KARACHI: Reflecting a strong growth in the banking sector, its balance sheet expanded by 17.8 per cent during the calendar year 2025 (CY25), against 15.8pc a year ago. The State Bank issued its annual publication, Financial Stability Review, for CY25 on Tuesday. The FSR presents the performance and risk assessment of various segments of the financial sector — banks, microfinance banks (MFBs), development finance institutions (DFIs), non-bank financial institutions (NBFIs), insurance companies, financial markets and financial market infrastructures (FMIs).