State Bank of Pakistan’s record surplus profit transfer pushes federal non-tax revenue collections to Rs2.36 trillion in July and August, exceeding the annual SBP target.
The State Bank of Pakistan (SBP) has transferred a record Rs1.932 trillion in surplus profit to the federal government during the first two months of fiscal year 2026-27, exceeding the central bank’s full-year revenue target by nearly Rs500 billion.
According to senior Finance Division officials, the amount was transferred as non-tax revenue during July and August, providing a significant boost to the government’s financial resources. The transfer exceeded the annual budgeted target of Rs1.435 trillion for the entire fiscal year.
The latest figures underline the SBP’s position as the largest contributor to the federal government’s non-tax revenue. Under amendments to the SBP Act approved by parliament, the central bank transfers its surplus profits from the preceding financial year to the Finance Ministry at the beginning of the following fiscal year.
During fiscal year 2025-26, the SBP transferred Rs2.619 trillion to the government, exceeding the initial budget estimate of Rs2.4 trillion.
Overall, the federal government collected Rs2.36 trillion in non-tax revenue during July and August of FY27, against the full-year target of Rs5.33 trillion. The SBP accounted for the overwhelming majority of the collections.
The petroleum levy emerged as the second-largest contributor, generating Rs220.2 billion during the two-month period. Other significant sources included Rs25.85 billion in oil and gas royalties and Rs18.83 billion in markup payments on loans extended to state-owned enterprises and other entities.
The government also received Rs16.8 billion in markup payments from provincial governments, while the Pakistan Telecommunication Authority contributed Rs16.07 billion. Collections under the Natural Gas Development Surcharge stood at Rs12.61 billion.
Passport fees generated Rs7.279 billion during the period, compared with the annual target of Rs73 billion. The government also collected Rs3.47 billion under the defence-related revenue category.
Other receipts included Rs27.58 billion from the Climate Support Levy and Rs7.22 billion through the New Energy Vehicle Adoption Levy. Provincial governments provided Rs34.8 billion in grants, while other taxes generated Rs21 billion.
Revenue from Islamabad Capital Territory taxes amounted to Rs8.278 billion, while dividend receipts stood at Rs2.096 billion.
Meanwhile, the Off-the-Grid Captive Power Plant levy generated no revenue during the first two months, despite an annual collection target of Rs15.7 billion.
For FY27, the government has set a petroleum levy collection target of Rs1.676 trillion. It has also projected Rs140.5 billion in oil and gas royalties and Rs70.81 billion from the Natural Gas Development Surcharge.
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