State Bank Reports State Bank of Karachi Sustained Losses of 68 Crore Dollars in Fiscal Year 2023

In the fiscal year 2023, State Bank of Karachi reported a significant loss of 68 crore dollars in its current accounts, marking the lowest in 13 years. According to financial statements released by the bank, reduced revenues coupled with increased expenditures contributed prominently to the losses during FY 2023.
The Central Bank confirmed that compared to the previous fiscal year’s loss of 3.27 billion dollars, this year’s losses were contained at 68 crore dollars. As of June 2024, the bank has managed to mitigate losses on current accounts to 32.9 million dollars, thanks to an 11% reduction in expenditures and a 6% decrease in trading losses.