SBP transfers Rs1.932 trillion to government, beating annual target
The surplus, which is last year's profit paid out under the SBP Act, covers nearly 82 per cent of the non-tax revenue collected in July and August.
The State Bank of Pakistan transferred Rs1.932 trillion in surplus profit to the federal government in the first two months of FY2026-27, Rs497 billion more than the Rs1.435 trillion the budget had projected for the whole year, according to Finance Ministry data reported by TechJuice.
The transfer works out to about 35 per cent above the annual estimate and equals nearly 82 per cent of all non-tax revenue the federal government booked in July and August, Profit by Pakistan Today reported, citing The News.
Amendments to the SBP Act approved by parliament require the central bank to hand over the surplus profit of the preceding financial year at the start of the new one. The Rs1.932 trillion is therefore profit earned in FY2025-26 and counted as non-tax revenue in FY2026-27. It is lower than the Rs2.619 trillion transferred a year earlier, which had itself beaten an initial estimate of Rs2.4 trillion.
Non-tax receipts for the two months came to Rs2.36 trillion, about 44 per cent of the Rs5.33 trillion full-year target. The SBP was the largest contributor, followed by the petroleum levy at Rs220.2 billion against an annual target of Rs1.676 trillion. Together the two accounted for more than 91 per cent of collections.
Royalties on oil and gas brought in Rs25.85 billion against a target of Rs140.5 billion. Markup on loans to state-owned enterprises and other borrowers added Rs18.83 billion, and markup from provincial governments Rs16.8 billion. The Pakistan Telecommunication Authority paid Rs16.07 billion and the Natural Gas Development Surcharge generated Rs12.61 billion against a target of Rs70.81 billion. Passport fees reached Rs7.279 billion against a budgeted Rs73 billion, defence-related receipts Rs3.47 billion and dividends Rs2.096 billion.
The Climate Support Levy collected Rs27.58 billion and the New Energy Vehicle Adoption Levy Rs7.22 billion, Rs34.8 billion between them. Grants from provincial governments came to Rs34.8 billion and other taxes Rs21 billion.
The Off-the-Grid (Captive Power Plant) levy, budgeted to raise Rs15.7 billion this year, produced no receipts in July and August.
How the reports differ
Profit by Pakistan Today alone explained that the transfer is profit earned in FY2025-26 and booked in FY2026-27 under the SBP Act, and alone put the SBP at 82 per cent of non-tax revenue, or more than 91 per cent together with the petroleum levy. It carried the fuller list of smaller receipts, including Rs16.07 billion from the Pakistan Telecommunication Authority and nil collections under the captive power plant levy. TechJuice presented the figures as Finance Ministry data, while Profit attributed its reporting to The News. Investify published a short summary crediting Profit by Pakistan Today, and ProPakistani led on the Rs500 billion overshoot.
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