State Bank Profit Rs1.932tr Beats Government Target
State bank profit paid to the federal government reached Rs1.932 trillion, nearly Rs500 billion above the revenue target set for the whole of fiscal year 2026-27.
The State Bank of Pakistan transferred the surplus to the Finance Ministry at the start of the new financial year, under amendments to the SBP Act approved by Parliament. The transfer beat the ministry’s budgeted estimate of Rs1.435 trillion by about Rs497 billion.
The central bank had already contributed Rs2.619 trillion to government revenues in fiscal year 2025-26, passing its original target of Rs2.4 trillion. The latest figure keeps the State Bank as the single largest source of non-tax revenue for the government.
State bank profit drives non-tax revenue to Rs2.36tr
The federal government collected Rs2.36 trillion in non-tax revenue during the first two months of fiscal year 2026-27, against a full-year target of Rs5.33 trillion. The State Bank’s Rs1.932 trillion made up the bulk of that collection.
The petroleum levy was the second-largest contributor, generating Rs220.2 billion during July and August. Other major receipts in the same period are set out below.
| Revenue source | July-August collection |
|---|---|
| State Bank profit | Rs1,932 billion |
| Petroleum levy | Rs220.2 billion |
| Climate Support Levy | Rs27.58 billion |
| Oil and gas royalties | Rs25.85 billion |
| Markup on loans to state-owned enterprises | Rs18.83 billion |
| Markup from provincial governments | Rs16.8 billion |
| Pakistan Telecommunication Authority | Rs16.07 billion |
| Natural Gas Development Surcharge | Rs12.61 billion |
| New Energy Vehicle Adoption Levy | Rs7.22 billion |
| Passport fees | Rs7.279 billion |
The government also received Rs34.8 billion in grants from provincial governments, while other taxes generated Rs21 billion. Receipts from other taxes in the Islamabad Capital Territory stood at Rs8.278 billion, and airport tax collections amounted to Rs10 million.
Smaller receipts included Rs3.71 billion from discounts linked to crude oil prices, Rs5.1 billion through the windfall levy on crude oil, Rs634 million from the petroleum levy on liquefied petroleum gas, Rs881 million from the United Nations and Rs224 million through the Gas Infrastructure Development Cess. Dividend collections amounted to Rs2.096 billion, and Rs3.47 billion came in under the defence-related revenue category.
One levy raised nothing in the period. The Off the Grid Captive Power Plant Levy, which carries an annual target of Rs15.7 billion, generated no revenue during July and August.
Full-year targets for levies and royalties
The government has set an annual petroleum levy target of Rs1.676 trillion for fiscal year 2026-27. It has also projected Rs140.5 billion in oil and gas royalties and Rs70.81 billion from the Natural Gas Development Surcharge during the year.
Passport fees, which brought in Rs7.279 billion in the first two months, carry an annual target of Rs73 billion.
The figures show how heavily the federal budget now leans on the central bank’s surplus. The State Bank’s foreign exchange reserves rose to $21.57 billion in the week ending November 6, and the bank has also been tightening rules elsewhere, including a Rs3 million cash reporting threshold for banks and a direction to banks to hire more women.
A large central bank profit helps the government meet its revenue targets without raising taxes, but it is not a source that can be relied on every year. It depends on the bank’s earnings from its holdings, interest rates and the exchange rate, all of which can move sharply. Petrol and diesel prices were cut again this week, which will also shape how much the petroleum levy collects in the months ahead.
Frequently asked questions
How much profit did the State Bank pay the government?
The State Bank paid Rs1.932 trillion in profit to the federal government, nearly Rs500 billion above the budgeted estimate of Rs1.435 trillion.
What is the largest source of non-tax revenue?
The State Bank’s profit is the largest source. The government collected Rs2.36 trillion in non-tax revenue in July and August, and the bank contributed Rs1.932 trillion of it.
What was the second-largest contributor?
The petroleum levy, which generated Rs220.2 billion in the first two months of the fiscal year, against an annual target of Rs1.676 trillion.
How much did the State Bank contribute last year?
The central bank contributed Rs2.619 trillion to government revenues in fiscal year 2025-26, above its original target of Rs2.4 trillion.
