Banking industry expands 11.5pc

The State Bank of Pakistan (SBP) has said that the balance sheet footing of the banking sector expanded by 11.5 per cent in H1CY24, mainly driven by investments in government securities. In its Mid-Year Performance Review on the Banking Sector for 2024, released on Wednesday, the central bank noted that the government remained the primary borrower of banking money, which doubled the profits of the entire banking industry in CY23. The government has planned to borrow over Rs9.3 trillion from banks in FY25, primarily to service its domestic debts. The review covers the performance and soundness of the domestic banking sector in January-June. It also briefly covers financial market performance and the Systemic Risk Survey (SRS) results.