KARACHI, Sept 12: The State Bank earned a record profit of Rs68 billion in the year ending June 30, 2006.

According to a press release issued by the SBP on Tuesday, the Central Board of Directors of the State Bank of Pakistan in its meeting held in Faisalabad, with SBP Governor Dr Shamshad Akhtar in the chair, had approved the annual audited accounts of the bank for the year ending June 30, 2006.

The board appreciated the attainment of record Rs68.18 billion net profit.

The profits earned in 2004-05 were Rs31.05 billion. Out of these profits, the board decided to transfer Rs49.09 billion to the government and Rs19.14 billion to the bank’s reserve fund.

Gross income (net off interest/mark-up expenses) during the year was Rs80.77 billion. The overall expenditure of the SBP was contained to Rs12.58 billion. Discount/interest income earned by the SBP during the financial year 2005-06 was Rs69.94 billion as compared to Rs29.76 billion in FY05.