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Depositors of five banks being merged will not receive any profit on their deposits for 2024 and 2025, following a directive from the central bank as part of the resolution process.

The instruction applies to First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank, which are being consolidated into a new state-run entity, Sammilito Islami Bank PLC.

In separate letters, the central bank asked the banks to recalculate deposit balances based on their position as of December 28, 2025. Under the approved resolution scheme, no profit will be accrued on deposits for the period from January 1, 2024 to December 28, 2025.

Earlier, depositors had expected to receive profit at the prevailing bank rate of around 4.0 per cent. The latest decision effectively removes that expectation as the authorities move to finalise the merger and stabilise the balance sheets of the combining banks.