State Bank of Pakistan reports record PKR 3.4 trillion profit for FY24​

The State Bank of Pakistan (SBP) has reported a record profit of PKR 3.4 trillion ($12.24 billion) for fiscal year 2023-24 (FY24), an increase of over 200% from PKR 1.1 trillion in the previous year, according to its audited annual accounts.

The SBP's financial performance was bolstered by an exchange gain of PKR 186bn in FY24, a stark contrast to the loss of PKR 874.6bn recorded in FY23. Additionally, the bank's net interest income surged by 61%, rising from PKR 2.04tr in FY23 to PKR 3.27tr in FY24.

The growth is attributed to higher interest rates and a stable rupee, which have collectively enabled the SBP to achieve substantial profits. With 80% of these profits allocated to the government, there has been a notable improvement in overall government liquidity. This financial boost has also spurred a rally in local currency bonds.

The accounts further reveal that the total banknotes in circulation as of June 30, stood at PKR 9.69tr, marking a slight increase of 0.31% from PKR 9.66tr at the end of FY23. However, payables to the International Monetary Fund (IMF) surged by 32%, reaching PKR 2.16tr in FY24 compared to PKR 1.63tr in the previous fiscal year.