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SBI beats Reliance industries to become the most profitable company
November 07, 2022
State Bank of India has become the country’s most profitable corporate with ₹14,752 crore of consolidated net income in the second quarter of FY23, beating Reliance Industries having net earnings of ₹13,656 crore.
On a standalone basis, with ₹13,256 crore of net profit, the lender has beaten the Mukesh Ambani firm which remained the most profitable corporate for decades, by a wider margin as Reliance took a hit of ₹4,039 crore in windfall tax on its exports during the quarter.
The net income of Reliance includes ₹4,729 crore from Jio Platforms and ₹4,404 crore from the retail business, both pre-tax earnings, which was marginally down from ₹13,680 crore in the year-ago period.
SBI chairman Dinesh Kumar Khara said had the bank booked treasury profits in the quarter, net income would have been much higher. He did not quantify by how much, though.
He said the bank has had notional gains on its treasury investments, which has a ₹2.85-lakh-crore of additional exposure than the mandated 19 per cent in SLR or statutory liquidity ratio. The Reserve Bank mandates all banks to invest 19 per cent of their total deposits in central government securities.
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