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SBP Says Pakistan’s Financial System Strengthened in 2025, Flags Middle East Risk

Stress tests indicate banks can absorb severe shocks over the next three years.

Overview

  • The State Bank of Pakistan's Financial Stability Review, released Tuesday, said the financial sector grew 15.1% in 2025 and financial depth rose to 67.1% of GDP.
  • Banks’ balance sheets expanded 17.8% in 2025 and the sector’s capital adequacy ratio reached 20.8%, well above required levels.
  • Asset quality improved as non-performing loans fell to 6.1% and provisioning coverage increased to 107.7%, lowering net credit risk.
  • The SBP warned that conflict in the Middle East could keep oil prices high and pressure Pakistan’s external account through costlier imports and supply disruptions.
  • After staff-level IMF reviews were completed in March, a board decision expected in early May would support reserves as SBP stress tests point to resilient banks over the next three years.