State Bank Of India is the Most Profitable Company

Last Updated on August 11, 2023 by Brajesh

State Bank Of India is the Most Profitable Company in Q 1 of FY 23-24. Bank has posted a net profit of ₹18,258 crore for Q1 of FY 23-24.

SBI surpassed Reliance Industry

For the first quarter (Q1) of the current fiscal year (FY) 2023-24, the net profit of State Bank of India (SBI) was ₹18,736 crore and that of Reliance was ₹18,258 crore. State Bank of India (SBI) emerged as the most profitable company in the Q1 of the current financial year (FY) 2023-24 and thus country’s largest lender secured the top spot ahead of Mukesh Ambani’s Reliance Limited (RIL).

 

Profitable company in Q1 FY24

SBI’s net profit for the June quarter of fiscal 2024 was ₹18,736 crore, slightly above RIL’s ₹18,258 crore. Indian Oil Corporation Limited (IOCL) took third place, followed by HDFC Bank and Tata Consultancy Services (TCS). Meanwhile, ICICI Bank trailed just behind TCS in sixth place. Bharat Petroleum Corporation Limited (BPCL) and Adani Power took seventh and eighth place respectively. Completing the list were Coal India in ninth place and Hindustan Petroleum Corporation Limited (HPCL) in tenth place.

State Bank Of India is the Most Profitable Company
State Bank Of India is the Most Profitable Company

As a public entity, the State Bank of India is the 48th largest bank in the world in terms of total assets. Headquartered in Mumbai, SBI is India’s largest bank with a 23% market share by assets and a quarter of the total lending and deposits market. With almost 250,000 people, it is also the fifth largest employer in the country.

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