KARACHI, December 13 2024: The Deposit Protection Corporation (DPC) has officially unveiled its Annual Report for the fiscal year 2023-24. The comprehensive report, marking the Corporation’s fourth year of operations, offers a detailed overview of its financial performance, operational activities, and notable achievements.
Established under the Deposit Protection Corporation Act, 2016, DPC operates as a subsidiary of the State Bank of Pakistan (SBP) with the critical responsibility of safeguarding the interests of depositors in the event of a bank failure. This is executed by compensating the depositors of scheduled banks, should such an event occur, as notified by SBP.
As of June 30, 2024, the report highlights that there are 79.2 million depositors in Pakistan’s scheduled banks. Out of these, more than 78 million are eligible for protection, with their deposits secured up to the designated protected deposit amount. The report emphasizes DPC’s role in ensuring the safety and stability of the banking sector, demonstrating its strong financial position with a deposit protection fund totaling PKR 148 billion. This robust fund reinforces DPC’s capacity to fulfill its mandate of compensating eligible depositors in the unlikely scenario of a bank failure.
The report also provides a graphical analysis of the total deposits and coverage ratio, offering transparency on the depth of protection available to depositors. Additionally, it outlines DPC’s targeted awareness initiatives, including campaigns and sessions held across the country to educate the public about the deposit protection scheme.
Furthermore, a comprehensive financial review, including a five-year comparative analysis, the auditor’s report, and audited financial statements for the fiscal year 2023-24, are part of the disclosure.
