SBI pips RIL in profitability
India’s largest lender emerges as most profitable corporate with Rs14,752-cr consolidated net income in Q2 as against Reliance Ind’s Rs13,656cr
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Mumbai: State Bank of India (SBI) has become the country's most profitable corporate with Rs14,752 crore of consolidated net income in the second quarter of FY23, beating Reliance Industries (RIL) having net earnings of Rs13,656 crore. On a standalone basis too, with Rs13,256 crore of net profit, the nation's largest 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 Rs4,039 crore in windfall tax on its exports during the quarter.
The net income of Reliance includes Rs4,729 crore from Jio Platforms and Rs4,404 crore from the retail business, both pre-tax earnings, which was marginally down from Rs13,680 crore in the year-ago period.
On the other hand, SBI's standalone net soared 74 per cent to Rs13,256 crore in the July-September quarter, making this the best-ever quarterly numbers for the bank and beating all other usually more profitable companies by a wider margin. SBI chairman Dinesh Kumar Khara said had the bank booked treasury profits in the quarter, net income would have been much higher.
