastructure projects thanks to the government’s proposal to boost funding for development, as well as an increasingly vibrant consumer credit market.
In spite of reduced oil revenue because of the drop in the price of crude, last month’s state budget predicted a 4.5 percent rise in government spending this year to 14.1 billion rials ($36.63 billion).
NBO’s total lending grew by 12 percent in 2014, it said in a results filing last month. ($1 = 0.3849 Omani rials) (Reporting by David French; Editing by David Goodman)