SBP's surplus profit exceeds Rs972b in FY2024

ISLAMABAD: The State Bank of Pakistan’s surplus profit has exceeded Rs. 972 billion in the financial year 2024, marking an increase of Rs. 601 billion from the previous year, ARY News reported.

According to documents from the Ministry of Finance, the State Bank’s surplus profit was Rs. 371 billion in the financial year 2023. The bank’s profit share in non-tax revenue was the highest after petroleum levy.

The total non-tax revenue for the financial year 2024 was Rs. 3,184 billion, with petroleum levy accounting for the largest share of Rs. 1,019 billion.

Earlier, the current account witnessed a surplus of $619 million during the month of March 2024, the State Bank of Pakistan (SBP) reported.

Cumulatively the current account balance for July to March (2023-24) has improved significantly; as deficit of $0.5 billion was recorded during the period as compared to the deficit of $4.1 billion during the corresponding period of last year, according latest SBP data.

READ: Current Account records surplus of $619m in March

“A current account surplus of $619 million has been recorded in Mar 2024. Cumulatively for Jul-Mar FY24, CAB improved significantly; recording a deficit of $0.5 billion only compared to $4.1 billion in Jul-Mar FY23,” said SBP.

According to SBP figures, the merchandize trade deficit during July-March (2023-24) was recorded at $-15,757 million as compared to the deficit of $21,079 million in July-March (2022-23).

Likewise, the services’ trade deficit was recorded at $-1,655 million during FY2023-24 compared to the deficit of $374 million during the corresponding period of last year.